Gaap To Ifrs Essay
Write a three to four (3-4) page paper in which you:
1. Assess the importance of converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS.
2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference, take a position on which method would be most beneficial to financial statement users.
3. Predict three (3) possible problems that U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three (3) techniques that will enable a corporation to overcome those obstacles.
4. Assess two to four (2-4) long-term conversion issues on accounting for leases by the …show more content…
lessees. Create an argument to support the FASB position on accounting for leases.
5. Create an argument for or against U.S. companies using IFRS accounting exclusively. Provide support for your argument.
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:
• Examine the similarities and differences between U.S. GAAP and IFRS, and the related requirements for accounting in the international marketplace.
• Use technology and information resources to research issues in advanced accounting.
• Write clearly and concisely about advanced 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: 20 Assignment : GAAP versus IFRS
Criteria
Unacceptable
Below 60% F Meets Minimum Expectations
60-69% D
Fair
70-79% C
Proficient
80-89% B
Exemplary
90-100% A
1. Assess the importance of converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS.
Weight: 20% Did not submit or incompletely assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. Insufficiently assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. Partially assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. Satisfactorily assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. Thoroughly assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS.
2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference, take a position on which method would be most beneficial to financial statement users.
Weight: 20% Did not submit or incompletely identified four (4) financial reporting differences between U.S.
GAAP and IFRS, and for each financial reporting difference; did not submit or incompletely took a position on which method would be most beneficial to financial statement users. Insufficiently identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; insufficiently took a position on which method would be most beneficial to financial statement users. Partially identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; partially took a position on which method would be most beneficial to financial statement users. Satisfactorily identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; satisfactorily took a position on which method would be most beneficial to financial statement users. Thoroughly identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; thoroughly took a position on which method would be most beneficial to financial statement
users.
3. Predict three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three (3) techniques that will enable a corporation to overcome those obstacles.
Weight: 15% Did not submit or incompletely predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles. Insufficiently predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles. Partially predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles. Satisfactorily predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles. Thoroughly predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles.
4. Assess two to four (2-4) long-term conversion issues on accounting for leases by the lessees. Create an argument to support the FASB position on accounting for leases.
Weight: 15% Did not submit or incompletely assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases. Insufficiently assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases. Partially assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases. Satisfactorily assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases. Thoroughly assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases.
5. Create an argument for or against U.S. companies using IFRS accounting exclusively. Provide support for your argument.
Weight: 15% Did not submit or incompletely created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument. Insufficiently created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument. Partially created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument. Satisfactorily created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument. Thoroughly created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument.
6. 3 references
Weight: 5% No references provided Does not meet the required number of references; all references poor quality choices. Does not meet the required number of references; some references poor quality choices. Meets number of required references; all references high quality choices. Exceeds number of required references; all references high quality choices.
7. Clarity, writing mechanics, and formatting requirements
Weight: 10% More than 8 errors present 7-8 errors present 5-6 errors present 3-4 errors present 0-2 errors present
1. Assess the importance of converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS.
2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference, take a position on which method would be most beneficial to financial statement users.
3. Predict three (3) possible problems that U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three (3) techniques that will enable a corporation to overcome those obstacles.
4. Assess two to four (2-4) long-term conversion issues on accounting for leases by the …show more content…
lessees. Create an argument to support the FASB position on accounting for leases.
5. Create an argument for or against U.S. companies using IFRS accounting exclusively. Provide support for your argument.
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:
• Examine the similarities and differences between U.S. GAAP and IFRS, and the related requirements for accounting in the international marketplace.
• Use technology and information resources to research issues in advanced accounting.
• Write clearly and concisely about advanced 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: 20 Assignment : GAAP versus IFRS
Criteria
Unacceptable
Below 60% F Meets Minimum Expectations
60-69% D
Fair
70-79% C
Proficient
80-89% B
Exemplary
90-100% A
1. Assess the importance of converting from GAAP to IFRS from a company’s perspective. Propose three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS.
Weight: 20% Did not submit or incompletely assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. Insufficiently assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. Partially assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. Satisfactorily assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS. Thoroughly assessed the importance of converting from GAAP to IFRS from a company’s perspective, proposing three (3) benefits U.S. corporations will obtain by converting from GAAP to IFRS.
2. Identify four (4) financial reporting differences between U.S. GAAP and IFRS. For each financial reporting difference, take a position on which method would be most beneficial to financial statement users.
Weight: 20% Did not submit or incompletely identified four (4) financial reporting differences between U.S.
GAAP and IFRS, and for each financial reporting difference; did not submit or incompletely took a position on which method would be most beneficial to financial statement users. Insufficiently identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; insufficiently took a position on which method would be most beneficial to financial statement users. Partially identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; partially took a position on which method would be most beneficial to financial statement users. Satisfactorily identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; satisfactorily took a position on which method would be most beneficial to financial statement users. Thoroughly identified four (4) financial reporting differences between U.S. GAAP and IFRS, and for each financial reporting difference; thoroughly took a position on which method would be most beneficial to financial statement
users.
3. Predict three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS. Recommend three (3) techniques that will enable a corporation to overcome those obstacles.
Weight: 15% Did not submit or incompletely predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles. Insufficiently predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles. Partially predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles. Satisfactorily predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles. Thoroughly predicted three (3) possible problems U.S. corporations may encounter when converting their financial statements to IFRS, recommending three (3) techniques that will enable a corporation to overcome those obstacles.
4. Assess two to four (2-4) long-term conversion issues on accounting for leases by the lessees. Create an argument to support the FASB position on accounting for leases.
Weight: 15% Did not submit or incompletely assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases. Insufficiently assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases. Partially assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases. Satisfactorily assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases. Thoroughly assessed two to four (2-4) long-term conversion issues on accounting for leases by the lessees, creating an argument to support the FASB position on accounting for leases.
5. Create an argument for or against U.S. companies using IFRS accounting exclusively. Provide support for your argument.
Weight: 15% Did not submit or incompletely created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument. Insufficiently created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument. Partially created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument. Satisfactorily created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument. Thoroughly created an argument for or against U.S. companies using IFRS accounting exclusively, providing support for your argument.
6. 3 references
Weight: 5% No references provided Does not meet the required number of references; all references poor quality choices. Does not meet the required number of references; some references poor quality choices. Meets number of required references; all references high quality choices. Exceeds number of required references; all references high quality choices.
7. Clarity, writing mechanics, and formatting requirements
Weight: 10% More than 8 errors present 7-8 errors present 5-6 errors present 3-4 errors present 0-2 errors present