Question: 1 During this week we have learned about the differences between IFRS and US GAAP. Using both the FASB codification and IFRS standards, investigate these

1 During this week we have learned about the differences between IFRS and US GAAP.

Using both the FASB codification and IFRS standards, investigate these differences.

Select one of the following topics: inventories, PPE, developmental costs, impairment losses etc.)

Tell us how you would handle the accounting system if you were choosing which methodology to use.

Tell us the reasoning you used to support your position and what standards you used.

2 We have discussed many differences between U.S. GAAP and IFRS related to the recognition and measurement of assets. Among these differences, indicate two that you consider to be the most difficult to reconcile and why. Be specific in your answer and provide examples.

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