Gaap To Ifrs Essay

Write a three to four (3-4) page paper in which you:
1. Assess the importance of converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS.
2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference, take a position on which method would be most beneficial to financial statement users.
3. Predict three (3) possible problems that U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three (3) techniques that will enable a corporation to overcome those obstacles.
4. Assess two to four (2-4) long-term conversion issues on accounting for leases by the
GAAP and IFRS, and for each financial reporting difference; did not submit or incompletely took a position on which method would be most beneficial to financial statement users. Insufficiently identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; insufficiently took a position on which method would be most beneficial to financial statement users. Partially identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; partially took a position on which method would be most beneficial to financial statement users. Satisfactorily identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; satisfactorily took a position on which method would be most beneficial to financial statement users. Thoroughly identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; thoroughly took a position on which method would be most beneficial to financial statement