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Need help with the following assignment. Assignment 3: GAAP versus IFRS 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 lessees. Create an argument to support the FASB position on accounting for leases. 5. Create an argument for or against U.S. companies using IFRS accounting exclusively. Provide support for your argument. 6. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Intermediate Accounting Questions, Please provide thorough explanations and full calculations for each answer chosen. What is the meaning of the term market when one is valuing the raw materials inventory at lower-of-cost-and-market?
Which of the following statements about current liabilities is true?
what where the total balances after adding and subtracting the adjustments giving you the adjusted trial balance totals for the month of may? for the generals favorite fishing hole comprehensive promblem.
On January 1, 2012, a foundation made a pledge to pay $ 30,000 per year at the end of each of the next five years to the Cancer Research Center, a non-profit voluntary health and welfare organization as a salary supplement for a well- known resear..
Why is depreciation for income tax purposes an important concern of taxpayers and how does tax depreciation differ from financial accounting depreciation?
Cash of $2,000 had been set aside for the plant expansion. How much of retained earnings is available for dividends?
The building cost $600,000 on December 29, 1999, and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $100,000. Declining real estate values in the area indicate that the salvage value will be..
Which one of the following statements is correct concerning capital structure weights?
Calculate ending inventory and cost of goods sold for each of the following cost flow methods. Round your final answer for ending inventory and cost of goods sold to the nearest dollar. a. LIFOb. FIFOc. Weighted Average Cost
Ivan Company has a goal of earning $70,000 after-tax income. Ivan would need to pay $20,000 of income taxes at the target level of income. The contribution margin ratio is 30%. What amount of dollar sales must be achieved to reach the goal if fixe..
Greg received a salary of $50,000 in 2010 from his employer, Green Construction Associates, Inc. In July 2010, Green gave each employee $2,500 as a bonus for exceeding the monthly sales goals. employee $2,500 as a bonus for exceeding the monthly s..
Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs. Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs.
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