International financial reporting standards ifrs are a set of international accounting standards stating how particular types of transactions and other events should be reported in financial . Gaap is focused on the practices of us companies the financial accounting standards board fasb issues gaap the international alternative to gaap is the international financial reporting . Gaap us generally accepted accounting principles is the accounting standard used in the us while ifrs international financial reporting standards is the accounting standard used in over 110 countries around the world. By the end of the 90s the two predominant standards were the us gaap generally accepted accounting principles and ifrs international financial reporting standards and both standard setters iasb international accounting standards board and fasb financial accounting standards board initiated a convergence project even before . International gaap 2013 goes much further than explanation it provides a comprehensive guide to interpreting and implementing ifrs sets ifrs in a relevant business context and provides insights into how selection from international gaap 2013 generally accepted accounting principles under international financial reporting standards book
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