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A Comprehensive Case Study: US GAAP Conversion to IFRS

15 Pages Posted: 13 Mar 2013 Last revised: 20 Mar 2013

William Stahlin

Stevens Institute of Technology - School of Business

Peter Harris

New York Institute of Technology

Liz Washington Arnold

The Citadel

Katherine Kinkela

New York Institute of Technology

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Date Written: January 1, 2013

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.

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

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: https://ssrn.com/abstract=2232947 or http://dx.doi.org/10.2139/ssrn.2232947

William Stahlin

Stevens Institute of Technology - School of Business ( 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

The Citadel ( email )

171 Moultrie St.
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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