GAAP vs. IFRS Similarities and Differences

There are many obstacles to overcome to merge GAAP and IFRS or to just simply adopt IFRS

, but it needs to be done. The differences create barriers to do international business. The inability to accurately compare and analyze financials of companies that use US GAAP and those who use IFRS slows down globalization. Investors and individuals will not seek to do business internationally, that is why one set of uniform standards is needed.

GAAP vs. IFRS Similarities and Differences

By: Michael O'Donnell

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