Write a paper comparing US GAAP standards and IFRS. Review financial statements prepared using US GAAP and IFRS – provide a copy of the statements you used for comparative purposes (submit only the financial statements and relevant disclosures, as needed). Identify the reporting differences between the statements prepared using the two methodologies/standards. You will need to conduct research to identify the similarities and differences between US GAAP and IFRS standards. You need to include an analysis of the impact on the financial presentation of accounting data to the organization’s stakeholders using the two methodologies/standards. How do they impact the perception of the performance and position of the company, if at all? Is one presentation clearer than the other?
The following websites may assist you in your comparisons of US GAAP and IFRS:
IFRS and US GAAP: Similarities and Differences
https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/ifrs_and_us_gaap_sim/ifrs_and_us_gaap_sim_US/chapter_1_importance_US/11_overview_US.html
Comparison between U.S. GAAP and IFRS Standards
https://www.grantthornton.com/-/media/content-page-files/audit/pdfs/IFRS-news-2018/Comparison-between-US-GAAP-and-IFRS-Standards-December-31-2018.ashx
A Roadmap to Comparing IFRS Standards to U.S. GAAP: Bridging the Differences
https://www.iasplus.com/en/publications/us/ifrs-gaap-comparison
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