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Policies and Procedures in an Accounting System
Accountants are responsible for following standards, conventions, and rules in order to ensure ethical reasoning in their day-to-day practices. However, the rules in the United States vary from those followed in other countries.
Based on your readings for this week:
Discuss the differences between GAAP and IFRS:
What are implications of the differences in financial reporting?
What are two advantages and two issues with each?
With these thoughts in mind:
Post an initial statement that expresses your thoughts on the differences between GAAP and IFRS. The length of your response(s) should be a minimum of 150 words.
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