The Convergence of US GAAP and IFRS

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2017-01-01
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LoCascio, Vincent
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Accounting
Accountants are the business leaders in corporations and governments who manage, analyze, and explain complex information. Accountants are at the forefront of data analytics and lead the planning, evaluating, controlling, and reporting of activities in an entity. The major in accounting is designed to give students a conceptual foundation, developing their financial acumen and analytical skills for use in every facet of business. Students who complete the accounting major are well prepared for careers in industry, government, and the public accounting profession. Accountants both provide and explain useful financial information to internal users (such as managers in a company) and external users (such as investors, creditors, government officials, and the general public). Accounting is an integral part of the management of business and government organizations. Accounting information is needed by external users to make investment decisions, to grant or withhold credit, and in the case of government, to collect revenue and gather statistical information. To provide useful information, accountants collect, analyze, synthesize, and communicate data in an understandable manner. The curriculum in accounting is accredited by AACSB International, the Association to Advance Collegiate Schools of Business.
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Honors Projects and Posters
University Honors Program

The Honors project is potentially the most valuable component of an Honors education. Typically Honors students choose to do their projects in their area of study, but some will pick a topic of interest unrelated to their major.

The Honors Program requires that the project be presented at a poster presentation event. Poster presentations are held each semester. Most students present during their senior year, but may do so earlier if their honors project has been completed.

This site presents project descriptions and selected posters for Honors projects completed since the Fall 2015 semester.

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Abstract

With technological advancements and high demand for goods and services worldwide a global economy has become commonplace, and by extension a need for a comparable financial reporting system. This research aims to provide an overview of the two most relevant accounting standards (US GAAP and IFRS) in use today and examines how these standards operate as well as serve the needs of their respective stakeholders. Additionally, this research addresses three specific areas of accounting revenue recognition, inventory valuation, and leases - and examine the implications convergence of these accounting standards would have on investors, management, and other stakeholders. The revenue recognition section will explain the steps to recognizing revenue under the new standard. The inventory section will examine the existing similarities and identify areas preventing complete convergence. The leases section will compare the previous leasing standards under US GAAP and IFRS to the new guidance. Finally, this research addresses the overall feasibility of the US attaining complete convergence to IFRS

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