Assignment:
Write a 700 to 1,050 word summary of your team's discussion regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your assignment must include the answers to the following:
1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP?
2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.
3: What terms commonly used under IFRS are synonymous with common stock and balance sheet?
4: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.
5: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.
6: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.
7: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.
Format your paper consistent with APA guidelines.