Reference no: EM133496102

Requirements: Provide responses to the following questions below:
Complete the final 6, 7 and 8 requirements below of the research paper and submit the whole research paper which includes Parts I and II. Do not use sub-headings Parts I, II and III. Present these parts as components of one whole seamless paper.
Week 7 Final Paper Requirements: Prepare a 10 to no more than 12 page paper addressing the topics below:

Question 1. Define the term "global accounting convergence."

Question 2. What are the economic arguments that support global convergence?

Question 3. What are the main obstacles to global convergence?

Question 4. 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.

Question 5. 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.

Question 6. Select one company that reports using IFRS. What financial reporting concepts, standards and disclosures are applied to its financial statements using IFRS?

Question 7. Include your Week 3 Excel Analysis: Select a U.S. company that prepares its financial statements using U.S. GAAP as well as IFRS. Select any three specific transactions (e.g. the reporting of Goodwill, Leases etc.). Prepare a comparative Excel spreadsheet which shows the placement of each transaction in the financial statements under GAAP and under IFRS (Income Statement, Balance Sheet etc.). Comment on the impact the placement of these transactions have on Net Income, Total Assets, Total Liabilities and Stockholder's Equity and Statement of Cash Flows as necessary.

Question 8. What ethical concerns may there be when financial statements are prepared using IFRS and another using U.S. GAAP that result in different outcomes (e.g. accounting for goodwill)? How might this impact investors' selection of which company in which to invest.