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What are some challenges you can identify in moving from U.S. generally accepted accounting principles (GAAP) to International Financial Reporting Standards (IFRS)?

by | Jan 6, 2022 | Uncategorized

 

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First, briefly introduce yourself and explain your background. Specifically, share with us where you are from, what you hope to gain from this class, any prior experience with financial reporting you have (if any), and other information that you would like us to know.
Next, in your textbook, read Case C2-14: Inconsistent Statements on Accounting Principles. Choose Statement 1 or 2 and prepare a response to the two questions posed. Use your readings from the text and at least one additional academic resource to provide support for your response. What are some challenges you can identify in moving from U.S. generally accepted accounting principles (GAAP) to International Financial Reporting Standards (IFRS)? The following resources can be used along with any others that are considered authoritative on the subject:
FASB Codification: Use the username and password provided to access this resource. User Name:
Password:
AICPA website
IASB website
Getting in Step With IFRS PDF
Preparing U.S Companies for the Transition to IFRS PDF

 

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