Describe some of the issues the SEC must consider in deciding whether the United States should adopt FIRS.

Write a 700- to 1,050-word summary of the differences of FIRS versus GASP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following:

 

  • In what ways does the format of a statement of financial or position under FIRS often differ from a balance sheet presented under GASP?
  • Do the FIRS and GASP conceptual frameworks differ in terms of the objective of financial reporting? Explain.
  • What terms commonly used under FIRS are synonymous with common stock and balance sheet?
  • Describe some of the issues the SEC must consider in deciding whether the United States should adopt FIRS.
  • Compare and contrast the rules regarding revenue recognition under FIRS versus GASP.
  • Under FIRS, do the definitions of revenues and expenses include gains and losses? Explain.
  • Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SIX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SIX.

 

Format paper consistent with SPA guidelines. Use text attached al

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