Assignment Task:
Create at least a 15 slide team presentation discussing your analysis regarding IFRS versus GAAP and the importance of SOX. The presentation should be structured in a subject-by-subject format. Include an introduction, table of contents, references and a conclusion. Your presentation should include the answers to the following:
Question 1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP?
Question 2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.
Question 3: What terms commonly used under IFRS is synonymous with common stock and balance sheet?
Question 4: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.
Question 5: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.
Question 6: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.
Question 7: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.
Format your presentation consistent with APA guidelines.
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