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Instructions

For this essay, you need to study the "IFRS vs GAAP Globally.pdf" attached to this assignment.This material covers the important issues of International Convergence and global accounting diversity and the differences between the U.S. GAAP and the International Financial Reporting Standards (IFRS). To make it easier for you, I have also provided a summary of the material and also some powerpoints to highlights the main points. This way, you can have a shorter summary for review at your disposal.Once you reviewed the material, you need to write short-essay answers (in a Word Document), answering the following questions:1- Briefly summarize the GAAP and IFRS systems2- In one or two paragraphs describe the main differences between the two systems3- According to the material, why is it important (or is it?) to converge the existing global systems?4- In one or two paragraphs, write your opinion about what the author discusses: do you agree with his argument? In other words, do you think the convergence of global accounting systems is necessary? or could it be harmful? Why?Make sure to number your answers so it is clear which answer belongs to which question. The answers must be written in short-essay format (no bullet points). The minimum word count for the essay as a whole must be no less than 600 words.Make sure to spell and grammar check your essay. It must be typed in MS Word document

Answer

IFRS and GAAP StandardsSummary of the GAAP and IFRS systemsInternational Financial Reporting Standards (IFRS) refer to a set of international standards that are formulated to govern how certain transactions, as well as other financial issues are presented. IASB (International Accounting Standards Board) is responsible for setting these standards to govern how the accountants report their accounting activities. These standards target a common language gets used in the accounting activities to ensure that business, as well as the accounts, are well understood between different people as well as across countries (Shamrock et al. 14). On the other hand, GAAP (General Accepted Accounting Principles) refer to policies and standards followed by companies when compiling their financial statements....
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