Discuss this week’s objectives and the following concepts comparing the GAAP to the IFRS. How do they relate to the practice of accounting and its uses in business?

• IFRS 3-1: Describe some issues the SEC must consider in deciding whether the United States should adopt IFRS.
• IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.
• IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.
• Question first followed by answer.
• Due 3/2/2015 900am