Huskie Enterprises: U.S. GAAP versus IFRS Acquisition Accounting and U.S. GAAP versus Canadian IPO

• In Event: Teaching Cases and Pedagogy

Abstract

This case exposes students to acquisition accounting under US GAAP and IFRS, provides an industry perspective on real estate investment trusts (REITS), and requires investigation into a US vs. Canadian IPO. Students must: (1) record the initial purchase of the portfolio in a balance sheet presentation under both US GAAP and IFRS; (2) highlight major reporting differences between US GAAP and IFRS; (3) consider all reporting options within each form of GAAP; (4) compare and contrast key reporting differences and industry preferences; and (5) consider differences in the amount of time and effort needed to prepare the two sets of financial statements.

Authors

• Natalie T Churyk, Northern Illinois University

• Alan Reinstein, Wayne State University

• Lance Smith, EY