BUS 650 Week 3 Discussion 1 GAAP vs. IFRS

Question Details: #22029
BUS 650 Week 3 Discussion 1 GAAP vs. IFRS

BUS650 Week3 DQ1 GAAP vs. IFRS GAAP vs. IFRS. The United States uses Generally Accepted Accounting Principles (GAAP) as the basis of financial reporting. The International Financial Accounting Standards (IFRS) is an alternative way to report financials. This article from Ernst and Young compares the two methods of financial reporting. Ernst & Young’s US GAAP vs. IFRS: The Basics http://www.ey.com/Publication/vwLUAssets/US_GAAP_v_IFRS:_The_Basics/$FILE/US%20GAAP%20v%20IFRS%20Dec%202011.pdf After reading the article from Ernst and Young, answer the following questions: How does the GAAP reporting method cause cash flows to differ from net income? How are the features of the Income Statement, Balance Sheet, and Statement of Cash Flow utilized in both the GAAP and the IFRS reporting methods? Does it make sense to adapt a worldwide standard for financial reporting? Should this be mandated or voluntary? Calculate some of the potential costs and benefits of switching from GAAP to IFRS.
  • Budget: $2 Ready
  • Posted by: TutorMaster
  • Subjects: General Questions Group Theory
  • Attachments:

Solution Details: #22066
BUS650 Week 3 Discussion 1 GAAP vs. IFRS

A+ Please look at the attach...
Buy now with PayPal's online protection..
  • Purchased: 11 x
  • Average Rating: A+
  • Posted By: TutorMaster

Ratings

A+ - Thank you!

Thanks for the positive feedback!

FB Comments
Related Solutions

No related questions were found.