James Madison University Business Essay
Description
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This assignment is about the Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). You will find how an ERP system can facilitate transition from GAAP to IFRS, as many American companies are now adopting IFRS in their accounting system.
a. Provide an overview of GAAP and IFR. What are the main differences and similarities?
b. Using the Internet, find an article describing a U.S. company’s transition from U.S. GAAP to IFRS. How can an ERP system help ease the transition for organizations?
c. How an ERP can help companies to report their financials under IFRS and at the same time reporting for local tax purposes under GAAP (Parallel formats for financial records facilitated by ERP).
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