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In general, the term ‚profit’ stands for the difference between revenue and costs. However, for one and the same activity, profit does not necessarily have to be the same number under different points of view. Different accounting standards (like US GAAP and IAS) or special regulations for taxation make organizations display different profits in financial statements for different purposes. On top of that, profit from the accountant’s point of view is not equal to profit from the economists point of view. This difference Continue to download »
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