Question

In: Accounting

Do you think U.S. companies will embrace IFRS for financial reporting purposes? Why or Why not?...

Do you think U.S. companies will embrace IFRS for financial reporting purposes?

Why or Why not? Present original arguments (supported by authoritative reference sources) in support of your position. Include in your response, a list of 2-3 U.S. MNCs who are already using IFRS for financial reporting purposes.

Solutions

Expert Solution

U.S. companies, especially those with global operations, shall comply with IFRS ( International Financial Reporting Standards ) to compete in Global Work Enironment & maintain Standardise Format of Accounting Globally. Many other countries in world like India are also moving towards following converged IFRS.

U.S. companies looking abroad for potential targets and investees that use IFRS. U.S. multinational companies with foreign subsidiaries may be permitted or required by other countries to apply IFRS for statutory financial reporting requirements for their non-U.S. subsidiaries.

U.S. companies also do business with non-U.S. companies and other stakeholders who are required to use IFRS financial statements.U.S. GAAP and IFRS, are highly relevant to stakeholders evaluating transactions and related financial reporting obligations.

List of Companies following IFRS :- Walamart, Apple Inc., Exxon Mobil etc.

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Do you think U.S. companies will embrace IFRS for financial reporting purposes? Why or Why not?...
Do you think U.S. companies will embrace IFRS for financial reporting purposes? Why or Why not? Present original arguments (supported by authoritative reference sources) in support of your position. Include in your response, a list of 2-3 U.S. MNCs who are already using IFRS for financial reporting purposes.
International Financial Reporting Standards (IFRS) do not allow companies that follow the accounting rules to use...
International Financial Reporting Standards (IFRS) do not allow companies that follow the accounting rules to use LIFO for financial reporting. Your post should explain two things: 1. Why do you think LIFO is not allowed by IFRS but is allowed by GAAP in the United States? 2. Another area of accounting rules where there is a significant difference between US GAAP and International Financial Reporting Standards. Please include the reference where you found information to form your opinion in 1...
International Financial Reporting Standards (IFRS) do not permit companies to use the LIFO method for inventory...
International Financial Reporting Standards (IFRS) do not permit companies to use the LIFO method for inventory accounting. In its form 20-F, CNH discloses that it uses the first-in-first-out (FIFO) method to accounting for its inventory. Assume that prices that Caterpillar and CNH pay for inventory typically increase over time. In general terms, how does each company’s inventory accounting method affect its balance sheet and income statement? How would the choice between LIFO and FIFO affect the statement of cash flows,...
International Financial Reporting Standards (IFRS) do not permit companies to use the LIFO method for inventory...
International Financial Reporting Standards (IFRS) do not permit companies to use the LIFO method for inventory accounting. In its form 20-F, CNH discloses that it uses the first-in-first-out (FIFO) method to accounting for its inventory. Assume that prices that Caterpillar and CNH pay for inventory typically increase over time. In general terms, how does each company’s inventory accounting method affect its balance sheet and income statement? How would the choice between LIFO and FIFO affect the statement of cash flows,...
Why do you think that one of the biggest changes in financial reporting occurred during this...
Why do you think that one of the biggest changes in financial reporting occurred during this past year with the voluntary disclosures of critical audit matters, or CAMS, in accordance with a recent standard from the Public Company Accounting Oversight Board? (In your answer, provide a definition of what are included in CAMS.)
Why do you think IFRS does not allow for intangible assets to be disclosed?
Why do you think IFRS does not allow for intangible assets to be disclosed?
How do U.S. GAAP and IFRS differ with regard to reporting prior service costs.
How do U.S. GAAP and IFRS differ with regard to reporting prior service costs.
a. ) Why do you think that by comparing cooperative companies and capitalist companies, this alternative...
a. ) Why do you think that by comparing cooperative companies and capitalist companies, this alternative structure may be ideal for both workers and society? b. ) If so, please explain whether the reason is more common?
Why do you think companies are moving toward flatter, more organic structures? Do you think this...
Why do you think companies are moving toward flatter, more organic structures? Do you think this is appropriate? Why or why not?
Provide a well detailed answer !! Do you think that companies should provide an integrated reporting...
Provide a well detailed answer !! Do you think that companies should provide an integrated reporting rather than CSR reporting?
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT