The conceptual framework underlying U.S. GAAP is similar to that underlying IFRS.

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The conceptual frameworks underlying both U.S. GAAP and IFRS share many similarities, such as the principles-based approach to accounting and the emphasis on relevance and faithful representation in financial reporting. However, there are also some differences between the two frameworks, such as the treatment of some specific accounting issues and the level of detail provided in the guidance.

The Conceptual Framework Underlying U