Michael Jordan

I have missed more than 9,000 shots.

On 26 occasions I have been entrusted to take the game winning shot… and I missed. I have failed over and over and over again in my life. And that’s precisely why I succeed.

– Michael Jordan

IFRS vs. GAAP

Generally accepted accounting principles is defined as a widely accepted set of rules, conventions, standards, and procedures for reporting financial information. It actually encompasses the conventions, rules and procedures to define what is accepted accounting practice.

Generally accepted accounting principles (GAAP) are conventional – that is, they become generally accepted by agreement after tacit agreement rather than by formal derivation from a set of postulates and basic concepts. Continue reading