The subtotal net assets is used in

A) both GAAP and IFRS.
B) GAAP but not IFRS.
C) IFRS but not GAAP.
D) neither IFRS nor GAAP.

Net Assets

The total value of all a company's assets after subtracting liabilities; an indication of the company's net worth.

GAAP

Generally Accepted Accounting Principles, a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements in the United States.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) aimed at providing a global framework for financial reporting.