Due Week 2 and worth 150 points
The globalization of business and finance has led to the use of IFRS in most capital markets around the world. IFRS already significantly impacts U.S. companies because of the use of IFRS by many foreign subsidiaries of U.S. companies.
Write a four to five (4-5) page paper in which you:
1. Differentiate the key aspects of the conceptual framework of IFRS and GAAP and the related influence on convergence.
2. Evaluate the advantages of a principles-based and rules-based approach to standard setting.
3. Examine the relative values of a single set of global accounting standards on financial reporting.
4. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format.
• The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Analyze the key differences between the GAAP and IFRS conceptual framework.
• Assess the differences between a principle-based and rule-based accounting system.
• Distinguish between GAAP and IFRS financial statement reporting standards.
• Use technology and information resources to research IRFS.
• Write clearly and concisely about IFRS using proper writing mechanics.
Discussion
Other Comprehensive Income" Please respond to the following:
*From the first e-Activity, assess the effect of the enhanced distinction of other comprehensive income and total comprehensive income on financial statement users and companies.
*Assess the validity of the arguments against the use of the direct method by the accounting profession. Justify your position.