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Please respond to the following:
Week 1 eActivities
Go to the Compliance Week Website to read the article titled
FASB, IASB Finalize Chapter of New Conceptual Framework,
dated September 29, 2010, located
athttp://www.complianceweek.com/fasb-iasb-finalize-chapter
-of-new-conceptual-framework/article/189601/. Be prepared to
discuss.
Go to the Journal of Accountancy Website to read the article
titled AICPA to IASB: Completion of Conceptual Framework Is
Key, dated December 1, 2011, located
athttp://www.journalofaccountancy.com/Web/20114841. Be
prepared to discuss.
Go to Chief Financial Officer Magazines Website to read the
article titled GAAPs Lawsuit Buffer, dated May 12, 2010,
located athttp://www.cfo.com/article.cfm/14496423. Be
prepared to discuss.
The globalization of business and finance has led to the use of IFRS in most
capital markets around the world. IFRS already significantly impacts U.S.
companies because of the use of IFRS by many foreign subsidiaries of U.S.
companies.
Exemplary 90-100% A
ACC572-A1-1
1. Differentiate the key aspects of the conceptual framework of
IFRS and GAAP and the related influence on convergence.
Weight: 30% Points Range:0 (0%) 31.48 (20.99%)
Did not submit or incompletely differentiated the key aspects of the conceptual
framework of IFRS and GAAP and the related influence on convergence.
Points Range:31.5 (21%) 35.98(23.99%)
Partially differentiated the key aspects of the conceptual framework of IFRS
and GAAP and the related influence on convergence. Points Range:36 (24%)
40.48 (26.99%)
Points
35.98(23.99%)
Partially evaluated the advantages of a principles-based and rules-based
approach to standard setting. Points Range:36 (24%) 40.48 (26.99%)
Satisfactorily evaluated the advantages of a principles-based and rules-based
approach to standard setting.
Points Range:26.25
(17.5%) 29.98(19.99%)
Partially examined the relative values of a single set of global accounting
standards on financial reporting.
(22.49%)
Satisfactorily examined the relative values of a single set of global accounting
standards on financial reporting.
37.5(25%)
Thoroughly examined the relative values of a single set of global accounting
standards on financial reporting.
ACC572-A1-4
4. Three (3) references. Weight: 5% Points Range:0 (0%) 5.24
(3.49%)
No references provided.Points Range:5.25 (3.5%) 5.98 (3.99%)
Does not meet the required number of references; some or all references poor
quality choices. Points Range:6 (4%) 6.74 (4.49%)
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wanswer_detail/ACC-572-Week-2Discussion-Other-ComprehensiveIncome-Pleas-22267
Other Comprehensive Income Please responds to the following:
From the first e-Activity, assess the effect of the enhanced
distinction of other comprehensive income and total
comprehensive income on financial statement users and
companies.
Assess the validity of the arguments against the use of the
direct method by the accounting profession. Justify your
position.
Week 2 eActivities
Go to Journal of Accountancy Website to read the article titled
FASB, IASB Align Presentation of Other Comprehensive
Income, dated June 17, 2011, located
athttp://www.journalofaccountancy.com/Web/20114267.htm.
Be prepared to discuss.
Go to the AICPA Website using the link below and review the
video IFRS Webcast Highlight: Excerpt from 4th Quarter IFRS
Webcast: Panelists discuss FASB/IASB proposed changes to the
statement of cash flows (4 min 51 s), located
athttp://www.ifrs.com/video.html. Be prepared to discuss.
4.
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LIFO Inventories Please respond to the following:
From the first e-Activity, identify and evaluate the potential financial
consequences under IFRS for U.S. companies valuing inventory using LIFO
for financial and tax reporting purposes.
From the second e-Activity, analyze and discuss the impact of IFRS 13,
5.
several joint arrangements. Identify the areas you would review and the
actions you would take in preparation for the change from IAS 31 to IFRS 11.
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Browser.
Click the link above to submit your assignment.
1.
GAAP and IFRS and the effect of reporting requirements on clarity for
financial reporting.
3.
Be typed, double spaced, using Times New Roman font (size 12), with
one-inch margins on all sides; citations and references must follow APA or
school-specific format. Check with your professor for any additional
instructions.
students name, the professors name, the course title, and the date. The
cover page and the reference page are not included in the required
assignment page length.
The specific course learning outcomes associated with this assignment are:
Analyze the key differences between the GAAP and IFRS conceptual
framework. Assess the differences between a principle-based and rule-based
accounting system. Distinguish between GAAP and IFRS financial statement
reporting standards.
Write clearly and concisely about IFRS using proper writing mechanics.
7.
financial statements under IFRS and GAAP and predict the potential
consequences these differences can have on investment entities.
Analyze and discuss the impact of IFRS on fair value accounting for
investment entities.