Policies and Procedures in an Accounting System

Accountants are responsible for following standards, conventions, and rules in order to ensure ethical reasoning in their day-to-day practices. However, the rules in the United States vary from those followed in other countries.

Based on your readings for this week:

Discuss the differences between GAAP and IFRS:

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• What are implications of the differences in financial reporting?
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• What are two advantages and two issues with each?

With these thoughts in mind:

Post an initial statement that expresses your thoughts on the differences between GAAP and IFRS. The length of your response(s) should be a minimum of 150 words.

Resources:

U.S. Securities and Exchange Commission. (2009). How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation. Retrieved from
http://www.sec.gov/about/whatwedo.shtml

Financial Accounting Wiki Space. (2009). Concept Maps. Retrieved from
http://financialaccounting.wikispaces.com/Concept+Maps

Henry, D. (2008). A better way to keep the books? BusinessWeek, 4099, 35.