Fake news on accounting?
So, I was looking through Google News search to find something to quickly write for this post.
I found this article about the differences between IFRS and GAAP. I don't know much about the website, but the article has two incorrect statements. First IFRS does classify assets as current and non-current. Second, the term GAAP is more widely used that just referring to US rules. So, we could say UK GAAP or German GAAP.
Okay, so it's not fake news, but it's incorrect 🙂