How effectively BACC001 accounting for business company applies the selected guiding principle in its most recent annual report The chosen company is Walmart chain stores. The company, like other companies in the US, uses IFRS. According to Walmart, accounting standards that the firm uses are critical in understanding the company’s financial information and getting results that are accurate and reliable. GAAPs are commonly used across the world but, most recently, has started getting acceptance US. That said, Walmart, like many other firms that operate in the US, uses GAAPs with room for adjustments available as may be recorded by Financial Accounting Standards Board (FASB) (Bracker, Lin, & Pursley, 2018). Although there is an ongoing work to converge GAAP and IFRS,