FASB and IASB have made great efforts to converge the content of IFRS and U.S. GAAP. Due to the ongoing convergence projects, differences between GAAP and IFRS are decreasing. However, major differences still exist. Discuss how the following items are treated under GAAP and under IFRS respectively, and how these different treatment impact financial statements differently? What convergence procedures or proposals have been made to resolve the difference issue so far (or what has changed)?
a. Revenue Recognition
b. Expenses
c. Assets (e.g. long-lived assets, Inventory)
d. Liabilities
e. Accounting for Financial Instrument
f. Any other differences worth discussion?
Note that you dont need to provide an exhaustive description about the differences. Only two or three major differences under each category).
4) Is there a timeline for the US to adopt/accept IFRS and what is the implication/challenge of the timeline on US companies and CPAs?
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