Financial Reporting and Analysis: Using Financial Accounting Information 13th ed

Question

Financial Reporting and Analysis: Using Financial Accounting Information 13th edition

Threaded Discussion Week 1 - FASB vs. IASB

In chapter 1 we learn that we (as a global society) are trying to harmonize the US standards (FASB) with the international standards (IASB). Each student should research and find 1 area where there is lack of harmonization and where, depending upon the standard a very different result would occur

Then, each student is to complete the following

1. Please explain the two standards and how they are different

2. Please give links to the original standard

3. Please give a hypothetical example of how FASB standard would be better and how it would be worse (please go in depth)

4. Please give a hypothetical example of how IASB standard would be better and how it would be worse (please go in depth)

Explanation / Answer

The FASB

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