What are the principle differences between IFRS and U.S. GAAP?

What are the principle differences between IFRS and U.S. GAAP?

Accounting for business combinations and the convergence of International Financial Reporting Standards wi
Read the case study indicated below, and answer the following questions:

James, M. L. (2010). Accounting for business combinations and the convergence of International Financial Reporting

Standards with U.S. Generally Accepted Accounting Principles: A case study. Journal of the International

Academy for Case Studies, 16(1), 95-108.

  1. What key financial ratios will be affected by the adoption of FAS 141R and FAS 160? What will be the likely effect?
  2. Could any of the recent and forthcoming changes affect the company’s acquisition strategies and potentially its

growth?

  1. What were FASB’s primary reasons for issuing FAS 141R and FAS 160?
  2. What are qualifying SPEs? Do they exist under IFRS? What is the effect of FAS 166 eliminating the concept of

qualifying SPEs on the convergence of accounting standards?

  1. If the company adopts IFRS, what changes should management be aware of?
  2. What are the principle differences between IFRS and U.S. GAAP?

Your submission should be a minimum of three pages in length in APA style. Be sure to cite and reference all quoted or paraphrased material appropriately in APA style.

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