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The major conceptual difference between US GAAP and IFRS; is that US GAAP is rules based and IFRS is principles based. This means that IFRS will not include the detail that the United States is used to in providing guidelines.
a.Under both US GAAP and IFRS, assets, liabilities, and operations of an entity should be measured using the functional currency of that entity. b.Both US GAAP and IFRS allow financial statements to be presented in a currency other than the functional currency, which is also known as the reporting currency.