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US GAAP vs IFRS
US GAAP vs IFRS using becker books
| Question | Answer |
|---|---|
| US GAAP Conceptual Framework Constraints | 1) Costs & Benefits (B>C) 2) Materiality |
| IFRS Framework Constraints | 1) Timeliness 2) B>C 3) Qualitative Characteristics |
| US Primary Qualities of Decision Relevance | Predictive Value, Feedback Value, & Timeliness |
| IASB Primary Qualities of Decision Relevance | Predictive Value, Feedback Value, & Materiality |
| US Primary Qualities of Decision Reliability | Neutrality, Representational Faithfulness, Verifiability |
| IASB Primary Qualities of Decision Reliability | Neutrality, representational faithfulness, substance over form, prudence, and completeness |