U.S.GAAP and IFRS contain broad guidance on what the financial statements must contain, but neither completely specifies the level of detail or the names of accounts.

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Both U.S.GAAP and IFRS provide general guidance on the required financial statements, but do not prescribe specific names for accounts or the level of detail required. This allows for some flexibility in how companies present their financial information.

USGAAP and IFRS Contain Broad Guidance on What the Financial