Introduction to International Financial Reporting Standards: ACCT430 ACCT430-2405B-02

Description

Description

Key Assignment

Choose a company from the SEC EDGAR Web site for your Key Assignment to evaluate for the impact of convergence to IFRS.

Part 1

Deliverable Length: 3–5 pages

Review the financial reports and notes of the company you have chosen from the EDGAR Web site. Using this company as your point of reference, provide general information on the following questions:

• Create an overview on IFRS.
• Generate a list of differences that you would expect to see on your income statement and your balance sheet between IFRS reporting and U.S. GAAP reporting.
• Describe the impact of IFRS reporting on your company’s inventory account (IAS 2).
• Describe some of the differences between IFRS and U.S. GAAP regarding revenue accounting.
• Describe some of the differences between IFRS and U.S. GAAP on financial instruments.

Part 2

Deliverable Length: 3–5 pages

For this assignment, use the company you have chosen from the EDGAR Web site as your point of reference.

After the reporting period has ended, you could potentially encounter other events that will have impacts on your company (IAS 10).

Create an overview of considerations regarding income taxes and tax planning that the company may encounter.

Give your opinion on the U.S. moving into IFRS. What do you see as the major advantages and disadvantages of convergence?

Please submit your assignment.

For assistance with your assignment, please use your textbook and all course resources.

Reference

U.S. Securities and Exchange Commission (SEC). (2022, October 31). EDGAR—Search and access. Retrieved December 13, 2022, from https://www.sec.gov/edgar/search-and-access