Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.

 

  • Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.
  • IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet?
  • IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.
  • IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.
  • IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.
  • IFRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.