In 2002, the International Accounting Standards Board (IASB) and the FASB issued a Memorandum of Understanding, which set out priorities and milestones to be achieved on major joint projects. The two boards worked together to improve their standards and seek convergence; however, the results have been mixed with respect to the latter. Although we have seen significant convergence in topics such as business combinations and revenue recognition, key differences have increased in topics such as financial instruments and the subsequent measurement of leases. For now, the remaining projects under the Memorandum of Understanding have been deferred, and there are no current projects on which the boards are working together toward converged solutions. (A

Roadmap to Comparing IFRS Standards and U.S. GAAP: Bridging the Differences, 2022)

Questions

1.1. Discuss recognition and measurement differences between IFRS and US-GAAP with appropriate accounting standard example and references from international research work. (8 marks) (Identify 3 differences 4 marks, examples, and references from research work-

In 2002, the International Accounting Standards Board (IASB) and the FASB issued a Memorandum of Understanding, which set out priorities and milestones to be achieved on major joint projects. The two boards worked together to improve their standards and seek convergence; however, the results have been mixed with respect to the latter. Although we have seen significant convergence in topics such as business combinations and revenue recognition, key differences have increased in topics such as financial instruments and the subsequent measurement of leases. For now, the remaining projects under the Memorandum of Understanding have been deferred, and there are no current projects on which the boards are working together toward converged solutions. (A Roadmap to Comparing IFRS Standards and U.S. GAAP: Bridging the Differences, 2022) Questions 1.1. Discuss recognition and measurement differences between IFRS and US-GAAP with appropriate accounting standard example and references from international research work. (8 marks) (Identify 3 differences - 4 marks, examples, and references from research work