Summary

Write a 200-word summary regarding IFRS versus GAAP. The summary should be structured in a subject-by-subject format. . Your discussion should include the answers to the following:

·        IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.

·        IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet?

·        IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.

Format your paper consistent with APA guidelines.

Use Financial Accounting text –Financial Accounting:Tools for business decision making (7^th ed.)Hoboken, NJ: John Wiley & Sons: Kimmel,P.D., Weygandt, J.J.,Kieso, D.E.(2013)…and at least two additional scholarly-reviewed references.