the following concepts comparing the GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?
- IFRS 3-1: Describe some issues the SEC must consider in deciding whether the United States should adopt IFRS.
- IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.
- IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.
