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The notes are such an integral part of the financial statements and are just as important as the financial statement dollar amounts themselves. We cannot

The notes are such an integral part of the financial statements and are just as important as the financial statement dollar amounts themselves. We cannot understand one without the other, of course. Excellent work with reviewing these disclosures related to the company's stock purchase plan, and the corresponding support for these disclosures. A pleasure to review and keep up the stellar work as we finish up the term this week. So bittersweet isn't it? I hope you enjoyed the course overall, and took away more information from what you had previously learned in your undergraduate course. You have been a pleasure to work with and I hope you stay in touch in the future. You can always reach out anytime via email/phone. I love hearing student success stories, so do not be a stranger, smile! Switching gears somewhat to discuss other topics you were exposed to this week, you learned more about the harmonization of standards..the process of trying to implement IFRS here in the U.S. You learned that there are numerous differences between IFRS and U.S. GAAP. These are due to differences with respect to recognition, measurement, presentation, and disclosure. Many foreign subsidiaries of U.S.-based companies use IFRS to prepare financial statements, and these must be converted to U.S. GAAP before they can be consolidated. As a result, many U.S. accountants involved in the preparation of consolidated financial statements need to be able to convert IFRS financial statement balances to U.S. GAAP. Conversion from IFRS to U.S. GAAP is not as simple as converting, say, from kilometers to miles. Converting financial statements from IFRS to U.S. GAAP requires an expertise in both sets of accounting standards, as well as the analytical ability to determine how to get from point A (IFRS) to point B (U.S. GAAP). Even if all countries adopt a similar set of a accounting standards, two obstacles remain in achieving the goal of worldwide comparability of financial statements. What are these? Do you agree with having global standards in place? Why or why not? What are your personal views on this?

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