Comparing the GAAP to the IFRS.

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Discuss

this week’s objectives and the following concepts comparing the GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?

  • IFRS 3-1: Describe some 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.
  • Question first followed by answer.
  • Due 3/2/2015 900am
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