Differences between us gaap and ifrs applications

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Reference no: EM13343249

One such focus is to understand the major differences in US GAAP and IFRS (International Financial Reporting Standards). The portfolio project is divided into two parts; provide detailed responses to both parts of the project.

Part I

1. Provide a detailed history of the convergence project between US GAAP and IFRS.

2. Discuss in detail the major differences between US GAAP and IFRS applications.

3. Provide a list of countries that have adopted IFRS and how cultural differences can impact interpretation of IFRS.

Part II

1. Explain Transfer Pricing in detail.

2. Provide a detailed example of how Transfer Pricing can be used successfully by Multinational Corporations.

3. Please discuss in detail various methods of translating foreign currency financial statements.

Reference no: EM13343249

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