Below is the Mercedes Benz (MB)’s 2018 Annual Report prepared under IFRSDaimler Annual Report 2018 (Links to an external site.)Pick any two of the financial statements the consolidated balance sheet (statement of financial position), the consolidated income statement (statement of inco

Below is the Mercedes Benz (MB)’s 2018 Annual Report prepared under IFRS:

Daimler: Annual Report 2018 (Links to an external site.)

Pick any two of the financial statements: the consolidated balance sheet (statement of financial position), the consolidated income statement (statement of income or statement of comprehensive income), or the statement of cash flows for MB. Recast the two selected financial statements and present the statements following/in accordance with the US GAAP, presentation-wise, as accurately as you can (you do not need to restate any of the results for MB in this process — just work with the results as presented). The recasted financial statements should be an Exhibit or Appendix to your paper. Describe in an appropriate level of detail the differences that resulted when you recasted your chosen financial statements from the IFRS to US GAAP, supported with references from the readings in this module or outside references, where appropriate.

Requirements:

Write a paper of 4 pages in length, not counting the title and reference pages, which you must include.
The recasted financial statements should be an Exhibit or Appendix to your paper.
Use terms, evidence, and concepts from class readings, including professional business language.
Cite at least 5-credible, academic or professional sources for this assignment, outside of the textbook. Format your paper according to APA format.

References used in class:

PwC. (2018). IFRS and US GAAP: Similarities and differences. Retrieved from https://www.pwc.com/us/en/cfodirect/assets/pdf/accounting-guides/pwc-ifrs-us-gaap-similarities-and-differences.pdf
Chapter 2: Section 2-1 to 2-3: First Time IFRS Adoption
Chapter 14: Section 14.1 to 14.29-Other Accounting and Reporting Topics (including differences between the IFRS and US GAAP related to the basic financial statements and other financial statement reporting issues)
Key Differences Between U.S GAAP and IFRS. (2018). Retrieved from https://www.iasplus.com/en-us/standards/ifrs-usgaap
Comprehensive Income
Earnings per share
Interim Reporting
Offsetting of Financial Assets and Financial Liabilities in the Balance Sheet
Segment Reporting
Statement of Cash Flows
Harris, P. (2013). U.S. GAAP conversion to IFRS: A comprehensive case study. (United States Generally Accepted Accounting Principles and International Financial Reporting Standards) (Case study). Internal Auditing, 28(3), 31-41.
Ernst & Young Foundation. (2015). Financial statements – lecture notes.
Below are specific case studies which detail how to convert three of the basic financial statements (the Balance Sheet, the Income Statement, and the Statement of Cash Flows) from the US GAAP to IFRS. You will need these resources for the Critical Thinking Assignment options in this module:
Harris, P., Stahlin, W., & Shubita, M. (2014). US GAAP Conversion to IFRS: A case study of the cash flow statement. Journal of Business Case Studies (Online), 10(1), 15-20.
Harris, P., & Arnold, L. (2013). US GAAP conversion to IFRS: A case study of the balance sheet. Journal of Business Case Studies (Online), 9(2), 133-140.
Harris, P., & Arnold, L. (2012). US GAAP Conversion to IFRS: A case study of the income statement. Journal of Business Case Studies (Online), 8(4), 409.

Doupnik, T. S., & Perera, H. (2015). International Accounting (4th ed.). New York: McGraw-Hill Publication.