What is the difference between IFRS and GAAP?
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When discussing the differences between IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles), focus on the main principles that distinguish the two. Consider the conceptual approach differences (principles-based for IFRS and rules-based for GAAP), the presentation of financial statements, and specific accounting treatments (such as inventory, depreciation, and revenue recognition). Tailor your answer to the region you are applying for, as the relevance of IFRS or GAAP may vary depending on the country.
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