ACC 290 Comparing IFRS to GAAP Paper

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ACC 290 Comparing IFRS to GAAP Paper


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 scholarly-reviewed

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