principles of accounting homework

Instructions:

Write a 700- to 1,050-word INDIVIDUAL paper,  summarizing  your Learning Team's discussion regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your Individual paper based on the Learning Team's discussion should include the answers to the following:

1. 1. IFRS 2-1 and 3   In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP? [Kimmel, Weygandt, & Kieso, (2013), Ch 2-L O 8, p.95- 98)]  What terms commonly used under IFRS are synonymous with common stock and balance sheet? [Kimmel, Weygandt, & Kieso, (2013), Ch 2-L O 8, p.95- 98)]
   2. IFRS2-2  Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain what each system is based on, and who are their users. [Kimmel, Weygandt, & Kieso, (2013), Ch 1 LO 7, p 43-45; and Ch 2-L O 8, p.95- 98)]
   3. IFRS 3-1 Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS. [Kimmel, Weygandt, & Kieso, (2013), Ch 3-L O 10, p.159- 161)]
   4. IFRS4-1 (p. 226) Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. [Kimmel, Weygandt, & Kieso, (2013), Ch 4- L O 11, p.225- 227)] 
   5. IFRS4-2 (p. 225) 5-1 (p. 279)  Explain the definitions of revenues and expenses, including gains and losses, [[Kimmel, Weygandt, & Kieso, (2013), Ch 4-LO 11, p.225- 227)] and expense classifications, under IFRS and GAAP [[Kimmel, Weygandt, & Kieso, (2013), Ch 5- LO 9, p.279-290)]   
   6. IFRS 7-1: IFRS7-1Some people argue that the internal control requirements of the Sarbanes-Oxley Act  (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.  [Kimmel, Weygandt, & Kieso, (2013), Ch 7-L O 10, p.394- 395)] 

    

Format your paper consistent with APA guidelines.

Use your Financial Accounting text and at least two additional scholarly-reviewed references.

Click the Assignment Files tab to submit your assignment. 

Guidance for WEEK 5 IFRS Individual Paper. 

Please use the provided Rubric for guidance in writing your Individual papers. The Content topics should be your essay’s outline. 

A rubric is provided as a transparent grading method designed to minimize (not eliminate) the subjective elements in the grading process. Each Rubric has four parts:

 1. The content topics (70%)

Sub-topics addressing the content requirements reflect the Team Discussion objectives for weeks 2-4; and should be used as your paper's outline.

 2. The organization, (15%)        

 3. The Mechanics (15%)   

Each expected requirement is clearly stated within those parts; and a point value is attached to each item. Students will earn the stated points when they meet the listed requirements.  The points add up to 100% of the grade points allocated to the assignment on the syllabus.   

Avoid Plagiarism

Anything that is not common knowledge requires a citation. Use the Citation Generator to help with the in-text-citations formats.  Paraphrase your sources. Minimize direct quotes.

1.      If the source has two authors, always include both names in each citation in the text.

2.      When a work has three to five authors, include all author names in the first citation (Kimmel, Weygandt, & Kieso, 2013), just the name of the first followed by "et al." in all others (Kimmel, et al. 2013) .

3.      In the case of six or more authors, even in the first reference, include just the name of the first author followed by "et al."

Academic Sources:

The majority of your research must come from peer-reviewed academic journals, such as those in the University Library, or the additional readings on the course materials page for our course.

University Policies state:

Internet searches often lead to nonacademic information resources, such as Wikipedia.org, Ask.com, Encarta.msn.com, Infoplease.com, etc. These sources are not to be used as they are not academic in nature.  The student/learner is responsible for the accuracy of any facts presented in assignments. It is important to carefully analyze all sources used in academic works to ensure the information is accurate and appropriate for the assignment. Academic Policies & Procedures, v.7, 12/7/11

Word Count:

If you cover all the required subtopics on a rubric in clear and concise well paraphrased and cited paragraphs, I will not penalize you for going over the word count by 5%.  

But if you word count is too low, or if your writing has empty words and you miss the stated sub-topics, or repeat yourselves just to meet the word count, you will lose points.