Chapter 4, Problem 4.7IFRS

To determine

International Financial Reporting Standards (IFRS): The common set of rules and regulations (standards) of accounting which are followed at global level for the preparation of the financial statements.

Generally Accepted Accounting Principles (GAAP): These are the generally followed rules, concepts and principles used for the presentation of financial information of a business organization in Country U.

The ways in which the format of statement of financial position of Z Company is different from balance sheet of A Company.