Accountants have historically used generally accepted accounting principles when preparing financial reports,but in 2011 many companies switched to the new international accounting standards.

Question

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Many countries have adopted the International Financial Reporting Standards (IFRS) as the new set of accounting standards since 2011, which is a departure from the previously used Generally Accepted Accounting Principles (GAAP).

Accountants Have Historically Used Generally Accepted Accounting Principles When Preparing