Generally Accepted Accounting Principles

Read the case study indicated below, and answer the following questions: Marianne, J- L- (2010)- Accounting for business combinations and the convergence of International Financial Reporting Standards With US. Generally Accepted Accounting Principles: A case study. Journal of the International Academy for Case Studies, 16(1), 95-108- 1- What Key financial ratios will be affected by the adoption of FAS 141 R and FAS 160? What will be the likely effect? 2- Could any of the recent and forthcoming changes affect the company's acquisition strategies and potentially its growth? 3- What were FASB's primary reasons for issuing FAS 141 R and FAS 160? 4- What are qualifying SPEs? Do they exist under IFRS? What is the effect of FAS 166 eliminating the concept of qualifying SPEs on the convergence of accounting standards? 5- If the company adopts IFRS, What changes should management be aware of? 6- What are the principle differences between IFRS and US. GAAP?      

Sample Solution