The important key differences between US GAAP and IFRS
The important key differences between GAAP and IFRS
While GAAP and IFRS share many similarities, there are a lot of differences. There are four major differences between US GAAP and IFRS and they should be discussed as,
1. A "balance sheet".
In the USA, the format of a "balance sheet" is different from other countries. Current assets will be listed first under GAAP whilst a sheet prepared under IFRS begins with non-current assets.
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