IFRS Assignment

Employers will expect you to demonstrate knowledge of International Financial Reporting Standards (IFRS). This assignment is intended to help you acquire that knowledge and provide websites that you can use in the future to stay current on the developments relating to U.S. adoption of, or convergence with IFRS.

Each of the Big 4 (PricewaterhouseCoopers, Deloitte, KPMG and Ernst and Young) as well as the AICPA, the IASB, FASB, and SEC are providing valuable resources and assistance relating to this important issue.

Complete an on-line search on the topic "Convergence of Accounting Standards," and then, answer the questions below.

1. Describe the mission of the IASB and provide its URL

2. What are IFRS? Outline the convergence project between U.S. GAAP and IFRS. What is the current timetable for the adoption of IFRS in the U.S?

3. What is the URL for the SEC and what role does the SEC play in financial reporting standards and in the convergence of U.S. GAAP and IFRS?

4. What is the URL of the FASB and what role does the FASB play in financial reporting standards?

5. What is the URL of the AICPA and what is the mission of the AICPA?

6. What is the difference between principles-based and rules-based accounting standards? Which approach does the IASB and the FASB take in setting standards.

7. Using the International Perspectives and IFRS Insights at the end of each chapter that was covered this term summarize 10 differences between U.S. GAAP and IFRS using a table format.