homework

Homework

Convergence of IFRS and GAAP

Respond to the following:

--From the first e-Activity, analyze the convergence of IFRS and GAAP as it relates to revenue recognition. Based on your analysis, recommend at least two (2) changes to revenue recognition that would improve financial reporting after the convergence. Justify your response.

--From the second e-Activity, analyze the U.S. Security and Exchange Commission’s (SEC’s) position on convergence. Based on your analysis, predict if and when you believe the SEC would mandate the convergence for U.S. companies and the principal way in which U.S. companies might respond to the mandate. [350 words -- 1-2 references]

Principle and Rule Based Accounting

Respond to the following:

--Debate it! Rules-based accounting results in more effective financial reporting than principle-based accounting. Provide a rationale for your response.

--Assume that convergence becomes a reality. Predict the governing body that would be in control, and suggest the strategic way in which they will administer accounting standards in the future. [350 words -- 1-2 references]