Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter D, Problem 4DQ
To determine
Examine the differences between (A) adoption of IFRS by Securities Exchange Commission (SEC), and (B) convergence of GAAP with IFRS.
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What is reformatting in Restating Foreign Financial Statements to U.S. GAAP? Discuss it.
How is U.S. GAAP accounting different from international accounting? What are the key differences? And what rationale drives these differences?
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- Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.arrow_forwardExplain the origin and expansive role of the Securities and Exchange Commission.arrow_forwardWhat does the term functional currency mean? How is the functional currency determined under IFRS and under U.S. GAAP?arrow_forward
- What is the so-called Norwalk Agreement?a. An agreement between the FASB and SEC to allow foreign companies to use IFRS in their filing of financial statements with the SEC.b. An agreement between the U.S. FASB and the U.K. Accounting Standards Board to converge their respective accounting standards as soon as practicable.c. An agreement between the SEC chairman and the EU Internal Market commissioner to allow EU companies to list securities in the United States without providing a U.S. GAAP reconciliation.d. An agreement between the FASB and the IASB to make their existing standards compatible as soon as practicable and to work together to ensure compatibility in the future.arrow_forwardThe US GAAP provides rules and guidance for what two primary financial reporting purposes?arrow_forwardWhether or whether U.S. corporations adopt IFRS is dependent on the variations in how comparable data is presented under GAAP and International Financial Reporting Standards.arrow_forward
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