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Trabeck prepares for IFRS: An IFRS case study

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  • Coe, Martin
  • Delaney, John

Abstract

The growing acceptance of International Financial Reporting Standards (IFRSs) as a basis for US financial reporting represents a fundamental change for the US accounting profession. IFRS and US generally accepted accounting principles (GAAPs) both are based on principles; however, US GAAP largely uses rules to apply the principles. In contrast, IFRS relies heavily on the use of judgment in deciding how transactions should be recorded. This fictional case is designed to help students identify some fundamental differences between US GAAP and IFRS and apply this knowledge to general-purpose financial statements.

Suggested Citation

  • Coe, Martin & Delaney, John, 2013. "Trabeck prepares for IFRS: An IFRS case study," Journal of Accounting Education, Elsevier, vol. 31(1), pages 53-67.
    • Handle: RePEc:eee:joaced:v:31:y:2013:i:1:p:53-67
    DOI: 10.1016/j.jaccedu.2012.12.002
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    Cited by:

    1. Jermakowicz, Eva K. & Reinstein, Alan & Churyk, Natalie Tatiana, 2014. "IFRS framework-based case study: DaimlerChrysler – Adopting IFRS accounting policies," Journal of Accounting Education, Elsevier, vol. 32(3), pages 288-304.
    2. Agung Nur Probohudono & Bambang Sugiharto & Siti Arifah, 2019. "The Influence Of Corporate Governance, Audit Quality, And Ownership, On Financial Instrument Disclosure In Indonesia," Journal of Contemporary Accounting, Master in Accounting Program, Faculty of Business & Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia, vol. 1(3), pages 173-187, May.

    More about this item

    Keywords

    IFRS; Teaching case;

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