International Financial Reporting Standards Research

The fourth component of this course is to update your knowledge of International Financial Reporting Standards (IFRS). The United States Securities and Exchange Commission (SEC) approved its proposed “Roadmap” regarding the use of IFRS by U.S. companies on August 27, 2008. However, the staff of SEC issued its final report in 2012 finding little support for adopting IFRS as authoritative guidance in the U.S.

 

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Although a mandatory change to IFRS is not expected in the near future, the discussion of the use of IFRS in the U.S. continues. As a matter of fact, accountants are asked to be fluent in both U.S. GAAP and IFRS nowadays since many multinational companies in the U.S. are having significant holdings in more than 100 countries, a fair number of private U.S. companies are required to use IFRS because they are owned by foreign stakeholders who are required to follow IFRS.

 

Objectives:

Upon your completion, you are able to:

  • Be aware of current issues in financial accounting (CLO5), and
  • Enhance communication skills (CLO6)

 

Requirements:

  • Use your own words and write a 4-6 page single-spaced formal written essay. Please follow the Business Writing Rubric (BB-WriteRubric-AOL.pdf) specifically on Organization, Content, Language. Grammar, and Formats in your writing.
  • TOPIC: describe about the development of IFRS and its current status in the U.S. You can start your research with the articles listed below. If needed, you can search for more information online or from the library.
  • Please clearly state the following in your writing:
    • Its development, and
    • Its current status in the U.S.

 

Helpful Reading:

  1. SEC Proposes Roadmap for IFRS Adoption in the US, Issue 20, Ernst & Young, August 27, 2008
  2. Work Plan for the Consideration of Incorporating IFRS into the Financial Reporting System for U.S. Issuers, Final Staff Report, U.S. SEC, July 13, 2012
  3. IFRS Foundation Report Says SEC’s Concerns can be Overcome, Journal of Accountancy, October 23, 2012
  4. IFRS Compared to US GAAP: An Overview, KPMG, November 2013

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