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Write 5 pages essay on IFRS and GAAP Convergence in which:
1. Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years.
2. Evaluate and describe the single most important difference between U.S. GAAP and IFRS rules, and explain your answer.
3. Analyze and summarize the main obstacles to convergence from both the U.S. and European accounting perspectives.
4. Analyze the balance sheet and income statement presentation methods that will be impacted the most by convergence, and explain why.
5. Evaluate and explain what types of business entities and accounting practices will be affected the most by convergence.
6. Use at least three (3) qualify academic resources in this assignment.
HOTco, a U.S. C corporation, invents a control panel to make furnaces heat up faster. HOTco sells these control panels exclusively in the U.S. HOTco does not wish to operate abroad and, therefore, HOTco licenses its control panel know-how to FORco..
Which of the following government transfer payments is included in the recipient's gross income? Which of the following expenditures is not a medical expense for federal tax purposes?
Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year
At December 31,2010 the fair value of the Carlin, Inc. bonds was $318,000. What should Richman Co. report as other comprehensive income and as a separate component of stockholders' equity?
assignment refer to your completed and graded fsap to complete the assignment based on your company. also use your
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Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.
Examine Footnote 8 to Foot Locker's consolidated financial statements (Other Current Assets). Notice that included in this total is "net receivables." Ending net receivables for 2006 (beginning balance of 2007) were $59 million.
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