2-1 Discussion: GAAP and IFRS

First, review

this guide

. Then, in your initial post, choose one of the main differences between generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) and fully explain the selected difference. In addition, discuss how that difference impacts financial reporting. Lastly, discuss which standard you think is more appropriate to apply to financial accounting and why.You must include at least one scholarly source in addition to the textbook and the provided guide to support your post. You should also utilize the Financial Accounting Standards Board (FASB) Accounting Standards Codification website to support your discussion.