adv accounting

Assignment 1: IFRS and GAAP Convergence

Events in the world of corporate finance during the past few years have shown the importance of transparent and accurate financial reporting by businesses. There are numerous methods for evaluating the financial well-being of a business. In this paper, you will review and evaluate the financial analysis tools available to business manager, investors, and government regulators.

Write a five to six (5-6) page paper in which you:

1. Describe what accounting convergence means and assess the likelihood of the convergence being completed and implemented in the next five (5) years.

2. Evaluate and describe the single most important difference between U.S. GAAP and IFRS rules, and explain your answer.

3. Analyze and summarize the main obstacles to convergence from both the U. S. and European accounting perspectives.

4. Analyze the balance sheet and income statement presentation methods that will be impacted the most by convergence, and explain why.

5. Evaluate and explain what types of business entities and accounting practices will be affected the most by convergence.

6. 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:

 Articulate the standards and differences of GAAP and IFRS.

 Use technology and information resources to research issues in intermediate accounting.

 Write clearly and concisely about intermediate accounting using proper writing mechanics.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric. Points: 200			Assignment 1: IFRS and GAAP Convergence
Criteria	Unacceptable Below 60% F	Meets Minimum Expectations 60-69% D	Fair 70-79% C	Proficient 80-89% B	Exemplary 90-100% A
1. Describe IFRS and GAAP and what convergence means. Weight: 20%	Did not submit or incompletely described IFRS and GAAP and what	Insufficiently described IFRS and GAAP and what convergence	Partially described IFRS and GAAP and what convergence	Satisfactorily described IFRS and GAAP and what convergence	Thoroughly described IFRS and GAAP and what convergence