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QUESTION
Comparing the GAAP to the IFRS.
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
