Difference between revisions of "International Financial Reporting Standards"
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| − | [[International Financial Reporting Standards]] ( | + | [[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== | ==Definitions== | ||
According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | ||
| − | :[[International Financial Reporting Standards]]. | + | :[[International Financial Reporting Standards]]. A group of accounting standards and procedures that if adopted by the [[United States]] could replace [[Generally Accepted Accounting Principles|GAAP]]. |
==Related concepts== | ==Related concepts== | ||
Revision as of 19:05, 17 December 2018
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.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
