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Comparing Ifrs to Gaap Paper Comparing IFRS to GAAP Paper Kristopher Watkins May 23, 2016 James Gajda Comparing IFRS to GAAP Primarily there are two main types of accounting systems used in todays emerging markets: International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). Both types of accounting systems follow double entry practices.