International accounting standards (IFRS) – Distinguish the general differences between IFRS and US GAAP. Identify and discuss the advantages and disadvantages of IFRS. Evaluate the need for a set of wholly accepted international standards. What is the status of the upcoming convergence to IFRS for the US? In relation to the topics covered in this course, business combinations and partnerships, how do IFRS and US GAAP differ and which set of standards are more advantageous to the entity? More ad

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Local vs Global IFRS is used in more than 110 countries around the world including the EU and many Asian and South American countries GAAP on the other hand is only used in the United States Companies ... View the full answer