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Need help with the following assignment. Assignment 3: GAAP versus IFRS Write a three to four (3-4) page paper in which you: 1. Assess the importance of converting from GAAP to IFRS from a company's perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. 2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference, take a position on which method would be most beneficial to financial statement users. 3. Predict three (3) possible problems that U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three (3) techniques that will enable a corporation to overcome those obstacles. 4. Assess two to four (2-4) long-term conversion issues on accounting for leases by the lessees. Create an argument to support the FASB position on accounting for leases. 5. Create an argument for or against U.S. companies using IFRS accounting exclusively. Provide support for your argument. 6. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Prepare an income statement for Wayside Inc. for the year ended December 31, 2010. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
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While testing the inventory counts, the auditors noticed that several high dollar items had counts on the inventory listing which were materially higher than the actual counts. The difference between the actual and recorded inventory value was $66..
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1. Define and discuss the purpose and impact of Active Participation 2. Define and discuss the purpose and impact of Tax shelters 3. Define and discuss the purpose of "Fruit of the Tree"
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Jacob is an employee and used the computer 100% of the time in his employment. Although his homeowners insurance policy paid Jacob $7,000 for the stolen computer, Jacobs employer did not reimburse Jacob for any of the remainder of his loses. Jacob..
USAco, a domestic corporation, forms a Canadian subsidiary, CANco, to distribute USAco's widgets in Canada. USAco sells widgets to CANco for resale in Canada, provides CANco with USAco's unique distribution software, and provides the use of USAco'..
The following information is available from Gray Co.'s accounting records for the year ended December 31, 2010 (amounts in million):
What are the advantages of using analytical procedures as substantive test? if the engagement team decides to use analytical procedures for the Bees' audit, how will the audit plan differ from prior years? Should analytical procedures be used as s..
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Prepare Pelham's accounting entry to record the combination with Sampras using the acquisition method and purchase method."
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