I need part two done and on Deloitte, 1000-1200 words NO PLAGERISM
Part 2
Deliverable Length: 1,000–1,200 words
For this assignment, use the company you have chosen from the EDGAR Web site as your point of reference.
After the reporting period has ended, you could potentially encounter other events that will have impacts on your company (IAS 10).
- Describe the recognition and measurement differences currently existing between IFRS and U.S. GAAP.
- What impacts could these differences have on disclosure requirements?
Create an overview of considerations regarding income taxes that the company may encounter.
- Give 2 examples of areas you see as the greatest concern.
- What impact will the convergence process have on your company’s tax planning?
A key area of contention between IFRS and U.S. GAAP lies in the classification and measurement of leases.
- Describe the 2 main types of leases and where the differences lie.
- What impact will this have your company?
Give your opinion on the U.S. moving into IFRS.
- For the company you have selected, what do you see as the major advantages and disadvantages of convergence?
- Provide a minimum of 3 examples of each supported by your research.
20190320005607mcgill_unit_4_ip (1)
Solution Preview
Deloitte Inc. Moving from U.S. GAAP to IFRS
- Recognition and Measurement Differences between IFRS and U.S. GAAP
- Recognition and Measurement Differences between IFRS and GAAP
The Generally Accepted Accounting Principles (GAAP) is a series of accounting ideologies and measures that are incorporated by organizations for the aid in the preparation of financial statements. However, the International Financial Reporting Standards is an intercontinental series of principles that assist companies with a communal understanding of business affairs to allow for comparative perspectives worldwide (Ling, Riccardi & Wang 2012).
GAAP provides the conventions, rules, and procedures that aid in highlighting the predefined the framework used to accomplish accounting practices of a company.
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