International Financial Reporting Standards

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International Financial Reporting Standards (also known by its acronym; hereinafter, IFRS) is a group of accounting standards and procedures that if adopted by the United States could replace GAAP.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

International Financial Reporting Standards. A group of accounting standards and procedures that if adopted by the United States could replace GAAP.

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