The accounting for leases is an excellent example of the differences in how U.S.and IFRS accounting standards are applied.

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The accounting for leases under U.S. GAAP and IFRS differs significantly, with the most notable difference being the treatment of operating leases. Under U.S. GAAP, operating leases are not recognized on the balance sheet, while under IFRS, they are recognized as assets and liabilities. This is just one example of how the two accounting standards differ in their treatment of leases.

The Accounting for Leases Is an Excellent Example of the Differences