US GAAP / IFRS Report: ACCT 311 IFRS GAAP and IFRS address accounting processes from different perspectives. Select a topic, determine differences between US GAAP and IFRS, and discuss key issues (this is a compare / contrast report). At least four pages no more than seven single spaced and include your citations. Cover pages, abstract/ executive summary, table of contents, and annotated bibliography do not count toward page count. You may use our course topics or you may use a totally different topic. Many large Accounting Firms have extensive analyses on GAAP/IFRS issues, so check their websites for the most current information. See international perspectives section of our UMGC LEO Accounting Toolbox for key web links. Requirements The (International Accounting Standards Board) IASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing IASB project after visiting the IASB Website: https://www.ifrs.org/projects/work-plan/ In a four to seven-page report, you should describe the project, its history (briefly), and the project′s status. The final section of your report should describe the implications of the project′s adoption. For example, a report might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures. Specifically: • Familiarize yourself with the IASB project, including information on the history and background of the project and its status. • Using resources at ww.ifrs.org Also refer to www.fasb.org (includes free access to U.S. GAAP codification if you register at the Web site), identify the relevant GAAP and current standards related to the IFRS issue. Discuss the proposed change (i.e., what will be different?) and the reasons for the change as explained by the IASB. • Using at least three different databases in the UMGC library, find at least five sources of information on this IFRS / GAAP project. As you conduct research, identify an actual case that may have provided the impetus for this proposed change, or that would have been influenced by the proposed change. At least two sources should be from scholarly or professional journals. Document your research progress in the research log. You will find a research log template (sample research tracker) posted below. You should explore UMGC Library resources as well as the resources of major accounting firms and organizations. • Frequently the large Accounting Firms have extensive analyses of IFRS and GAAP topics. It is strongly recommended to become familiar with these websites. Occasionally they will also offer free webinars on IFRS topics. • Prepare an annotated bibliography. See sample annotated bibliography at UMGC web site http://sites.UMGC.edu/library/libhow/bibliography_tutorial.cfm • Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight). Deliverables Write a four – to seven-page report (single spaced, double spaced between format standard report size, one-inch margins, and 12-pointfont, references/in text citations in APA format) presenting the results of your work. Submit your report, research log, and annotated bibliography by the due date, or as otherwise instructed. Cover pages, abstract/ executive summary, table of content if you chose to include or bibliography / reference lists do not count toward page count. Your topic and research plan must be approved in advance by your professor in the discussion for IASB (IFRS) / FASB(GAAP) project.
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- What are some of the limitations of this evidence?
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your ethical obligation to tell the consumer?