Homework: GAAP vs IFRS
This is the first of three milestone homeworks that will lead to completion of your course project. In this homework, you will complete Critical Element III: GAAP vs. IFRS. Recall that, due to the sequencing of content for the modules, the critical elements are being prepared out of order. For the complete sequence, see the Final Project Guidelines and Rubric document. This milestone addresses the following course outcome:
A. Differentiate between the Generally Accepted Accounting Principles and the International Financial Reporting Standards for their impact on financial statements.
If you have not already done so, select the company that you will use to build your portfolio. You may choose from Walmart, Kroger, Amazon, Costco, The Home Depot, CVS Health Corporation and Target. It is recommended you use the same company for both courses in the series.
Specifically, the following critical elements must be addressed:
B. GAAP vs. IFRS
1. Explain the steps that would be needed for your selected portfolio company to transition from GAAP to IFRS.
For example, what would this transition entail?
What would your chosen company need to do?
2. Explain how a financial statement would differ under IFRS as opposed to GAAP.
C. How is a financial statement under IFRS different from GAAP? How is it the same?
D. What would the statements for your chosen company look like?
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.