(Answered) Policies and procedures in an accounting systemaccountants

Accounting

Policies and Procedures in an Accounting System

Accountants are responsible for following standards, conventions, and rules in order to ensure ethical reasoning in their day-to-day practices. However, the rules in the United States vary from those followed in other countries.

Based on your readings for this week:

Discuss the differences between GAAP and IFRS:

What are implications of the differences in financial reporting?

What are two advantages and two issues with each?

With these thoughts in mind:

Post an initial statement that expresses your thoughts on the differences between GAAP and IFRS. The length of your response(s) should be a minimum of 150 words.

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