1. Under U.S. GAAP, a two-tiered consolidation model is applied, one focused on voting rights and the second based on a party's exposure to risks and rewards associated with the entity's activities (the VIE model). Upon what is the IFRS framework based?
2. U.S. GAAP requires a two-step process to evaluate goodwill for potential impairment (as discussed in Chapter 1). What is required by IFRS with respect to goodwill impairment?
3. Under U.S. GAAP, noncontrolling interests are measured at fair value. What is required by IFRS?