Write a 700- to 1,050-word summary regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an…

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Write

a 700- to 1,050-word summary regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following:

  • IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP?
  • IFRS 2-2: 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.


Format

your paper consistent with APA guidelines.

at least two scholarly-reviewed references

IFRS, US GAAP & SOX Discussion on IFRS, GAAP and SOXName of StudentUniversity IFRS, US GAAP & SOXIntroduction“The growing acceptance of International Financial Reporting Standards…

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