Posted: August 4th, 2022
There are some problematic areas of non-comparability between IFRS and U.S. GAAP such as the the accounting for discretionary reserves, deferred taxes, inventory valuation and segmental information.
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Topic 1: There are some problematic areas of non-comparability between IFRS and U.S. GAAP such as the the accounting for discretionary reserves, deferred taxes, inventory valuation and segmental information. Select any
one of these problem areas. Explain what makes this area so problematic to the convergence process. (1page)
Topic 2: A manager of an international company wants to select a functional currency that would make the Income Statement and Balance Sheet look better than they do. What are the ethical issues related to his selection of the
functional currency and what consequences can this have on the comparison of the company’s financial statements in relation to global investors. (1 page)
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