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InternAccting_Wk6Discussion

InternAccting_Wk6Discussion - Week 06 Discussion...

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Week 06 Discussion - Transparency As the U.S considers the adoption of IFRS, changes exist between presentation and disclosure in current U.S GAAP and IFRS. Based on your research, what are some of the similarities and differences between U.S. GAAP and IFRS? Would the adoption of IFRS increase transparency of U.S. based financial statements? Please support your response. There are quite a few similarities between IFRS and US GAAP and the differences are rapidly getting reduced owing to the convergence of both these organizations. With respect to revenue recognition, US GAAP has developed a detailed guide for different industries incorporating standards suggested by the other local accounting standard organizations in the US. IFRS, on the other hand, mentions two main revenue standards along
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