Question :
"Each student will choose a publically traded US company which uses the Last in First Out - LIFO method of accounting, and will then get financial statement information for the most present period from the Bloomberg system. This financial information adds; a Balance Sheet, an Income Statement, a Cash Flow statement and Notes to the Financial Statements. The student may then use and analyze this data to prepare a complete set of financial statements enumerated above, under the rules of the International Financial Accounting Standards (IFRS). It will be essential for the student to select a company which sells inventory product(s) (Starbucks, Macy's, GM Coca Cola are such examples). The student may then be needed to complete the subsequent assignments:
Obtain Balance Sheet, Income Statement, Cash Flow Statement, Earnings per Share and notes to financial statements data;
Check the accounting methods for inventory, revenue recognition, depreciation, fixed asset, intangible asset, long-term liabilities, amortization and pension accounting;
Evaluate and contrast US GAAP with IFRS;
Criticize and Defend US GAAP Accounting;
Prepare the Balance Sheet, Cash Flow Statement and Income Statement under IFRS;
Determine EPS under IFRS rules;
Criticize and Defend IFRS Accounting;
Evaluate and present the difference in EPS and Net Income between US GAAP and IFRS;
Choose the one reporting technique which you believe is most suitable for financial reporting purposes;
Defend and Support the supporting technique on the basis of accounting theory, research data and literature review; AND
Obviously communicate all of the above findings in terms of clarity, conciseness and grammar."