Assignment 1: IFRS and GAAP Convergence

ACC 304 WK 8 Assignment 1 – IFRS and GAAP Convergence

Events in the world of corporate finance during the past few years have shown the importance of

transparent and accurate financial reporting by businesses. There are numerous methods for evaluating

the financial well-being of a business. In this paper, you will review and evaluate the financial analysis

tools available to business manager, investors, and government regulators.

Write a five to six (5-6) page paper in which you:

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) quality academic resources in this assignment. Note: Wikipedia and other

Websites do not qualify as academic resources.