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Overview
We're building upon a basic foundation in accounting by studying the financial statements. In this discussion, you will have the opportunity to examine the U.S. GAAP Balance Sheet and how a balance sheet will look when prepared using IFRS.
Outcome
Evaluate the usefulness of information contained in each of the major financial statements.
Instructions
What is one key difference between the IFRS Statement of Financial Position and a U.S. GAAP Balance Sheet?
If the U.S. adopts IFRS, how might investors and other users of financial information react to the differences in how the information on this financial statement is reported if they are accustomed to looking a a U.S. GAAP Balance Sheet?
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