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QUESTION
The United States uses Generally Accepted Accounting Principles (GAAP) as the basis of financial reporting.
The United States uses Generally Accepted Accounting Principles (GAAP) as the basis of financial reporting. The International Financial Accounting Standards (IFRS) is an alternative way to report financials. This article from Ernst and Young compares the two methods of financial reporting.Ernst & Young’s US GAAP vs. IFRS: The Basics (http://www.ey.com/Publication/vwLUAssets/US_GAAP_v_IFRS:_The_Basics/$FILE/US%20GAAP%20v%20IFRS%20Dec%202011.pdf)After reading the article from Ernst and Young, answer the following questions:o
