Convergence between GAAP and IFRS
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Convergence between GAAP and IFRS INSTRUCTIONS:
I will attach you the instructions. I will also send you the pages that you need to support the topic that you will choose.
Background
Accounting is going global, led by the FASB and the IASB, who are working on an ambitious convergence project to result in one set of high quality accounting standards. Presently, it looks like these convergence efforts will culminate in the SEC – within 3-5 years -- allowing/requiring public U.S. companies to prepare financial statements in accordance with international accounting standards (referred to hereafter as IFRS). Similar to the FASB Codification, now is the time for you to become familiar with IFRS. This assignment is designed to build your awareness of IFRS and to help you develop the ability to find out the relevant accounting treatments under IFRS.
Required
Read the following materials to gain familiarity with the international accounting environment and IFRS: p. 11-13 from your textbook on “International Standard Setting” and “Efforts to Converge U.S. and International Standards” the IFRS excerpts in green boxes in your textbook that explain IFRS for topics in Intermediate Accounting II. You should read all of them and then choose one topic that you will discuss in your report as described below. The topics you can select are: (1) Current Liabilities and Contingencies (p. 750 and 764), (2) Leases (p. 865-866, 886), (3) Accounting for Income Taxes (p. 961 and 978), (4) Shareholders’ Equity (p. 1084 and 1090),
Choose a company that uses IFRS for your selected topic (see 1.b.). Choose a company in the same industry that uses U.S. GAAP for the same item. Use your web research skills to identify IFRS users – one place to start is at the SEC site (www.sec.gov – and look for foreign private issuer). Or try out the web-site http://www.iasplus.com/index.htm. You can find U.S. companies by industry on Yahoo finance -- http://biz.yahoo.com/ic/.
Prepare a report (maximum of 3 pages, typed, double spaced ) that discusses the following: Provide a brief discussion of IFRS and the status of the convergence of US GAAP with international standards. Examine the IFRS company’s financial statements, and use them to describe one similarity and one difference between U.S. GAAP and IFRS for the course topic you have chosen. Submit your paper on Blackboard by class time on Wednesday, December 4. CONTENT:
Convergence between GAAP and IFRSNameUniversityDateConvergence between GAAP and IFRSBrief discussionThe US Generally Accepted Accounting Principles is the major accounting standard used in the United States. The International Financial Reporting Standard on the other hand, is the accounting standard practiced in over 110 countries in the world. U.S. GAAP is mostly considered as a more rule based accounting system while IFRS is mostly based on principles. The two accounting systems have different publications: the standards of The FASB are published in the Generally Accepted Accounting Principles (GAAP) while those of the IASB are published in the International Financial Accounting Standards (IFRSs). It is therefore, obvious that the IFRS and the U.S. GAAP do not agree on every issue (Phillips, Libby & Libby, 2011). This paper seeks to discuss IFRS and the status of the convergence of US GAAP with international standards. In addition, the paper will look into the differences and similarities between the U.S GAAP and the IFRS in the presentation of financial statements.Financial statementsThe income statement in the U.S GAAP and the IFRS are different In terms of classification of expense. In the U.S...
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