Note:
Write 2-3 pages paper on the following Instructions. Must include 2-3 references in APA. I selected Apple Inc.company for this assignment. Must address each and every thing in the instructions properly. Please use headings before describing each new section. Your Answer must be 100% original.
Instructions:
For this assignment, use the company you have chosen from the EDGAR Web site as your point of reference.
(Note: I selected Apple Inc.company for this assignment). After the reporting period has ended, you could potentially encounter other events that will have impacts on your company (IAS 10).
· Describe the recognition and measurement differences currently existing between IFRS and U.S. GAAP.
· What impacts could these differences have on disclosure requirements?
Create an overview of considerations regarding income taxes that the company may encounter.
· Give 2 examples of areas you see as the greatest concern.
· What impact will the convergence process have on your company’s tax planning?
A key area of contention between IFRS and U.S. GAAP lies in the classification and measurement of leases.
· Describe the 2 main types of leases and where the differences lie.
· What impact will this have your company?
Give your opinion on the U.S. moving into IFRS.
· For the company you have selected, what do you see as the major advantages and disadvantages of convergence?
· Provide a minimum of 3 examples of each supported by your research.
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