In the United States, the Financial Accounting Standards Board (FASB) is responsible for developingthe Generally Accepted AccountingPrinciples (GAAP) applied in financial accounting. However, in mostother countries (Ireland,France and the United Kingdom, for example) a different set of accountingprinciples called International Financial Reporting Standards (IFRS) are used and developed by theInternational Accounting Standards Board (IASB).In order to learn more about the IASB and IFRS,you will research and write a paperas part of thecurriculum for this course. This will solidify your understanding of GAAP, as well as build backgroundknowledge you can use when meeting and asking questions to the presenters at the IASB.The requirements of the paper are as follows:1.Provide a brief history of the FASB and IASB, as well as GAAP and IFRS2.Research existing differences between GAAP and IFRS, and select onedifferenceto describe indetail.3.Related to the difference you selectin #2 above, create your own example of a transaction or set of transactions that are treated differently under GAAP vs.IFRS 4.Provideexamplejournal entries, as well as a partial balance sheet/income statement/statement ofcash flows to highlight the difference in financial accounting treatment of your transaction-#4 above for all 3 of those differences.The paper shouldbe6 to 12pageslongdouble-spaced,12-point TimesNew Roman font,1â€ marginsand is due June7, 2019.You are welcome to research with your classmates,but every student is responsible for selecting their own topic, creating a unique transaction, and writingtheir own paper that will be checked for plagiarism usingBlackboardSafeAssign.The following resources should be helpful for your project:-EYpublication: â€œUS GAAP versus IFRS: The basicsâ€â€“posted on Blackboard-IASB and IFRS:http://www.ifrs.org/Pages/default.aspx-FASB and GAAP:http://www.fasb.org/homeYou are also encouraged to get creative with your research and access other resources, such as academicresearch(http://scholar.google.com), interviews with financial accountants and/or academics,and SECfilings (https://www.sec.gov/edgar.shtml).You can also incorporate anything relatedthat you learn duringour business visits in Europe.Be sure to cite all of your sources. Â Share this:TwitterFacebook
create your own example of a transaction or set of transactions that are treated differently under GAAP vs.IFRS
Need help with a similar question?
Place an order and we will get it done
Essays, research papers, MA thesis services, business content, and other types of academic papers.
Essay Writing Service
Writers Hub one of the best essay writing services we will provide the essay you need.
Dissertation Writing Service
Writers Hub “write my dissertation” service is a trusted platform of professionals that help you meet deadlines
Research Writing Service
Writers Hub is a platform through which professional writers and other academics can assist anyone
Term Paper Writing Service
Feel demotivated to write a term paper you are obligated to? Hit us up.
Thesis Writing Service
Writers Hub has made the process of producing a quality thesis, easy and straightforward.
Book Report Writing Service
Writers Hub “write my book report/ book review” writing service
How It Works
Fast, Secure, and Confidential!
Fill in the Order Form
Submit your instructions through our small order form online
Make a payment
The price is based on these factors: Academic level, Number of pages, Urgency, Type of paper needed
We choose the most suitable writer
We choose the most suitable writer.