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    Differing International Standards

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    International Standards of Accounting (attached)

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    Step 1
    Since I am trained in US GAAP, I am capable of using International Financial Reporting Standards. Because of the convergence effort of the FASB, there are only a few differences between the US GAAP and International Financial Reporting Standards. I know these differences and I am capable of implementing them.
    Step 2
    Let me discuss some of the key differences between the International Financial Reporting Standards and the US GAAP. In case of first-time adoption, the International Financial Reporting Standards standard is full retrospective application of International Financial Reporting Standards, in case of US GAAP the practice is also full retrospective application but there are some exceptions. In case of group transactions where there are share based payments, ...

    Solution Summary

    International Standards are discussed in great detail in this solution.