QuickHelper

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About QuickHelper

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Elementary,High School,College,University,PHD

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Accounting,Applied Sciences See all
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Teaching Since: May 2017
Last Sign in: 356 Weeks Ago, 2 Days Ago
Questions Answered: 20103
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Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

Experience

  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Accounting Posted 19 Sep 2017 My Price 11.00

IFRS and U.S. GAAP

Part 1 1000-1200 words

 

There are many differences with the measurement of assets between IFRS and U.S. GAAP. For each of the following topics, please describe how it would be handled with both sets of standards, and provide a minimum of 2 examples of issues surrounding the first time adoption of IFRS:

  • Inventories (IAS 2)
    • Expense recognition
    • Restructuring
    • Costs included in inventory
  • Property, plant, and equipment (IAS 16)
    • Cost elements
    • Cost measurements
    • Depreciation (component)
  • Investments (IAS 40)
    • Fair value model (FVM) versus cost model
  • Borrowing costs (IAS 23)
  • Intangible assets (IAS 38)

 

Part 2 1000-1200 words

Choose a company from the Securities and Exchange Commission (SEC) EDGAR Web site for your Key Assignment to evaluate for the impact of convergence to IFRS.

Review the financial reports and notes for the company that you have chosen from the EDGAR Web site. Using this company as your point of reference, provide general information on the following:

  • Create an overview on IFRS.
  • What will be some of the main concerns for your company as it moves from U.S. GAAP to IFRS?
  • Generate a list of differences that you would expect to see on your income statement and your balance sheet after the convergence process is complete.
  • Describe what impact the convergence will have on your company’s inventory account (IAS 2).
  • Describe some of the differences between IFRS and U.S. GAAP regarding the accounting for financial instruments.
  • Give a minimum of 2 examples of how your company will be impacted by the conversion process (IAS 32, IAS 39, and IFRS 7).

Answers

QuickHelper
(10)
Status NEW Posted 19 Sep 2017 06:09 AM My Price 11.00

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