ACC541 week 1-6 Assignments

ACC541 Week 1 Individual Assignment Accounting Standards Boards Paper

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project.

Write a 1,050- to 1,400-word paper describing the relationship between the IASB and the FASB. Include the following in your paper:

A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements

An explanation of how the MSA program prepares the student for a professional life within the accounting vocation

Format your paper consistent with APA guidelines, including appropriate citations and references.

ACC541 Week 2 Individual Assignment

Client Understanding

As a newly hired Staff I, you are responsible for analyzing the work papers for one of the clients of your organization. Your client is not clear about why you are asking for information on the following topics:

·         Adjusting lower cost of market inventory on valuation

·         Capitalizing interest on building construction

·         Recording gain or loss on asset disposal

·         Adjusting goodwill for impairment

Write a 1,050- to 1,400-word response that addresses your client’s questions.

Format your paper consistent with APA guidelines, including appropriate citations and references.

ACC541 Week 3 Response to Client Request I

While working on a consulting engagement, a supervisor in your team has given you an assignment. The client is a regional trucking company. A new customer has approached the client with an opportunity that would require 120 trailers—20 more than the trucking company currently owns. The client is uncertain how long the relationship with the customer may last, but the deal has the potential for significant growth.

Your supervisor has asked you to research leases and lease structure issues on the Financial Accounting Standards Board (FASB) website, in particular the current practice and thought related to direct financing, sales type, and operating leases.

Write a 700- to 1,050-word memo addressed to your supervisor that summarizes your FASB research results. Keep the memo brief while exploring the issues. Remember that both the client and the supervisor have limited time, and you want to make a good impression. Recommend an approach that the client can use to evaluate and capitalize on this opportunity.

Format your paper consistent with APA guidelines, including appropriate citations and references.

ACC541 Week 4 Learning Team Assignment Response to Client Request II

Your client is being sued. You have asked the client’s lawyer about the possibility of losing the lawsuit. The client, meanwhile, has asked you to describe what would happen to his or her financial statements. The client has also informed you that by losing the lawsuit, he or she anticipates losing the mortgage and has started talking to a mortgage lender. The client wants to know if part of the debt is forgiven, or if the mortgage is rewritten, or if the mortgage will be rewritten if he or she files Chapter 11.

The lawsuit also involves a patent held by the company. The company had acquired a hedge contract against the impairment of the patent. Aside from the recovery of the hedge, the client wants to know how the impairment of the patent will be reflected on the financial statements in the event of losing a lawsuit.

Conduct research in FASB individually to answer your client’s questions.

Write a 700- to 1,050-word memo as a team that is brief but fully explores the issues. Include the following in your memo:

Report requirements for contingencies and describe what would happen to the financial statements if the client loses the lawsuit.

Describe whether the client’s debt is forgiven if the mortgage is rewritten, or if their mortgage will be written if they file Chapter 11. How will the reporting on the financial statement be determined?

Describe how the impairment of the patent will be reflected on the financial statements in the event of losing a lawsuit.

Format your paper consistent with APA guidelines, including appropriate citations and references.

ACC541 Week 5 Individual Assignment Reporting Paper

You are a controller in a midsized manufacturing company that has acquired 100% of another company. The acquired company includes two segments and two different pension plans. Both of these reporting issues are new to your CEO, and your CEO wants to eliminate the segments.

Write a 700- to 1,050-word executive memo that explains the required reporting for defined contribution, defined benefit, and other postretirement plans. Also include an explanation of what must happen for the two segments to be eliminated. (You do not need to know details about the segments to answer this.)

Format your paper consistent with APA guidelines, including appropriate citations and references.

ACC541 Week 6 Learning Team Assignment Auditing a Publicly Traded Company

As a Staff I assigned to the audit of a publicly traded company, your senior has asked you to evaluate both share-based payment reporting and special purpose entities (SPE) reporting for the company.

Research share-based payment reporting and SPE reporting individually.

Write a 700- to 1,050-word executive memo as a team that includes a description of what you will look for to see if the client is consistent with the generally accepted accounting principles (GAAP). Pay particular attention to accounting treatment of share-based payment and accounting consolidation theory as it relates to special purpose entities. Keep the memo as brief as possible while fully exploring the issues.

Format your paper consistent with APA guidelines, including appropriate citations and references.