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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.
Specifically, readers want to know if the governmentâs definition of âhousehold incomeâ translates simply to an individual salary earned on a job, or if it includes every source of revenue earned by all members of a household, including seniors.