Milestone 1

Milestone 1

Your final course project consists of seven critical elements. They follow a logical flow for financial reporting. However, due to the sequencing of content for the modules, the critical elements will be prepared out of order in the milestone assignments.

For Milestone One, you will complete Critical Element III: GAAP vs. IFRS. Attached is the milestone one guidance and rubric for detail information.






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Milestone 1
The International Financial Reporting Standards (IFRS) is set to become the only accounting standard for global use, and therefore retail companies have been urged to move from the U.S. Generally Accepted Accounting Principles GAAP to IFRS, as soon as possible. According to the recent events, most public organizations in the United States as well as in other parts of the world will be required to report their financial statements using IFRS, in a few years (Deloitte, 2008).

(610 words)

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