Huskie Enterprises: US GAAP VS. IFRS Acquisition Accounting and US GAAP VS. Canadiam IPO

• In Event: Potpourri

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 investigating 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, Ernst & Young