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IFRS is principles-based and may require lengthy disclosures in order to properly explain financial statements. It is the established system in the European Union (EU) and many Asian and South American countries. It has not yet been adopted as an official system in the United States. GAAP vs. IFRS: What's the Difference? - Investopedia investopedia.com https://.investopedia.com › ask › answers › what-dif... investopedia.com https://.investopedia.com › ask › answers › what-dif...
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