Arizona State University IFRS and GAAP Assets Measurement Paper Part 1 400–600 words that respond to the following questions with your thoughts, ideas, an

Arizona State University IFRS and GAAP Assets Measurement Paper Part 1

400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:

Accounting for nonfinancial assets will experience some major changes with the convergence to IFRS. One of the key issues will be that of fair value.

Research this topic, and give your argument for or against the use of fair value for the nonfinancial assets of a company.

Part 2

1100-1200 Words minimum and 2 references

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)

Part 3

1200 words minimum

Choose a company from the Securities and Exchange Commission (SEC) EDGAR Web site https://www.sec.gov/edgar/search-and-access for your Key Assignment to evaluate for the impact of convergence to IFRS.

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

Create an overview on IFRS.
What will be some of the main concerns for your company as it moves from U.S. GAAP to IFRS?
Generate a list of differences that you would expect to see on your income statement and your balance sheet after the convergence process is complete.
Describe what impact the convergence will have on your company’s inventory account (IAS 2).
Describe some of the differences between IFRS and U.S. GAAP regarding the accounting for financial instruments.
Give a minimum of 2 examples of how your company will be impacted by the conversion process (IAS 32, IAS 39, and IFRS 7)