IFRS v. US GAAP
Not what you're looking for?
A $10 billion-a-year international company headquartered in Ireland, which accounting rules would you recommend your company to follow: U.S. GAAP or IFRS? Are these rules comparable? What are the major differences between the two accounting standards? What was your rationale for choosing a rule?
Purchase this Solution
Solution Summary
The response provides you a structured explanation of differences IFRS and US GAAP. It also gives you the relevant references.
Solution Preview
I would recommend that the company should follow the IFRS. The main financial reporting frameworks in use in Ireland is the IFRS which is issued by the International Accounting Standard and endorsed by the EU, and the Irish and UK GAAP, issued by the Financial Reporting Council in UK and promulgated for use in Ireland by Chartered Accountants Ireland. However since the company is an International Company with a turnover of $10 billion, I recommend that the company should follow IFRS. The US GAAP is normally not used by companies headquartered in Ireland.
The US GAAP and IFRS are comparable because their conceptual frameworks are similar(1). They have similar objectives, characteristics, and ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
Recent Feedback
- "I read your comments, and thank you for this feedback. Do I need to find other studies that applied this methodology Ive used? That's where I'm stuck at."
- "Thank you kindly sir. "
- "Excellent and well explained. --Thank you kindly. "
- "Awesome notes. I appreciate you."
- "I have the follow-up project and I will assign that to you very soon. "
Purchase this Solution
Free BrainMass Quizzes
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.