Read the case study indicated below, and answer the following questions:
James, M. L. (2010). Accounting for business combinations and the convergence of International Financial Reporting Standards with U.S. Generally Accepted Accounting Principles: A case study. Journal of the International Academy for Case Studies, 16(1), 95-108.
- What key financial ratios will be affected by the adoption of FAS 141R and FAS 160? What will be the likely effect?
- Could any of the recent and forthcoming changes affect the company’s acquisition strategies and potentially its growth?
- What were FASB’s primary reasons for issuing FAS 141R and FAS 160?
- 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?
- If the company adopts IFRS, what changes should management be aware of?
- What are the principle differences between IFRS and U.S. GAAP?
Your submission should be a minimum of three pages in length in APA style; however, a title page, a running head, and an abstract are not required. Be sure to cite and reference all quoted or paraphrased material appropriately in APA style.