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International Accounting Standard 18 (IAS 18) provides the general standards for revenue recognition and measurement in the IFRS.
•Provide 3 examples of the differences between the 2 sets of standards. Review the IAS 7 statement of cash flows, and complete the following:
•Discuss the differences in classifications of cash flows between IFRS and U.S. GAAP.
•What impacts will these have on U.S. companies?
•Cover the differences with the classifications of contingent liabilities between U.S. GAAP and IFRS. Be sure to cover the topics of possible, probable, and bright-line tests.
•When looking at cash and cash equivalents definitions between IFRS and U.S. GAAP, discuss the differences for the following: ◦Best estimates ◦Risks ◦Uncertainties
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