Question: reply to However, the differences are notable and cannot be ignored. Publicly listed corporations in the US are legally obligated to adhere to GAAP principles

reply to However, the differences are notable and cannot be ignored. Publicly listed corporations in the US are legally obligated to adhere to GAAP principles as it is a rule-based accounting standard. On the other hand, because IFRS is standard-based, adherence to its recommendations is not required, even if it is suggested. As a result, there may be a requirement for substantial disclosures on financial statements and more interpretation of the IFRS theoretical framework and principles (Jawarneh, 2021). While GAAP is rooted in the US, IFRS is used around the world. The IASB, which is well-known worldwide, creates IFRS, and countries all over the world utilize its accounting rules. The United States is the only nation free from this regulation; US corporations are required by the Securities and Exchange Commission to produce their financial records in accordance with GAAP

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