What are IFRS? How do they compare and contrast with U.S. GAAP? ...

[danielfitts88]

What are IFRS? How do they compare and contrast with U.S. GAAP?
 
  What will be an ideal response?

Question 2

The accounts shown in the post-closing trial balance are the ___________________ _ accounts.
 Fill in the blank(s) with correct word

[bigcheese9]

Answer to Question 1

IFRS are International Financial Reporting Standards, rules that have been set by the International Accounting Standards Board. Many countries have adopted IFRS already. The SEC has set forth a timetable for convergence of U.S. GAAP and IFRS. IFRS and U.S. GAAP have similar general and qualitative characteristics of accounting information. However, U.S. GAAP have more detailed rules, while IFRS are considered to be more concept-based and require more judgment to apply.

Answer to Question 2

permanent

[danielfitts88]

Thank you

[bigcheese9]

No problemo