Assignment: IFRS versus U.S. GAAP IP
Length: 1,000 to 2,000 words.
International Accounting Standard 18 (IAS 18) provides the general standards for revenue recognition and measurement in the IFRS.
o Provide 3 examples of the differences between the 2 sets of standards.
Review the IAS 7 statement of cash flows, and complete the following:
1. Discuss the differences in classifications of cash flows between IFRS and U.S. GAAP.
2. What impacts will these have on U.S. companies?
3. Cover the differences with the classifications of contingent liabilities between U.S. GAAP and IFRS. Be sure to cover the topics of possible, probable, and bright-line tests.
4. When looking at cash and cash equivalents definitions between IFRS and U.S. GAAP, discuss the differences for the following:
• Best estimates
• Risks
• Uncertainties
Format your assignment according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the assignment, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.