Answer each of the following questions related to international accounting standards. a. Explain how the closing process

Question:

Answer each of the following questions related to international accounting standards.
a. Explain how the closing process is different between accounting under IFRS versus U.S. .
b. What basic principle do U.S. and IFRS rely upon in recording the initial acquisition value for nearly all assets?

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...