**What are the key differences between the IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) when it comes to financial reporting, and how do these differences impact international business operations?

**What are the key differences between the IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) when it comes to financial reporting, and how do these differences impact international business operations?
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