Respuesta :
The accounting boards are working with the international accounting standards board to establish compatible standards worldwide.
What is Accounting?
Accounting is the calculation of debit and credit, it is used to manage the financials of an organization. Accounting and accounts department is an important department for any sector company.
Accounting standards are the standard procedures for the calculations of the transactions. The transactions are therefore performed according to the standards.
International financial reporting standards are made to facilitate and to uniform the treatment of financial transactions. While US have GAAP, the two set of standards have some differences.
US GAAP and IFRS (UK) are working together to minimize the gap between the two set of standards.
Learn more about GAAP at https://brainly.com/question/27456350
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