Prior to beginning work on this discussion forum, read Appendix A in the course textbook, Using Financial Accounting Information: The Alternative to Debits and Credits. Next, review the Walmart Case Study (Links to an external site.).
- Compare and contrast the differences in the Walmart financial statements if the company were to use International Financial Reporting Standards (IFRS) rather than Generally Accepted Accounting Principles (GAAP). Be sure to discuss specific accounting differences between the two.
- Debate the pros and cons this would create for Walmart. Be sure to be specific and support any opinions.
- Describe any legal or ethical challenges this convergence may create using the country you selected in prior courses.