Compare and contrast accounting for income taxes reporting standards of U.S. GAAP and IFRS. Use questions Q14-19 and Q16–15 in the textbook as a guide in your discussion. Use in-text citations to support your research from the FASB and the IASB.
The textbook where this is from is called Intermediate Accounting 10th Edition written By J. David Spiceland, Mark W Nelson, and Wayne B. Thomas.
Q14-19 IF a company prepares its financial statements according to International Financial Reporting Standards, how would it account for convertible bonds it issues for $12.5 million? What is the conceptual justification?
Q16-15 IFRS and U.S. GAAP follow similar approaches to accounting for taxes. Nevertheless, differences in reported amounts for deferred taxes are among the most frequent between IFRS and U.S. GAAP. Why?
For the collaborative discussions, the instructor will place you into a group at the beginning of the course. For each discussion, you will create 1 thread of at least 500 words. You must support your assertions with at least 2 research sources in addition to the course textbook; the Bible may be 1 of those sources. In-text citations that correspond to the research sources are required within the thread posting. Everything must be in current APA format.