Do the iGAAP and U.S. GAAP conceptual frameworks differ in terms of the role of financial reporting?

Question:

Do the iGAAP and U.S. GAAP conceptual frameworks differ in terms of the role of financial reporting? Explain.

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...