ACC 290 Week 5 Individual Assignment Comparing IFRS to GAAP Paper

ACC 290 Week 5 Individual Assignment Comparing IFRS to GAAP Paper | University Of Phoenix 

Instructions:

Write a 700- to 1,050-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.

Format your paper consistent with APA guidelines.

Use your Financial Accounting text and at least two additional scholarlyreviewed

references.

Click the Assignment Files tab to submit your assignment.

SupportingMaterial:Writing and Style Guidelines (APA)New APA Paper

Template: 100-299Week 2 Learning Team Collaborative Discussion:

Prepare for Week 5 IFRS EssayWeek 3 Learning Team Collaborative

Discussion: Prepare for Week 5 IFRS EssayWeek 4 Learning Team

Collaborative Discussion: Prepare for Week 5 IFRS EssayWeek 5

Learning Team Collaborative Discussion: Prepare for Week 5 IFRS Essay.