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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.
income tax preparer. An individual or collection of persons who prepare income tax returns for individuals or business entities in lieu of compensation under the existing tax laws. The income tax preparer can make claims for income tax refunds. You Also Might Like... A number of good reasons exist to find an accountant to assist you.