Conceptual Framework
Ebenezer Adade (9 Points)
12 September 2020
Can anyone explain Conceptual Framework and GAAP to me?
1 Replies
YASASWI GOMES
(49 Points)
Replied 12 September 2020
Conceptual Framework is a set of principles used to prepare financial statements.
GAAP is a set of rules used to prepare financial statements.
Conceptual Framework is used by IFRS in EU and Asia.
GAAP is used in US.
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