ACCT 6230 Week 1&2

Week 1 Assignments-IFRS

DUE DATE: Saturday midnight of Week 1, submitted in a MS Word document with

filename format:

Last First_Week 1 hwk.doc Make sure your name appears on each page of the homework

using the header function.

I. Homework questions:

1. Identify the major players in the United States’ conversion to IFRS and explain their

roles.

2. List at least 3 major obstacles US companies will encounter as they move towards

and convert from US GAAP to IFRS. Elaborate on why they are obstacles and what

strategies could be employed to overcome them.

3. Explain the main differences between US GAAP and IFRS and what these changes

will mean to the readers of the financial statements (at least 4 differences).

4. What will be some of the advantages and drawbacks for US companies will

experience in converting to IFRS? What will be some of the advantages and

drawbacks for the users of these financial statements? What opportunities will be

presented for both preparers and users?