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Public Accounting, International Standards, And You: A Closer Look On The Impact Of Ifrs And Gaap Convergence, Daniella Lomo
Public Accounting, International Standards, And You: A Closer Look On The Impact Of Ifrs And Gaap Convergence, Daniella Lomo
Honors Scholar Theses
The convergence of US GAAP and IFRS has been significant for the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) over the decade. Due to major differences such as with the consolidation model and the special entities (i.e. Research and Development), there are concerns of how the convergence will affect the accounting practice. The US GAAP is known to have more industry-based details than the IFRS, and so it is essential to know what kind of issues lie from industry to industry. Here, our focus is within the life sciences. More specifically, this paper examines …
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.