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Conduct research and write a 2–3 page paper addressing the following Topic: International Financial Reporting Standards. International Financial Reporting Standards (IFRS) are formulated by the International Accounting Standards Board (IASB), which is a body representing accountants and other interested parties from different countries. While IFRS is not currently applicable in the United States, there is mounting pressure on the SEC to accept the standards in one form or another. MSF practitioners need to be aware of the growing influence of IFRS outside the United States. For example, foreign companies listed on U.S. exchanges need to reconcile IFRS-based numbers with U.S. GAAP. The FASB is currently involved in a joint project with the IASB-called the “convergence” project-that aims to eventually eliminate all differences between the two sets of standards. Considerable progress has been achieved to date in this direction. In terms of understanding competitiveness and collaboration in a global economy, research, explore, and discuss the “Norwalk Agreement” between the FASB and the International Accounting Standards Board (IASB). What are the key initiatives of the Norwalk Agreement to further the goal of the convergence of U.S. GAAP with International Financial Reporting Standards? In a paper, discuss the joint projects being conducted with the IASB to address Revenue Recognition and Business Combinations. Please cite at least two sources used.
Harvey Supplies Inc. has a current ratio of 4.56, a quick ratio of 1.95, and an inventory turnover ratio of 11.21. Harvey's total assets are $8,407,769 million and its debt ratio is 0.47. The firm has no long-term debt. What is Harvey's sales figur..
What are the main differences and similarities between managing a municipal bond fund and a taxable corporate bond fund?
The best way to obtain foreign market entry is through ______. Political risk includes each of the following EXCEPT. A structure of incentives that rewards risk taking in productive ventures is an indicator of long-run _____________ health for a coun..
Describe how a bank should apply an objective credit scoring model when evaluating consumer loan requests. Given the information in Exhibits 15.10 and 15.11 and in the text, indicate why you would or would not approve Rochelle Groome's loan request.
capital budgeting analysisthe sl energy group is planning a new investment project which is expected to yield cash
Norma’s Cat Food of Shell Knob ships cat food throughout the country. Norma has determined that through the establishment of local collection centers around the country, she can speed up the collection of payments by two and one-half days. If the com..
Correlation, a standardized measure of how stocks perform relative to one another in different states of the economy, has a range from _______
Jamestown Supply is trying to decide whether to lease or buy some new equipment. The equipment costs $72,000, has a 4-year life, and will be worthless after the 4 years. The equipment will be replaced. The cost of borrowed funds is 9 percent and the ..
Define and then discuss the advantages and disadvantages of the following evaluation criteria; (1) the payback method; (2) the Net Present Value method; and (3) the Internal Rate of Return method. In your answer be clear to state the decision rule fo..
Consider a position consisting of a $200,000 investment in asset A and a $150,000 investment in asset B. Assume that the daily volatilities of both assets are 1% and that the coefficient of correlation between their returns is 0.35. What is the 5-day..
NikkiG’s Corporation’s 10-year bonds are currently yielding a return of 6.75 percent. The expected inflation premium is 1.15 percent annually and the real risk-free rate is expected to be 2.50 percent annually over the next ten years. Calculate the d..
In its most recent financial statements, Del-Castillo Inc. reported $45 million of net income and $930 million of retained earnings. The previous retained earnings were $917 million. How much in dividends did the firm pay to shareholders during the y..
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