Answer the following homework questions thoroughly and in complete sentences. Save your answers in a Word document and submit them to the Dropbox.

What are the differences between IFRS and United States GAAP in accounting for inventory? Consider the use of market value in your answer.
What is component depreciation and how is it applied in practice? Comment on the differences between IFRS and United States GAAP relating to this concept in your answer.
What is impairment and at what level does the impairment test apply under the two sets of standards? Why is this difference important?
How is impairment of goodwill handled under IFRS and United States GAAP?
What are the differences between IAS 9 and IAS 39? Why is there pushback from the European Union on this new standard?
How have the IASB and FASB attempted to converge standards related to lease accounting under the current convergence project? Comment on the topic from both the lessor and lessee perspectives in your answer.
What is revaluation and how do IFRS and United States GAAP differ on this topic? How would it result in a revaluation surplus? Where is a revaluation surplus located on the financial statements? How is derecognition related? Consider using an example to help support your answers.

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