The answer was:
US GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) are the two main sets of accounting principles used in the world today. US GAAP is primarily used in the United States, while IFRS is used in many other countries around the world.
The main difference between the two is that US GAAP is more rules-based, while IFRS is more principles-based. This means that US GAAP provides specific guidelines for how to account for certain transactions, while IFRS provides more general guidelines and leaves more room for interpretation.
It is important to understand the differences between the two systems because they can affect how financial statements are prepared and presented, which can in turn affect business decisions. For example, a company that operates in multiple countries may need to be able to prepare financial statements in accordance with both US GAAP and IFRS. Similarly, investors and analysts may need to be able to compare financial statements prepared under different accounting principles in order to make informed decisions.
It is also worth noting that US SEC (Securities and Exchange Commission) allows foreign private issuers to file financial statements with IFRS as issued by IASB (International Accounting Standards Board) without reconciliation to US GAAP.
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