Background:  The SEC set up the Work Plan which sets forth specific areas and factors to consider before potentially transitioning our current financial reporting system for U.S. issuers to a system incorporating IFRS. The Work Plan addresses areas of concern:

1) Sufficient development and application of IFRS;

2) The independence of standard setting for the benefit of investors;

3) Investor understanding and education regarding IFRS;

4) Examination of the U.S. regulatory environment that would be affected by a change in accounting standards;

5) The impact on issuers, both large and small, including changes to accounting systems, changes to contractual arrangements, corporate governance considerations, and litigation contingencies;

6) Human capital readiness.

The SEC has requested public comment on topics related to its ongoing consideration of incorporating IFRS into the financial reporting system for U.S. issuers.

Requirements:

1) In particular to item 6) Human capital readiness, from the perspective of accounting education, what is your opinion on how and when in the accounting curriculum should the education of IFRS be delivered?

2) Explain the difference between US GAAP and IFRS on some topic; prepare a small section of teaching material. You need to do at least the following:

a). Select a topic from any of the chapters (13-21) covered in this textbook: http://mhhe.com/spiceland6e  for which there is a different treatment between FASB and IFRS; the topic are :

Chap. 13 Current Liabilities and Contingencies

Chap. 14: Bonds and Long-Term Notes

Chap. 15: Leases

Chap. 16: Accounting for Income Taxes

Chap. 17 Pensions and Other Post-Retirement Benefits

Chap. 18: Shareholder’s Equity

Chap.19: Share-Based Compensation and Earnings per Share

Chap.21: Statement of Cash Flow-revisited

b). Find and present the corresponding FASB codification for that topic;

c). Compare and contrast the FASB treatment versus the IFRS treatment.