563 Advanced Accounting Theory Discussion Questions

Questions is taken from Required Resources

Schroeder, R., Clark, M., & Cathey, J. (2014). Financial accounting theory and analysis: Text and cases. (11th ed.). Hoboken, NJ: John Wiley & Sons.

Please number each answer. The answers will be turned into turnitin.com for plagrisim.

1a.From the first e-Activity, analyze the convergence of IFRS and GAAP as it relates to revenue recognition. Based on your analysis, recommend at least two (2) changes to revenue recognition that would improve financial reporting after the convergence. Justify your response.

1b.From the second e-Activity, analyze the U.S. Security and Exchange Commission’s (SEC’s) position on convergence. Based on your analysis, predict if and when you believe the SEC would mandate the convergence for U.S. companies and the principal way in which U.S. companies might respond to the mandate.

2a.Debate it! Rules-based accounting results in more effective financial reporting than principle-based accounting. Provide a rationale for your response.

2b.Assume that convergence becomes a reality. Predict the governing body that would be in control, and suggest the strategic way in which they will administer accounting standards in the future.

3a.Analyze current major accounting research tools. Based on your analysis, suggest at least two (2) new tools that could improve accounting research. Provide support for your rationale.

3b.Debate it! Higher education is providing students with sufficient skills to enter the accounting profession and succeed. Justify your response.

4a.From the e-Activity, analyze the most significant differences between IFRS and GAAP. Choose one (1) major difference, and propose one (1) solution to eliminate or mitigate potential negative impact on financial reporting that this difference might create.

4b.From the e-Activity, predict the most substantial impact on your company’s balance sheet that IFRS and GAAP convergence could create. Provide support for your rationale.

 Questions is taken from Required Resources

Schroeder, R., Clark, M., & Cathey, J. (2014). Financial accounting theory and analysis: Text and cases. (11th ed.). Hoboken, NJ: John Wiley & Sons.

Please number each answer. The answers will be turned into turnitin.com for plagrisim.

1a.From the first e-Activity, analyze the convergence of IFRS and GAAP as it relates to revenue recognition. Based on your analysis, recommend at least two (2) changes to revenue recognition that would improve financial reporting after the convergence. Justify your response.

1b.From the second e-Activity, analyze the U.S. Security and Exchange Commission’s (SEC’s) position on convergence. Based on your analysis, predict if and when you believe the SEC would mandate the convergence for U.S. companies and the principal way in which U.S. companies might respond to the mandate.

2a.Debate it! Rules-based accounting results in more effective financial reporting than principle-based accounting. Provide a rationale for your response.

2b.Assume that convergence becomes a reality. Predict the governing body that would be in control, and suggest the strategic way in which they will administer accounting standards in the future.

3a.Analyze current major accounting research tools. Based on your analysis, suggest at least two (2) new tools that could improve accounting research. Provide support for your rationale.

3b.Debate it! Higher education is providing students with sufficient skills to enter the accounting profession and succeed. Justify your response.

4a.From the e-Activity, analyze the most significant differences between IFRS and GAAP. Choose one (1) major difference, and propose one (1) solution to eliminate or mitigate potential negative impact on financial reporting that this difference might create.

4b.From the e-Activity, predict the most substantial impact on your company’s balance sheet that IFRS and GAAP convergence could create. Provide support for your rationale.