There are numerous differences between U.S. corporate financial statements and foreign corporate financial statements. For example, U.S. companies present goodwill as an asset on the balance sheet, and goodwill is reviewed annually to determine if there is a need to write down the value (impairment), while Japanese corporations amortize goodwill over its estimated life, and in Germany, goodwill is often subtracted from shareholders’ equity on the purchaser’s books.

  • Identify 4 specific accounting transactions or financial reportings that are handled differently under IFRS versus GAAP.
  • Explain which treatment in each transaction you feel is the better approach. Provide your reasons for each.

In your own words, post a substantive response to the Discussion Board question(s) and comment on other postings. Your response should address the DB question(s) and move the conversation forward. You will be graded on the quality of your postings, including mastery of the concept as well as critical thinking. If asked for your opinion, do not simply state that it is a good or bad idea; elaborate on your reasons and argument. Include enough detail to substantiate your thinking as well as your position on the questions or comments.

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Grading Criteria
Identify 4 specific accounting transactions or financial reportings that are handled differently under IFRS versus GAAP.30%
Explain which treatment in each transaction you feel is the better approach. Provide your reasons for each.30%
Comment on other students’ postings.40%