Based on current literature: Select and analyze an exposure draft or current standard open for comment with the IASB (there is a link in the Webliography to IFRS Standards). As part of your analysis determine the impact the revision will have on US companies based on current US GAAP by discussing the similarities and differences between IFRS and US GAAP for the item you have selected. Include in your discussion the impact the new exposure draft or standard could have on the U.S. company doing business in at least 2 of the countries we have studied in this class as well. Be sure to use the FASB Codification as your source for US GAAP.

Consider including in your discussion a specific U.S. company and the challenges it will face.