Business, Management and Accounting
7 years ago

Global Accounting Shift: How IFRS Literacy is Changing Financial Reporting Forever

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GAAP to IFRS Income Conversion Case Study: An Examination of SEC Noted Accounting Differences
Peter Harris, William Stahlin

Paper Summary

The article discusses how companies are switching from US accounting standards (GAAP) to global standards (IFRS). It looks at the differences between the two systems in reporting income. Students are given a GAAP income statement and must convert it to IFRS using specific information. The study emphasizes the importance of understanding both standards and how they affect financial reporting.

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