Compare and contrast the differences in the Walmart financial statements

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Assignment Instructions/ Description

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 . 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.

Your initial response should be a minimum of 200 words.

Reference Book:�

Porter,�G.�A., & Norton,�C.�L. (2018).�Using information: The alternative to debits and credits. Cengage Learning.�

To Access the Walmart Case study here are the links: https://www.forbes.com/sites/petercarbonara/2018/06/06/worlds-largest-retail-companies-2018/?sh=25e252213e66

https://www.forbes.com/sites/richardkestenbaum/2017/05/18/is-walmart-good-or-bad-for-america/?sh=5aaf2dcc22ae

https://money.howstuffworks.com/wal-mart.htm

Answer preview to Compare and contrast the differences in the Walmart financial statements

One of the main differences between using Intemational Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) for Walmart is that IERS requires companies to record all assets and liabilities when they are acquired or created Atthe same time, GAAP allows for certain assets and liabilities to be recorded at fair value.

Last Updatd: 02 Aug,2023

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