Discuss the differences that exist in the treatment of bank overdrafts under GAAP and IFRS.

Question:

Discuss the differences that exist in the treatment of bank overdrafts under and IFRS.

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...