Identify three major accounting issues
Identify three major accounting issues on which IFRS and US GAAP currently differ.For each, outline the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
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Presented here is basic financial information (in millions) from the 2006 annual reports of Green Co. and Brown Co.
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XYZ Company entered into a lease of special equipment to Pace Company. The lease term was six years. The equipment cost XYZ Company $40,000 and XYZ plans to earn $4,000 dealer profit.
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