This is the first of three milestone assignments that will lead to completion of your course project. In this assignment, you will complete Critical Element III: GAAP vs. IFRS. Recall that, due to the sequencing of content for the modules, the critical elements are being prepared out of order. For the complete sequence, see the Final Project Guidelines and Rubric document. This milestone addresses the following course outcome:
- Differentiate between the Generally Accepted Accounting Principles and the International Financial Reporting Standards for their impact on financial statements.
If you have not already done so, select the company that you will use to build your portfolio. You may choose from Walmart, Kroger, Amazon, Costco, The Home Depot, CVS Health Corporation and Target. It is recommended you use the same company for both courses in the series.
For detailed instructions, see the Final Project Guidelines and Rubric document.
Specifically, the following critical elements must be addressed:
III. GAAP vs. IFRS
(A) Explain the steps that would be needed for your selected portfolio company to transition from GAAP to IFRS.
For example, what would this transition entail?
What would your chosen company need to do?
(B) Explain how a financial statement would differ under IFRS as opposed to GAAP.
i. How is a financial statement under IFRS different from GAAP? How is it the same?
ii. What would the statements for your chosen company look like?
asing price of illicit drug to consumers, for example in the USA, during 1980’s and early 1990’s, the consumption level was very low, as the youths were less likely to experiment using illicit drug, due to its high cost but during the 1980’s, people were more likely going to experiment using drug due to the low price, because it is readily affordable, as marijuana was very cheap and affordable, making it more likely that the consumption level will rise again as marijuana will be the choice drug of the youths and adults; in contrast to cocaine and heroin, which is a high class drug. The experimental level was so low, because the price of class A drugs were high, making, researchers to conclude that, increase price, makes consumption level to be low, while the consumption level increases when the price is low, however, both the use of heroin and cocaine have the same pattern (NHSDA). Moreover, increase price due to increase risk, might encourage consumers to look inward rather than outward in drug consumption. Consumers may have a rethink on the amount of drug they will be able to buy when price is high, hence the consumer, will put into consideration on the amount of money he will use for other household items, and may choose to purchase lower dose of illicit drug with the same amount of money, hence overspending on the cost of drug will affect other household expenses. The addict may also choose between going to prison and deciding to take drug treatment/rehabilitation in other to quite, or alternatively may switch over to other types of drug, which is cheaper than cocaine or heroin. It could be said that demands for illicit drugs substances could be attributed to price elasticity, and other factors that could determine the price could be market factors other than price can contribute to drug demand shift. But the price may be associated with the relationship between the quantity and quality of drug demanded as shown in the drug market curve, as each action influences changes in price.(Market for drugs, National Research Council. 2010). Moreover; it could be argued that, increased price of illicit drug as a result of increased risk, will reduce the competition and consumers will have a choice of using heroin, cocaine or switch to alternative cheaper drugs like cannabis, amphetamine-type stimulants, and other readily available synthetic substance, or alcohol which can be obtained at shop without restriction. The availability of alternative drugs as indicated above is a challenge on policies aimed at drug reduction, as most of these items like the cannabis can be cultivated indoors at any location regardless of climate and other factors that placed the production of opium or Cocoa leaf to a particular geographical area. The use of price and purity to determine the consumption level by addicts will not be realistic. Furthermore, increased risk do not deter drug traffickers, rather it will increase the >GET ANSWER