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ACC 572 Week 1 Discussion

Conceptual Framework
1.

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Please respond to the following:

From the first e-Activity, examine the benefits of the current

first phase of the conceptual framework in establishing a
principles based framework for more consistent and useful
financial reporting.

 As CFO of a U.S. company, create a plan to mitigate risk and

reduce potential litigation under a principles-based accounting
framework.

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.

ACC 572 Week 2

Assignment 1
2.

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The Impact of the Conceptual Framework of IFRS and GAAP on Convergence

Due Week 2 and worth 150 points

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.

Write a four to five (4-5) page paper in which you:

1. Differentiate the key aspects of the conceptual framework of

IFRS and GAAP and the related influence on convergence.
2. Evaluate the advantages of a principles-based and rules-based
approach to standard setting.
3. Examine the relative values of a single set of global accounting
standards on financial reporting.
4. Use at least three (3) quality academic resources in this
assignment. Note: Wikipedia and other Websites do not qualify
as academic resources.
Your assignment must follow these formatting requirements:
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.
Include a cover page containing the title of the assignment, the
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 rulebased accounting system.

 Distinguish between GAAP and IFRS financial statement

reporting standards.
Use technology and information resources to research IRFS.
Write clearly and concisely about IFRS using proper writing
mechanics.

Unacceptable Below 70% F

Fair 70-79% C Proficient 80-89% B

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%)

Satisfactorily differentiated the key aspects of the conceptual framework of

IFRS and GAAP and the related influence on convergence.

Points

Range:40.5 (27%) 45 (30%)

Thoroughly differentiated the key aspects of the conceptual framework of IFRS
and GAAP and the related influence on convergence.
ACC572-A1-2
2. Evaluate the advantages of a principles-based and rules-based
approach to standard setting. Weight: 30% Points Range:0
(0%) 31.48 (20.99%)
Did not submit or incompletely evaluated the advantages of a principles-based
and rules-based approach to standard setting.

Points Range:31.5 (21%)

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:40.5 (27%) 45 (30%)

Thoroughly evaluated the advantages of a principles-based and rules-based

approach to standard setting.
ACC572-A1-3

3. Examine the relative values of a single set of global accounting

standards on financial reporting. Weight: 25% Points Range:0
(0%) 26.24 (17.49%)
Did not submit or incompletely examined the relative values of a single set of
global accounting standards on financial reporting.

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.

Points Range:30 (20%) 33.74

(22.49%)
Satisfactorily examined the relative values of a single set of global accounting
standards on financial reporting.

Points Range:33.75 (22.5%)

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%)

Meets number of required references; all references high quality

choices.

Points Range:6.75 (4.5%) 7.5 (5%)

Exceeds number of required references; all references high quality choices.

ACC572-A1-5
5. Clarity, writing mechanics, and formatting requirements.
Weight: 10% Points Range:0 (0%) 10.48 (6.99%)
More than 6 errors present

Points Range:10.5 (7%) 11.98 (7.99%)

5-6 errors present

Points Range:12 (8%) 13.48 (8.99%)

3-4 errors present

Points Range:13.5 (9%) 15 (10%)

0-2 errors present

ACC 572 Week 2 Discussion

A++
3.

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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.

ACC 572 Week 3 Discussion

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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,

Fair Value Measurement, on the revaluation of property, plant, and equipment.

5.

ACC 572 Week 4 Discussion

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Disclosures in Intercompany Investments Please respond to the following:

From the first e-Activity, compare the objectives and disclosure

requirements of IFRS 11, IAS 28 and current GAAP requirements for

investments in subsidiaries. Give your opinion on the usefulness of the
significant judgments and assumptions used by a company in whether it has
control or influence.

Assume you are the CPA for a multinational company involved in

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.

ACC 572 Week 4

Assignment 2 Submission
6.

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If you are using the Blackboard Mobile Learn IOS App, please click View in
Browser.
Click the link above to submit your assignment.

Students, please view the Submit a Clickable Rubric Assignment in the

Student Center.
Instructors, training on how to grade is within the Instructor Center.

Assignment 2: IFRS Financial Reporting and Accounting Principles

The company for which you work has established international satellites over
the past 5 years. Its top management has been considering how to approach
the accounting requirements to optimize the attractiveness of the company to
future investors. It is your job to determine the accounting system that will
potentially attract the most investors.

Write a four to five (4-5) page paper in which you:

1.

Analyze three key differences in GAAP and IFRS financial statement

presentation and suggest how convergence can improve presentation.

2.

Evaluate the reporting requirements for comprehensive income under

GAAP and IFRS and the effect of reporting requirements on clarity for
financial reporting.

3.

Distinguish between the treatment of inventory valuation for IFRS and

GAAP and speculate the potential impact on U.S. corporations.

4.

Use at least three (3) quality academic resources in this assignment.

Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

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.

Include a cover page containing the title of the assignment, the

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.

Use technology and information resources to research IRFS.

Write clearly and concisely about IFRS using proper writing mechanics.

7.

ACC 572 Week 5 Discussion

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Consolidated Financial Statements Please respond to the following:

From the first e-Activity, examine the differences for consolidated

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.