International accounting standards are an older set of standards that were replaced by international financial reporting standards ifrs in 2001 more generally accepted accounting principles gaap. Gaap us generally accepted accounting principles is the accounting standard used in the us while ifrs international financial reporting standards is the accounting standard used in over 110 countries around the world gaap is considered a more rules based system of accounting while ifrs is more principles based the us securities and exchange commission is looking to switch . What is a key difference in accounting for property plant and equipment under generally accepted accounting principles gaap and international financial reporting standards ifrs only ifrs requires companies to use the revaluation model. International gaapr 2017 is a comprehensive guide to interpreting and implementing ifrs setting ifrs in a relevant business context and providing insights into how complex practical issues should be resolved in the real world of global financial reporting
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