hi,
i would like to seek advice on terms.
1) gaap being general accepted accounting principle and ifrs being international financial reporting standard.
may i know what is the difference between the accounting standard and reporting standard? can i say gaap is the accounting standard rule that we need to abide by whereas ifrs is p&l and balance sheet financial statement?
2) financial is referring to accounting and costing? what is the difference between financial and accounting?
thanks
rgds