GAAP and IFRS are examples of applicable financial reporting framework.

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GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) are both applicable financial reporting frameworks used by companies to prepare their financial statements. These frameworks provide guidelines for recording and reporting financial transactions in a consistent manner, ensuring that financial information can be understood and compared across different companies and countries.

GAAP and IFRS Are Examples of Applicable Financial Reporting Framework