Discuss the Differences Between GAAP and IFRS
Important Note:All elements of the Week 2Discussion must be completed by Day 7of Week 2.
Accountants are responsible for following standards,conventions, and rules in order to ensure ethical accounting intheir day-to-day practices. However, the rules in the United Statesvary from those followed in other countries. The United States useswhat is called U.S. GAAP. âGAAPâ stands for GenerallyAccepted Accounting Principles. Most of the rest of the worlduses what is called International Financial ReportingStandards known simply as âIFRS.â The United States is in theprocess of either converting or converging U.S. GAAP with IFRS.
To complete this Discussion:
Using your preferred search engine (such as Google), enter oneor more of the following keywords:
IFRS
U.S. GAAP conversion
U.S. GAAP convergence
U.S. GAAP v. IFRS
Using what youâve learned in the interactive course contentalong with the results of your Internet keyword search, focus onand deeply explore the differences between GAAP and IFRS. Considernot only written articles, but also video lecture search results,which you can find by doing your keyword search on YouTube.com. Besure to critically evaluate the sources that you encounter in yourInternet search. Are they reliable? Are they current?
Post an initial response along with responses to othersâ posts,following the directions shown below.
Post a response of at least 150 words in which you discuss thedifferences between GAAP and IFRS. As you write your post, considerthe following:
What are implications of the differences in these two differentfinancial reporting systems?
What are two benefits and two challenges with each?
Discuss the Differences Between GAAP and IFRS
Important Note:All elements of the Week 2Discussion must be completed by Day 7of Week 2.
Accountants are responsible for following standards,conventions, and rules in order to ensure ethical accounting intheir day-to-day practices. However, the rules in the United Statesvary from those followed in other countries. The United States useswhat is called U.S. GAAP. âGAAPâ stands for GenerallyAccepted Accounting Principles. Most of the rest of the worlduses what is called International Financial ReportingStandards known simply as âIFRS.â The United States is in theprocess of either converting or converging U.S. GAAP with IFRS.
To complete this Discussion:
Using your preferred search engine (such as Google), enter oneor more of the following keywords:
IFRS
U.S. GAAP conversion
U.S. GAAP convergence
U.S. GAAP v. IFRS
Using what youâve learned in the interactive course contentalong with the results of your Internet keyword search, focus onand deeply explore the differences between GAAP and IFRS. Considernot only written articles, but also video lecture search results,which you can find by doing your keyword search on YouTube.com. Besure to critically evaluate the sources that you encounter in yourInternet search. Are they reliable? Are they current?
Post an initial response along with responses to othersâ posts,following the directions shown below.
Post a response of at least 150 words in which you discuss thedifferences between GAAP and IFRS. As you write your post, considerthe following:
What are implications of the differences in these two differentfinancial reporting systems?
What are two benefits and two challenges with each?
