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Former Member
Jul 04, 2009 at 04:36 AM

term

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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