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question 245

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Definitions:

National GAAP

Generally Accepted Accounting Principles specific to a country, which consist of a set of accounting standards and practices that are followed within that nation.

IFRS

International Financial Reporting Standards, a set of accounting guidelines and standards for financial reporting adopted by many countries globally.

Consolidated Financial Statements

Financial statements that represent the combined financial position and results of operations of a parent and its subsidiaries, presented as those of a single economic entity.

Domestic Stock Exchange

A marketplace within a country where stocks, bonds, and other securities are bought and sold.