Class or group discussion: Define the concepts of conservatism under U.S. GAAP and prudence under IFRS. How

Question:

Class or group discussion: Define the concepts of conservatism under U.S. and prudence under IFRS. How are they similar and how are they different? Do they represent a significant difference between U.S. and IFRS? Give an example of how they might differ in their application.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...