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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 |