standard does not apply. Also, IFRS emphasizes the overarching concept of the financial statements providing a "true and fair representation" of the
company. U.S. GAAP does not include a similar requirement, but U.S. auditing standards require this consideration.
References
Essay Difficulty: 3 Hard Learning Objective: 01-11 Discuss the primary differences between
U.S. GAAP and IFRS with respect to the development of
accounting standards and the conceptual framework underlying
accounting standards.