Question: 1_ Explain The difference between GAAP and IFRS in preparing Balance Sheet and Income Statement. The explanation should convey logical reasoning for the information presented

1_ Explain The difference between GAAP and IFRS in preparing Balance Sheet and Income Statement. The explanation should convey logical reasoning for the information presented and clarity in conveying the critical points. [ minimum 700 words]

2. The importance of the conceptual framework of accounting & Reporting. [ minimum 200 words]

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