Abigail is the CEO at Johns LLC. As part of her job, Abigail needs to understand both GAAP and IFRS. Which of the following is true regarding GAAP and IFRS? A) GAAP and IFRS require specific terminology be used in the financial statements. B) None of the answers are correct. C) GAAP and IFRS determine the financial reporting requirements for specialized companies in a limited number of industries. D) GAAP and IFRS are not similar in their reporting requirements. E) GAAP and IFRS require specific information be presented in the financial statements for U.S. and international companies, respectively.

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The detailed answer for the above question is provided below The correct answer is E GAAP and IFRS r... View the full answer