Abstract

http://ssrn.com/abstract=2232947
 


 



A Comprehensive Case Study: US GAAP Conversion to IFRS


William Stahlin


Stevens Institute of Technology - Wesley J. Howe School of Technology Management

Peter Harris


New York Institute of Technology

Liz Washington Arnold


Citadel - Military College of S.C.

Katherine Kinkela


New York Institute of Technology

January 1, 2013

Howe School Research Paper No. 2013-1

Abstract:     
International Reporting Standards (IFRS) has become the required framework for most of the world financial markets effective on January 1, 2011. The United States is in a transformation stage, and it has not yet been determined when the US will adopt IFRS. The introduction of IFRS accounting rules into the curriculum is valuable because it presents an alternative method of accounting which can be used to heighten students understanding of GAAP. At present, the CPA Uniform CPA exam is testing IFRS and its testing content is increasing with each current test. Additionally, the CFA exam tests IFRS exclusively and has eliminated US GAAP from its curriculum, basing its action on the fact that the CFA examination is a global based exam. This case requires students to critically read authoritative accounting literature and apply their understanding in preparing IFRS statements by preparing an IFRS based statements from a US GAAP prepared income statement and balance sheet. This case study can be used at the undergraduate or graduate level. It is most suitable for Intermediate Accounting 2, Accounting Theory, International Accounting, Financial Statement Analysis, or an Accounting Capstone classes. Students must have or develop a solid understanding of both US GAAP and IFRS rules is required to adequately address this comprehensive case study.

Number of Pages in PDF File: 15

Keywords: US GAAP, IFRS, LIFO, Fair Market Value Accounting, Asset Impairment, Asset Revaluation

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Date posted: March 13, 2013 ; Last revised: March 20, 2013

Suggested Citation

Stahlin, William and Harris, Peter and Arnold, Liz Washington and Kinkela, Katherine, A Comprehensive Case Study: US GAAP Conversion to IFRS (January 1, 2013). Howe School Research Paper No. 2013-1. Available at SSRN: http://ssrn.com/abstract=2232947 or http://dx.doi.org/10.2139/ssrn.2232947

Contact Information

William Stahlin
Stevens Institute of Technology - Wesley J. Howe School of Technology Management ( email )
Hoboken, NJ 07030
United States

Peter Harris (Contact Author)
New York Institute of Technology ( email )
Kingdom of Bahrain
New York, NY 10023
United States
Liz Washington Arnold
Citadel - Military College of S.C. ( email )
Charleston, SC 29409
United States
Katherine Kinkela
New York Institute of Technology ( email )
Kingdom of Bahrain
New York, NY 10023
United States
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