Asked Jan 17, 2020

Are there circumstances in which the cost method is required under U.S. GAAP but not under IFRS? Explain.


Expert Answer

Step 1

IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

Generally Accepted Accounting Principles: They are commonly known as GAAP...

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