Generally Accepted Accounting Principles and International Financial Reporting Standards: how do the two systems differ? How are they similar?do you think that GAAP and IFRS should converge?explain.

Generally Accepted Accounting Principles and International Financial Reporting Standards.

Currently, the two major sets of rules related to accounting are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

How do the two systems differ? How are they similar? Do you think that GAAP and IFRS should converge? Explain.

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