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Full-Text Articles in Business
Lower Of Cost Or Market Inventory Valuation: Ifrs Versus Us Gaap, Dahli Gray, Clemense Ehoff Jr.
Lower Of Cost Or Market Inventory Valuation: Ifrs Versus Us Gaap, Dahli Gray, Clemense Ehoff Jr.
All Faculty Scholarship for the College of Business
The lower of cost versus market (LCM) controversy regarding inventory cost measurement is presented. The differences between International Financial Reporting Standards (IFRS) and United States (US) Generally Accepted Accounting Principles (GAAP) are analytically compared. The link between US federal tax law and US GAAP is emphasized relative to a discussion of deferred taxes and potential US federal income tax revenue.
Should The Sec Adopt International Financial Reporting Standards?, Clemense Ehoff Jr., Dov Fischer
Should The Sec Adopt International Financial Reporting Standards?, Clemense Ehoff Jr., Dov Fischer
All Faculty Scholarship for the College of Business
In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S. investors.