Issues surrounding the first time adoption of ifrs

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There are many differences with the measurement of assets between IFRS and U.S. GAAP. For each of the following topics, please describe how it would be handled with both sets of standards, and provide a minimum of 2 examples of issues surrounding the first time adoption of IFRS:

Inventories (IAS 2)

Expense recognition

Restructuring

Costs included in inventory

Property, plant, and equipment (IAS 16)

Cost elements

Cost measurements

Depreciation (component)

Investments (IAS 40)

Fair value model (FVM) versus cost model

Borrowing costs (IAS 23)

Intangible assets (IAS 38)

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IFRS requirements elsewhere in the world affect many US companies– public or private, large or small — through cross-border, M&A activity, and due to the IFRS reporting demands of stakeholders outside the US. And the continued global adoption of IFRS means that the impact on multinational US businesses will only grow stronger, as additional countries permit or require IFRS for statutory reporting purposes and public filings.

Reference no: EM131369492

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2/6/2017 6:05:32 AM

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