Question - Explain to your audience the differences between generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) and the implications in converging with IFRS.
A. Differentiate between the reporting requirements for GAAP and IFRS.
B. Given these differences, determine which reporting standard(s) would be most appropriate for your company, given their desire to expand globally and why they would be appropriate.
C. Distinguish the disclosure requirements for GAAP and IFRS.
D. Given these differences, determine which disclosure standard(s) would be most appropriate for your company given their desire to expand globally, and explain why they would be appropriate.
E. Assess the impact that the convergence of GAAP and IFRS will have on investors of companies in the United States and in the global market.
F. Assess the impact that the convergence of GAAP and IFRS will have on firms similar to your company. In other words, how will its effect on investors and the global market affect the company?
G. Explain the role of International Accounting Standards Board (IASB) in harmonization. How is the board created? In other words, how does this support convergence?
What are your thoughts on how this may or may not impact your company?