The GAAP and IFRS
1. Explain how GAAP and IFRS relate to the practice of accounting and its uses in the business?
2. Explain in what ways does the formal of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP?
3. Explain why you think that the IFRS and the GAAP are conceptual frameworks that are differ in terms of the objective of financial reporting?
4. Explain the terms that are most commonly used under IFRS are synomymous with common stock and balance sheet?