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GAAP vs. IFRS: Understanding the Difference | The Motley Fool
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Understanding the Differences Between GAAP and IFRS

By Kristi Waterworth – Updated Nov 21, 2023 at 10:10AM

Key Points

  • Both are used to create financial reporting packages that allow investors and other interested parties to compare companies.
  • GAAP is most commonly used in the United States of America; IFRS is used in most of the rest of the world.
  • Although they both result in financial reporting, GAAP is a series of guidelines, where IFRS is a set of principles.

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