IFRS vs U.S. GAAP: What’s the Difference?

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Conversely, GAAP also mandates inventory to be recorded at the lower of cost or market value, but does not permit the reversal of write-downs. GAAP emphasizes smooth earning results from year to year, giving investors

C Corporations: Everything You Need to Know Bench Accounting

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Despite the disadvantage of double taxation, corporations can take some unique tax deductions that aren’t available to other types of companies. A limited liability company, or LLC, is another business structure that shields its owners