Write a 500-600 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 discussion should include the answers to the following:
- IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP?
- IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.
- IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet?
- IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.
- IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.
- IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.
- IFRS 7-1: 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.