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Reply with at least 200 words citation and reference Discuss the similarities and differences between the US GAAP and International Financial Reporting Standards (IFRS) and how they relate to three di
Reply with at least 200 words citation and reference
Discuss the similarities and differences between the US GAAP and International Financial Reporting Standards (IFRS) and how they relate to three different industries. Cite the topic resources and outside resources to support the ideas presented. When replying to peers, provide additional examples that further compare and contrast these two sets of standards.
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** **** and ****** ***** glance there may ****** to ** **** similarities ******* ** **** *** **** Both ******* ******* ********* ** ******* balance ****** ****** ********** cash **** ********** *** ********* of changes in equity ** * ********* ** ****** ***** **** **** require companies to ******** ******* information ********* transactions **** ******* ******* ******* ***** *** **** ******* *********** between ***** two systems ** well (El-Gazzar & **** ***** *** ******* ***** US **** ********* **** *** ******* ********** ******* ***** **** ********* ***** IFRS typically *** ********** ********** ******* **** can create ************ **** comparing financial statements ******* ********* ***** ********* ********** ********* ******* difference ** that ** GAAP ** **** *********** ***** **** ** **** principles-based **** means **** US **** ********* provides **** ******** ******** on *** financial ********** ****** be ******** while **** ****** **** room for ************** (El-Gazzar ***** **** 2017)There *** **** * number ** ********** ***** US **** and **** **** different ************ *** ******** ** *** ******* ******** ** **** ******** ***** ** *** *** **** value ****** **** ********* certain assets *** liabilities ***** **** does *** **** *** **** ** difficult for ***** ** ******* ***** financial *********** to others ***** different ********** ********* ** *** ********* industry US GAAP ********* ******** **** *********** when ** ***** ** ********* ******** and ****** **** **** **** *** **** insurers ***** US **** an advantage **** ***** ***** **** **** ** comes to financial ********* ********** & Finn ***** ******** ** *** ************* industry US **** requires ********* ** ***** ********* based on *** ***** ** cost ** market ***** IFRS ****** ********* ** choose ******* *** *** ** a ****** companies ***** ** GAAP *** **** ** ********* **** those using **** **** ** ***** ** ******* ********* ********** ***** Finn ************ ***** are both ************ *** differences ******* ** **** *** IFRS Companies in ********* ********** *** ******* **** one standard **** *** ***** depending ** ***** specific ***** ******* ********** ** ***** ********** ******** **** use ** ** ********* *** ********* ** ********* ******** *** ***** *** ******* ****** ***** ********* ********* and make ********* accordinglyReferencesEl-Gazzar * ***** Finn P ****** ************ *** ********** ******** a comparison ******* **** *** US-GAAPJournal ** Financial Reporting *** *************** 39-58 https://doiorg/101108/jfra-10-2015-0090El-Gazzar * & Finn * ****** ************ *** ********** ******** a comparison between **** and ************** ** ********* ********* and Accounting15(1) ***** *****************************************