4 Page Accounting Essay

Pick any two of the financial statements: the consolidated balance sheet (statement of financial position), the consolidated income statement (statement of income or statement of comprehensive income), or the statement of cash flows for MB. Recast the two selected financial statements and present the statements following/in accordance with the US GAAP, presentation-wise, as accurately as you can (you do not need to restate any of the results for MB in this process — just work with the results as presented). The recasted financial statements should be an Exhibit or Appendix to your paper. Describe in an appropriate level of detail the differences that resulted when you recasted your chosen financial statements from the IFRS to US GAAP, supported with references from the readings in this module or outside references, where appropriate.

Requirements:

• Write      a paper of 4 pages in length, not counting the title and reference pages,      which you must include.
• The      recasted financial statements should be an Exhibit or Appendix to your      paper.
• Use      terms, evidence, and concepts from class readings, including professional      business language.
• Cite      at least 5-credible, academic or professional sources for this assignment,      outside of the textbook. Format your paper according to APA format.

References used in class:

• PwC.      (2018). IFRS and US GAAP: Similarities and differences. Retrieved      from https://www.pwc.com/us/en/cfodirect/assets/pdf/accounting-guides/pwc-ifrs-us-gaap-similarities-and-differences.pdf
  • Chapter       2: Section 2-1 to 2-3: First Time IFRS Adoption
  • Chapter       14: Section 14.1 to 14.29-Other Accounting and Reporting Topics       (including differences between the IFRS and US GAAP related to the basic       financial statements and other financial statement reporting issues)
• Key      Differences Between U.S GAAP and IFRS. (2018). Retrieved from https://www.iasplus.com/en-us/standards/ifrs-usgaap
  • Comprehensive       Income
  • Earnings       per share
  • Interim       Reporting
  • Offsetting       of Financial Assets and Financial Liabilities in the Balance Sheet
  • Segment       Reporting
  • Statement       of Cash Flows
• Harris,      P. (2013). U.S. GAAP conversion to IFRS: A comprehensive case study. (United      States Generally Accepted Accounting Principles and International      Financial Reporting Standards) (Case study). Internal Auditing, 28(3),      31-41.
• Ernst      & Young Foundation. (2015). Financial statements – lecture notes.
• Below      are specific case studies which detail how to convert three of the basic      financial statements (the Balance Sheet, the Income Statement, and the      Statement of Cash Flows) from the US GAAP to IFRS. You will need these      resources for the Critical Thinking Assignment options in this module:
  • Harris,       P., Stahlin, W., & Shubita, M. (2014). US GAAP Conversion to IFRS: A case study of the cash flow       statement. Journal of Business Case Studies (Online), 10(1),       15-20.
  • Harris,       P., & Arnold, L. (2013). US GAAP conversion to IFRS: A case study of the balance       sheet. Journal of Business Case Studies (Online), 9(2),       133-140.
  • Harris,       P., & Arnold, L. (2012). US GAAP Conversion to IFRS: A case study of the income       statement. Journal of Business Case Studies (Online), 8(4),       409.

Doupnik, T. S., & Perera, H. (2015). International Accounting (4th ed.). New York: McGraw-Hill Publication.