Acc 572 strayer university assignments and discussion
- 1. ACC 572 Strayer University Assignments and Discussions Get help for Strayer University ACC 572 Assignments and Discussions for all weeks. We provide assignment, homework, discussions and case studies help for all subject of Strayer University. Visit www.justquestionanswer.com for any subject assignment, homework, discussions and case studies of Strayer University. 1. ACC 572Week 1 Discussion Conceptual Framework Get Answer:www.justquestionanswer.com/vie wanswer_detail/ACC-572-Week-1- Discussion-Conceptual-Framework- Please-resp-20781 Please respond to the following:
- 2. 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 Magazine’s Website to read the article titled “GAAP’s Lawsuit Buffer”, dated May 12, 2010, located athttp://www.cfo.com/article.cfm/14496423. Be prepared to discuss.
- 3. 2. ACC 572Week 2Assignment 1 Get Answer: www.justquestionanswer.com/viewanswer_detail/ACC-572-Week-2- Assignment-1-The-Impact-of-the-Conceptual-Fr-22268 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:
- 4. 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 student’s name, the professor’s 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.
- 5. 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.
- 6. 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%)
- 7. 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
- 8. 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 3. ACC 572Week 2 DiscussionA++ Get Answer: www.justquestionanswer.com/vie wanswer_detail/ACC-572-Week-2- Discussion-Other-Comprehensive-Income- 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.
- 9. 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 572Week 3 Discussion Get Answer: www.justquestionanswer.com/vie wanswer_detail/ACC-572-Week-3- Discussion-LIFO-Inventories-Please- respond-22634 LIFO Inventories” Please respond to the following:
- 10. • 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 572Week 4 Discussion Get Answer: www.justquestionanswer.com/viewanswer_detail/ACC-572-Week-4- Discussion-Disclosures-in-Intercompany-Inve-22639 “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.
- 11. 6. ACC 572Week 4Assignment 2 Submission Get Answer: www.justquestionanswer.com/vie wanswer_detail/ACC-572-Week-4- Assignment-2-Submission-If-you-are- using-the-22644 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
- 12. 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
- 13. school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s 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 572Week 5 Discussion Get Answer: www.justquestionanswer.com/viewanswer_detail/ACC-572-Week-5- Discussion-Consolidated-Financial-Statement-22645 “Consolidated Financial Statements” Please respond to the following:
- 14. • 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.