Milestone Guidelines
In Module Five, you will prepare a draft of the presentation that covers the topic of accounting standards. Your work should review the different reporting requirements for GAAP and IFRS. From there, you'll make a decision about which reporting standard is best for your company as well as which disclosure standards would be most appropriate. You will assess the convergence of GAAP and IFRS, including an explanation of the harmonization role provided by IASB. Finally, you will provide an analysis on how IASB impacts your company.
For this project, consider this scenario: you have worked very hard and have just earned a promotion at Quality CPA firm. As part of your new responsibilities, you will be advising an influential client on their international aspirations. Their business has been booming and they are seriously considering expanding their operation overseas. They are concerned about the political and financial risks of such an undertaking.
You will build a multimedia presentation (utilizing audio, if possible, with speaker notes to elaborate) that addresses the upper management of this company. You will choose a country other than the United States. This country will be presented as a potential destination for the company, although other countries can be included, as the global market is the focus. The presentation must explore the company's potential expansion into the chosen country, the global market in general, and how that will impact their operations.
Specifically, the following critical elements must be addressed:
I. Accounting Standards: For this part of the assessment, explain to your audience the differences between Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) and the implications in converging with IFRS.
A. Differentiate between the reporting requirements for GAAP and IFRS.
B. Given these differences, determine which reporting standard(s) would be most appropriate for your company, given their desire to expand globally and why they would be appropriate.
C. Distinguish the disclosure requirements for GAAP and IFRS.
D. Given these differences, determine which disclosure standard(s) would be most appropriate for your company given their desire to expand globally, and explain why they would be appropriate.
E. Assess the impact that the convergence of GAAP and IFRS will have on investors of companies in the United States and in the global market.
F. Assess the impact that the convergence of GAAP and IFRS will have on firms similar to your company. In other words, how will its effect on investors and the global market affect the company?
G. Explain the role of International Accounting Standards Board (IASB) in harmonization. How is the board created? In other words, how does this support convergence?
1. What are your thoughts on how this may or may not impact your company?
Attachment:- Acc-Data.rar