Question: In this week's discussion, we will be looking at some of the differences between U.S. GAAP and IFRS, which is the set of accounting rules

In this week's discussion, we will be looking at some of the differences between U.S. GAAP and IFRS, which is the set of accounting rules followed by just about every industrialized nation outside the U.S. While there are many similarities between the two systems, there are also some significant differences. After learning a little bit about some of the similarities and differences, please reflect somewhat on how these differences might impact financial statement analysis, or if you think they actually would.

Review the sections on international accounting (IFRS) (See pages F1-10, F4-2, F6-10, F7-3, F8-9, F9-15, F11-2, F11-18, F13-27, F14-5)

Explain the role of the International Accounting Standards Board (IASB) in relation to International Financial Reporting Standards (IFRS).
Using the section references above, name 2 key similarities and 3 key differences between U.S. GAAP and IFRS.
If there is a convergence (ie, bringing together) between U.S. GAAP and IFRS, would you choose the U.S. GAAP or IFRS method? Why?

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