Read the case study attached and answer the following questions:
1. What key financial ratios will be affected by the adoption of FAS 141R and FAS 160? What will be the likely effect?
2. Could any of the recent and forthcoming changes affect the company’s acquisition strategies and potentially its growth?
3. What were FASB’s primary reasons for issuing FAS 141R and FAS 160?
4. What are qualifying SPEs? Do they exist under IFRS? What is the effect of FAS 166 eliminating the concept of qualifying SPEs on the convergence of accounting standards?
5. If the company adopts IFRS, what changes should management be aware of? 6. What are the principle differences between IFRS and U.S. GAAP?
The submission should be a minimum of three pages in length in APA format. Be sure to cite and reference all quoted or paraphrased material appropriately in APA style.
Bank for International Settlements. (2013). Triennial central bank survey. Retrieved from http://www.bis.org/publ/rpfx13fx.pdf
Deloitte. (2015). IAS 21–The effects of changes in foreign exchange rates. Retrieved from http://www.iasplus.com/en/standards/ias/ias21
Financial Accounting Standards Board. (1981). Statement of financial accounting standards No. 52. Retrieved from http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1218220126851&acceptedDisclaime r=true
Ramsey, M. (2011, May 23). VW chops labor costs in U.S. The Wall Street Journal. Retrieved from http://www.wsj.com/articles/SB10001424052748704083904576335501132396440
Solomonzori. (2013). Who pays and who free rides? International free rider reporting standards or International Financial Reporting Standards. Retrieved from http://governancexborders.com/tag/ifrs/
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