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accounting discussions

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Institution CPA - Certified Public Accountant
Course CPA - Certified Public Accountant
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Compare and contrast the development and use of GAAP and IFRS. Do you think the implementation of international accounting standards is feasible? Please explain. GAAP is considered a rules-based accounting system while IFRS is a more principle-based system. It is not feasible because this will affect many phases of a U.S. company's operations, for example, internal reporting, tax reporting requirements, the tracking of stock-based compensation, information technology systems and key performance metrics.

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