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GAAP ( Generally Accepted Accounting Principles) is the accounting standard used in the US, while IFRS (International Financial Reporting Standards) is the accounting standard used in over110 countries around the world. GAAP is considered a more “rules based” system of accounting, while IFRS is more “principles based.
GAAP is knows: Generally Accepted Accounting Principles..
IFRS is knows as :International Accounting Standards Board...
GAAP - Generally Accepted Accounting Principle: is a framework of accounting standards, rules and procedures defined by the professional accounting industry, which has been adopted by nearly all publicly traded U.S. companies.
IFRS - International Financial Reporting Standard: is a set of accounting standards developed by an independent, not-for-profit organization called the International Accounting Standards Board (IASB) stating how particular types of transactions and other events should be reported in financial statements.
GAAP stands for Generally Accepted Accounting Principles ( Mostly in US)
IFRS stands for International Financial Reporting Standards issued by IASB - London used by European union members and other countries
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