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⍰ ASK What is the difference between IFRS and UK GAAP in the context of financial reporting?

cryptohunter

cryptohunter

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IFRS and UK GAAP are different frameworks governing financial reporting, and companies in the UK need to grasp these distinctions.

IFRS, created by the International Accounting Standards Board, is a global set of standards for financial reporting, promoting international comparability. On the otherside UK GAAP is specific to the UK.

A key difference is their reach. IFRS is used worldwide, while UK GAAP is tailored for the UK business scene. Large UK companies often use IFRS for consolidated financial statements, while smaller ones may opt for UK GAAP.
 

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