Two sets of principles in Accountancy

There are two main standartizers of Accountancy:

  • IFRS
  • US GAAP

IFRS stands for Inernational Financial Reporting Principles. IFRS is set in London by International Accounting Standards Board IASB.

US GAAP - United States Generally Accepted Accounting Principles. US GAAP is set by Financial Accounting Standards Board.

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