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GAAP vs. IFRS. GAAP (US Generally Accepted Accounting Principles) is the accounting standard used in the US, while IFRS (International Financial Reporting Standards) is the accounting standard used in over 110 countries around the world.
DEFINITION of 'Annualized Income'. An estimate of the amount of money that an individual, business or asset will earn over the course of a year.Annualized income is usually calculated with less than one year's worth of data, so it is only an estimate of how much income will actually be earned for the year.Nonetheless, annualized income figures can be helpful for creating budgets and making estimated income tax payments. Next Up.nnualized income is usually calculated with less than one year's worth of data, so it is only an estimate of how much income will actually be earned for the year. Nonetheless, annualized income figures can be helpful for creating budgets and making estimated income tax payments. Next Up.