Due Date: 3/11/2016

Please adhere to all assignment details and include a reference page. All work submitted should be in APA format. The Key Assignment should be in an outline format.

Key Assignment

Choose a company from the SECEDGARWeb site for your Key Assignment to evaluate for the impact of convergence to IFRS.

Part 1

Deliverable Length:1,0001,200 words

Review the financial reports and notes of the company you have chosen from the EDGAR Web site.Using this company as your point of reference, provide general information on the following questions:

• Create an overview on IFRS.
• What will be some of the main concerns for your company as they move from U.S. GAAP to IFRS?
• Generate a list of differences thatyou would expect to see on your Income Statement and your Balance Sheet after the convergence process is complete.
• Describe whatimpact the convergence will have on your companys inventory account (IAS 2).
• Describe some of the differences between IFRS and US GAAP regarding the accounting for financial instruments
• Give a minimum of two examples of howyour company will be impacted by the conversion process(IAS 32, IAS 39 & IFRS 7)

Part 2

Deliverable Length:1,0001,200 words

For this assignment, use the company you have chosen from the EDGAR Web site as your point of reference.

After the reporting period has ended, you could potentially encounter other eventsthat will have impacts on your company (IAS 10).

• Describe the recognition and measurement differences currently existing between IFRS and U.S. GAAP.
• What impacts could these differences have on disclosure requirements?

Create an overview of considerations regarding income taxes thatthe company may encounter.

• Give2 examples of areas you see as the greatest concern.
• What impact will the convergence process have on your companys tax planning?

A key area of contention between IFRS and U.S. GAAP lies in the classification and measurement of leases.

• Describe the2 main types of leases and where the differences lie.
• What impact will this have your company?

Give your opinion on the U.S. moving into IFRS.

• For the company you have selected, what do you see as the major advantages and disadvantages of convergence?
• Provide a minimum of3 examples of each supported by your research.