Financial Reporting Standards with U.S. Generally Accepted Accounting Principles

Instructions

To read the case study below, you must first log into the myCSU Student
Portal and access the General OneFile database found in the CSU Online
Library.

Read the case study indicated below, and answer the following questions:

James, M. L. (2010). Accounting for business
combinations and the convergence of International Financial Reporting
Standards with U.S. Generally Accepted Accounting Principles: A case
study. Journal of the International Academy for Case Studies, 16(1),
95-108.

1. What key financial ratios will be affected by the adoption of FAS 141R
   and FAS 160? What will be the likely effect?
2. Could any of the recent and forthcoming changes affect the company’s
   acquisition strategies and potentially its
   growth?
3. What were FASB’s primary reasons for issuing FAS 141R and FAS 160?
4. What are qualifying SPEs? Do they exist under IFRS? What is the effect of
   FAS 166 eliminating the concept of qualifying SPEs
   on the convergence of accounting standards?
5. If the company adopts IFRS, what changes should management be aware
   of?
6. What are the principle differences between IFRS and U.S. GAAP?

Your submission should be a minimum of three pages in length in APA style;
however, a title page, a running head, and an abstract are not required. Be
sure to cite and reference all quoted or paraphrased material appropriately in
APA style.