IFRS VS US GAAP Intermediate Accounting 2

California Baptist University

Professor Julie Browning, PhD, CPA, CMA, CGMA

[Date]

1

U.S. GAAP vs. IFRS Writing Assignment

Part 1 – Chart of Differences

Part 2 – In Depth Analysis of One Difference

Name of Standard

Include the name and ASC number of the Standard. Identify the name and number of the related standard under IFRS (1 - 2 sentences).

Brief Summary of Standard under U.S. GAAP

Provide a brief summary of the important aspects of the standard under U.S. GAAP (2 – 3 paragraphs).

Similarities with IFRS

Discuss the similarities between the standard under U.S. GAAP and IFRS (2 – 3 paragraphs).

Differences from IFRS

Summarize and discuss the major differences between the standard under U.S. GAAP and IFRS (2 – 3 paragraphs).

Relationship of Standard to U.S. GAAP Conceptual Framework

Discuss how this standard relates to the Conceptual Framework and why that is important to understanding the current state of the standard and its future (2 – 3 paragraphs).

Plan for Convergence

Discuss the plan for convergence of the U.S. GAAP standard with IFRS. If the standard is not converged, discuss the plan for and/or obstacles to convergence. If the standard is converged, discuss the rationale behind any remaining differences between the two sets of standards (2 – 3 paragraphs).