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To build a real team, the leader should:
GAAP
A set of rules and standards designed to improve and standardize accounting practices, making financial statements comparable across companies.
IFRS
International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use.
Lower Of Cost Or Market
A method that values inventory at the lower of its historical cost or its current market price.
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