Efforts to converge US GAAP and IFRS Discontinued Operations
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Research the efforts to converge US GAAP and IFRS since 2002. Some of the efforts include undertaking projects such as leases, revenue recognition, investments, inventory costing, nonmonetary exchanges, fair value calculation, and share-based compensation, among others. Select one of the projects completed, ongoing, or proposed.
a. Discuss efforts on the project.
b. Describe a brief summary of the project.
c. If already completed, discuss whether or not the selected project has improved accounting standards.
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Solution Summary
Your discussion is 284 words and three references and discusses discontinued operations. A timeline is provided as well as comments about how this improved the standards for both US GAAP and IFRS.
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Project selected: Discontinued operations
In 2007, FASB revised it definition of a discontinued operation to reduce the number of situations where discontinued treatment was permitted (tighten it up). The IASB indicated that it wants to adopt the FASB standard as part of the harmonization between US GAAP and IFRS. In the five years since 2007, the discussions about the definition of a "discontinued unit" have centered around what is the "unit." (see time line in the reference ...
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