The Convergence of US GAAP and IFRS
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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