The Differences Between IFRS and GAAP: How Walmart Could Benefit from Switching

Hello Class & Professor Spears, Accounting standards ensure that companies follow the requirements of representing the financial state of their company. They protect consumers by ensuring that organizations follow the standard accounting methods when preparing and presenting statements of financial performance (Vichitsarawong & Eng, 2020). International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) differ in various ways since IFRS is based on principles while GAAP follows spec