Benchmark Assignment: Convergence Memo to the Client

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ACC 616 Topic 5 Benchmark Assignment: Convergence Memo to the Client

Benchmark Assignment: Convergence Memo to the Client

Details: Either subscribe (fee) to IFRS or register for the free limited access at http://www.iasb.org/IFRSs/IFRS.htmWrite a convergence memo (500-750 words) to the client discussing the current state of convergence between IFRS and U.S. GAAP on revenue recognition. You may use the “Memo Template” provided. In your memo, be sure to address the following:

  1. Describe the similarities and differences in accounting for revenue recognition under the international standards and the FASB standards.
  2. Identify (in general terms) the possible impact on the financial statements of your specific company of changing from FASB to IFRS.
  3. How should these items be disclosed under IFRS and FASB?

You must integrate at least two academic sources, in addition to the AICPA website and the IFRS website, in your discussion.

While APA style is not required for the body of this assignment, solid academic writing is expected, any documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. Please refer to the directions in the Student Success Center.

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ACC 616 Topic 6 Section 6 Report

Details: For this assignment, you will refer to the Notes located on the Form 10K for your chosen company. You will find this information in the financial statements for the company. In a professionally written document, discuss what the financial statement notes tell the user about the topics you choose from the list below. Pick three of the following topics:
  1. Equity (common stock, treasury stock, and dividends)
  2. Investments (held-to-maturity, available-for-sale, etc.)
  3. Revenue Recognition (percentage of competition, installment sales, etc.)
  4. Full Disclosure (segment reporting and subsequent events)
  5. Pensions and Retirement Plans
  6. Leases (capital and operating)

For each topic, address the following items in 250-500 words for a total word count of 750-1,500 for all three topics:

  1. A discussion of the topic. Include a description and the significance to GAAP.
  2. A summary of the financial impact of the topic for your company. Describe how it is reported on the balance sheet and income statement.
  3. A summary on the importance for your company to disclose this item to users.

While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

Refer to “Annual Report Project – Section 6 Rubric” prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. Please refer to the directions in the Student Success Center.

ACC-616-R-T6ARPsection6.xlsx

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