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Assignment 1_1673519...
2. What Area of Interest are you a part of or if you know your major enter the response here? Find out what Area of Interests (AOIs) are on our SMC AOI website I am an accounting major. 3. How man...

Assignment 1
Assignment 1

2. What Area of Interest are you a part of or if y

Discussion 5_1672811...
Our reading focus shifts to the incentive conflicts that may exist within the firm. We discuss the use of contracts to mitigate such conflicts. A significant factor that contributes to the effectivene...

Discussion 5
Discussion 5

Our reading focus shifts to the incentive conflict

Module 1 discussion_...
If people suffer or experience psychological pain, we are inclined to consider this

Module 1 Discussion
Module 1 Discussion

If people suffer or experience psychological pain,

Detect and Prevent Fraud on Financial Statement_Module 8 Discussion

Detect and Prevent Fraud on Financial Statement_Module 8 Discussion

Q Examine the differences and similarities between the U.S. GAAP and IFRS valuation methods on assets and liabilities. How could these differing methods affect the probability of fraud occurring in valuing assets and liabilities? How do the different valuation methods affect the results of auditing assets and liabilities, and what could be done to improve these auditing results?

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The chief differences between IFRS and US GAAP are mentioned below: ? Valuation of Inventory: FIFO, specific identification, LIFO, or weighted average cost is permitted by US GAAP. Carrying out of inventory is done at lower of market or cost. On the other hand, weighted average cost or FIFO is permitted by IFRS but does not permit LIFO. Carrying out of inventory is done at lower of net value realizable or cost.