MSU Formulating Financial Statements Discussion IFRS vs. US GAAP essay guidelines A major issue has surfaced in recent years relating to the similarities

MSU Formulating Financial Statements Discussion IFRS vs. US GAAP essay guidelines

A major issue has surfaced in recent years relating to the similarities and differences between US GAAP and IFRS. Currently, the majority of countries in the world follow IFRS guidelines; however, the United States still uses GAAP.

You are asked to write a paper regarding the similarities and differences between US GAAP and IFRS.

The main difference between GAAP and IFRS is that GAAP is considerably rule-based, whereas IFRS is more principal-based which means IFRS has room for interpretation. The specific differences are far too many to cover in a short presentation, however, you are only asked to choose two topics and do the comparison. Potential topics are listed below:

1.Measurement of inventory.

2.Impairment loss.

3.LCM

4.Receivables

5.Cash flow statement

6.Balance sheet

7.Income statement

You should follow APA guidelines for format. APA guideline can be found at:

http://owl.english.purdue.edu/owl/resource/560/01/