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In general, there is consensus that ________ should be free, but there is no such consensus that ________ should be free.
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used internationally.
U.S.GAAP
United States Generally Accepted Accounting Principles, which is a framework of accounting standards, principles, and procedures used in the U.S.
Fair Value
An estimate of the market value of an asset or liability based on current market prices or valuations of similar transactions.
Long-Term Construction Projects
Large scale construction endeavors that span over a long period, often requiring special accounting methods like the percentage-of-completion method for revenue recognition.
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