Paper

1. Select any transaction that is accounted for differently under IFRS and U.S. GAAP.  What are these differences? Examples of problematic areas include discretionary reserves, goodwill, deferred taxes, inventory valuation, segmental information, asset valuation policies and hidden reserves.

2. Go to the International Financial Reporting Statements Foundation (IFRS) website. Research any recent IFRS exposure draft. Explain the impact this draft may have on multinational entities.