Assignment
This week students discuss why IFRS presents financial data differently than GAAP. What is the goal, what will be the US impacts? Revenue recognition is covered. Students do their own web search.
Action Required: Post web links and share what you are finding. We hope to find various resources so please read the work of your classmates and contribute new material, showing the depth of your work on this research assignment.
This discussion will assist you in creating and adding to your common body of knowledge (CBOK) on accounting in the U.S. and globally.
The merge will impact current accounting practices. How will financial statements change? What will happen with goodwill? What will happen when LFIO is not longer allowed?