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Comparison between U.S. GAAP and IFRS

Over 120 countries currently require or permit the use of IFRS. Although public entities in the United States are required to apply U.S. GAAP, the Securities and Exchange Commission (SEC) continues to explore whether, and if so, when and how to incorporate IFRS into the U.S. financial reporting system.

Grant Thornton US have prepared the Comparison between U.S. GAAP and IFRS to help readers grasp some of the major similarities and differences between IFRS and U.S. GAAP.