Topic 1: This week we learned about the differences between IFRS and US GAAP. U

by | Jan 18, 2022 | Accounting | 0 comments

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Topic 1:
This week we learned about the differences between IFRS and US GAAP. Using BOTH the FASB codification and the IFRS standards research these differences.
Pick one of the topics (inventory, PPE, developmental costs, impairment losses etc.)
Tell us how you would handle the accounting if you were choosing the methodology to use.
Tell us your reasoning and use the standards to support your position.
Try to pick a topic not already covered in the class discussions.Do not forget to show your source in APA format.
Use the web address www.ifrs.org to access the website. Use the ‘search this site’ at the top of the page to look for the IAS you need to access.
*Do not forget to respond to the other topic this week.
Topic 2:
We have discussed many differences between U.S. GAAP and IFRS related to the recognition and measurement of assets. Among these differences, which two do you feel are the most difficult to reconcile and why? Be specific in your answer and provide examples.
*Do not forget to respond to the other topic this week.
Topic 3:
IFRS has a more “principles based” approach to standard setting, while U.S. GAAP is considered more “rules based.” Which approach do you believe produces the most truthful financial statements? Use revenue recognition as an example and give key points on each side of the argument. Support your position with scholarly articles from the KU library. Do not forget to include proper APA formatting.

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