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Are IFRS and IFRS for SMEs considered generally accepted accounting principles?

April 26, 2017Accounting ifrs Principles SMES

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Are IFRS and IFRS for SMEs considered generally accepted accounting principles?

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Yes. The AICPA’s governing Council recognizes the IASB as an accounting body for purposes of establishing international financial accounting and reporting principles. Full IFRS and IFRS for SMEs are not an other comprehensive basis of accounting. Rather, they are generally accepted accounting principles.