Review The Differences Of The 4 Main Financial Statements

Accounting
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Accounting standards help ensure that the financial information and statements of a company are accurate and up to the mark. The two core sets of accounting standards are IFRS and GAAP. IFRS is an acronym for International Financial Reporting Standards. This is a set of principles that is followed by countries other than the United States. This set of principles has been dictated by the International Accounting Standards Board (IASB). GAAP, also known as US GAAP, stands for Generally Accepted Accounting Principles. It is a set of guidelines that have been presented by the Financial Accounting Standards Board (FASB). It adheres to by most of the American companies.
The two main differences that I have chosen are the balance sheet and income statement.
In a balance sheet, the standards of GAAP require liabilities, equity, and assets to be presented to decrease the order of liquidity. A balance sheet is presented in a specific way. It shows the total assets to be equal to the total liabilities and equity of the shareholder. On the other hand, the guidelines of IFRS do not require any particular format. However, it is expected that the entities will present the noncurrent and current liabilities and noncurrent and current assets as separate classifications on a balance sheet. This does not include the situation when a liquidity presentation provides accurate, reliable and relevant data.
As far as an income statement is concerne...