Assisting Students to Become Financially Bilingual

• In Event: Reception with Effective Learning Strategies Displays
  In Poster Session: Poster 2

Abstract

In order to effectively evaluate financial statements prepared under U.S. GAAP versus IFRS students need to become financially bilingual.
Students explore the similarites/differences between U.S. GAAP and IFRS in the areas of presentation, measurement, recognition, and choices of alternative methods. This assignment introduces students to the types of similarities/differences between the standards. The assignment requires students to research different issues using the codification and the IFRS/IAS standards. Students find the appropriate authoritative guidance and evaluate the similarities/differences from U.S. GAAP to IFRS Students are able to assess the implications for users of financial statements. Students gain an appreciation of the critical need to be financially bilingual in order to understand financial statments prepared under U.S. GAAP and IFRS.

Author

• Patricia L Smith, DePaul University