GAAP versus IFRS

Write a three to four 3 page paper in which you:
1. Assess the importance of converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS.
2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference, take a position on which method would be most beneficial to financial statement users.
3. Predict three (3) possible problems that U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three (3) techniques that will enable a corporation to overcome those obstacles.
4. Assess two to four (2-4) long-term conversion issues on accounting for leases by the lessees. Create an argument to support the FASB position on accounting for leases.
5. Create an argument for or against U.S. companies using IFRS accounting exclusively. Provide support for your argument.
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