Using the EDGAR WEBSITE review the finanical report and notes of a chosen company provide an overview on IFRS.
What are some of the main concerns regarding the company as they move from US GAAP to IFRS? What are some differences that could be expected on the Income StatDement as well as the Balance Sheet after the convergence process has been completed.
Describe what impact the convergence will have on the company's inventory account. What are some differences between IFRS and US GAAP regarding the accounting for financial instruments? Provide at least 2 examples of how the company will be impacted by the conversion process.
Describe the recognition and measurement differences currently existing between IFRS and US GAAP. What impacts could these differences have on disclosure requirements? Create an overview of consideration regarding income taxes that the company may encounter. Provide 2 examples of areas that may rise concern. What impact will the convergence process have on the company's tax planning?
A key area of contention between IFRS and US GAAP lies in the classification and measurement of leases. Provide 2 main types of leases and where the differences lie. What impact will this have on the comapny? Provide a opinion on the US moving into IFRS.
For the company that has been selected what do you see as the major advantages and disadvantages of convergence? Provide at least 3 or more examples of each supported by the research.
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