Within the global environment there is much discussion regarding moving from US GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards). We know that corporations are global now more than ever which results in a diverse group of professional accountants worldwide working together for a common goal which is to report information for both internal and external users. This diversity does result in variations in practice. However, the principles and guiding rules and regulations proposed under IFRS will allow for uniformity on a global basis. This move to IFRS from GAAP is not yet finalized however much debated.

Checklist:

• Articulate the differing positions on moving from US GAAP to IFRS.
• Build an argument in an influential way to include but not limited to a discussion on the similarities and differences between GAAP and IFRS specifically around the potential effects on the stockholders equity section of the Balance Sheet.
• Articulate at minimum three advantages and disadvantages of adopting IFRS specific to the Stockholders Equity section of the Balance Sheet.