Examlex
Which is correct?
GAAP
Generally Accepted Accounting Principles, a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements in the United States.
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) aimed at providing a global framework for financial reporting.
Classified Balance Sheet
A financial statement that organizes assets, liabilities, and equity into subcategories for detailed analysis.
IFRS
International Financial Reporting Standards, a set of accounting rules globally recognized for preparing financial statements.
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