Mr. Dewey, a Senior Partner of the CPA firm Dewey, Cheatem, & Howe (DCH) has heard that there are two competing international financial reporting standards one that is called International Financial Reporting Standards (IFRS) and another called US GAAP.

Required

Mr. Tu. Dewey wants you to research these two standards and in a ½ to 1½ page memo list and explain differences and give insight as to which is likely to dominate world accounting.

Group Memos - Individually Marked: You are required to form-up into groups of three to six (your task, not the lecturer's) and to inform your lecturer of who is in your group (this will be done on the Memo).

Memo Assignments and Structure - Periodically, a memo question will be assigned during lecture or tutorial and a written description of that question will be posted to the assignment section of Blackboard. A total of four to five Memos will be assigned during the term.