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ACC 570 WEEk 8 Assignment 4 – IFRS and GAAP Convergence
Assignment 4: IFRS and GAAP Convergence
Due Week 8 and worth 200 points
Perform additional research on the same U.S.-based multinational corporation from Assignment 3.
Write a six to eight (6-8) page paper in which you:
1. Briefly describe the corporation you researched (in one (1) short paragraph).
2. Given the SEC’s current position on requiring U.S. publically traded companies to report using the IFRS method of accounting, discuss whether or not it would be beneficial or punitive to the company when adopting IFRS. Explain your rationale.
3. Determine the differences that would occur (or have occurred) by using IFRS for the income statement, balance sheet, and statement of cash flows, and how these differences may attract investors to the company.
4. Compare and contrast the differences in the financial statements, and the advantages and disadvantages of using IFRS versus GAAP reporting.
5. Make recommendations as to whether the company you researched should use IFRS or GAAP as its reporting standard. Explain your rationale.
6. Include three (3) external peer-reviewed sources to support your position.
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; 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 page length.
The specific course learning outcomes associated with this assignment are:
• Describe the institutional influences on accounting rules and practices
• Analyze the nature and scope of international accounting rules and practices.
• Evaluate the role of the International Accounting Standards Board and its effects on the practice of accounting.
• Assess the accounting systems in select countries.
• Use technology and information resources to research issues in international accounting systems.
• Write clearly and concisely about international accounting systems using proper writing mechanics.