International Financial Reporting Standards
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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.
