IFRS VS US GAAP Intermediate Accounting 2

Performance

Levels

Dimensions & (CLO/SLO Addressed)

Exemplary (4)

Accomplished (3)

Developing (2)

Beginning (1)

Score

Dimension 1: Part 1 – General Rule or Principle

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Included at least one general rule or standard from each of the chapters covered in the course as required. (8 chapters:

Included at least one general rule or standard from most of the chapters covered in the course as required. (7 chapters)

Included at least one general rule or standard from some of the chapters covered in the course as required. (5 chapters)

Does not include a substantial number of the standards covered in the course as required (5 or fewer chapters)

/5

Dimension 2: Part 1 – Summary of Requirements

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Detailed, clearly, and succinctly describes requirements of the standards under U.S. GAAP.

Describes basic requirements of the standards under U.S. GAAP.

Describes elements that are not critical or relevant to the requirements of the standards under U.S. GAAP.

Does not address the requirements of the standards under U.S. GAAP.

/10

Dimension 3: Part 1 – Differences

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Detailed, clearly, and succinctly lists all significant differences between U.S. GAAP and IFRS including conceptual, calculation, disclosure, etc. differences.

Lists basic differences between U.S. GAAP and IFRS

Lists elements that are not critical or differences between U.S. GAAP and IFRS

Does not address the differences between U.S. GAAP and IFRS

/10

Dimension 4: Part 2 – Name of Standard

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Clearly and succinctly includes four (4) elements: (1) name the US GAAP standard, (2) include ASC number, (3) name the appropriate related IFRS standard, (4) include IFRS standard number

Includes three of the required elements: (1) name the US GAAP standard, (2) include ASC number, (3) name the appropriate related IFRS standard, (4) include IFRS standard number

Includes two of the required elements: (1) name the US GAAP standard, (2) include ASC number, (3) name the appropriate related IFRS standard, (4) include IFRS standard number

Includes one or fewer of the required elements: (1) name the US GAAP standard, (2) include ASC number, (3) name the appropriate related IFRS standard, (4) include IFRS standard number

/5

Dimension 5: Part 2 – Summary of US GAAP Standard

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Detailed, clearly, and succinctly describes significant elements of the standard under U.S. GAAP

Describes basic elements of the standard under U.S. GAAP

Describes elements of the standard that are not critical under U.S. GAAP

Does not address the differences between the U.S. GAAP standard and IFRS

/10

Dimension 6: Part 2 – Similarities to IFRS

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Detailed, clearly, and succinctly describes significant similarities of the U.S GAAP standard to IFRS

Describes basic similarities of the U.S GAAP standard to IFRS

Describes similarities of the U.S GAAP standard to IFRS that are not critical

Does not address the similarities of the U.S. GAAP standard and IFRS

/10

Dimension 7: Part 2 – Differences from IFRS

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Detailed, clearly, and succinctly describes significant differences between U.S GAAP standard and IFRS

Describes basic differences between the U.S GAAP standard and IFRS

Describes differences between the U.S GAAP standard and IFRS that are not critical

Does not address the differences between the U.S. GAAP standard and IFRS

/10

Dimension 8: Part 2 – Conceptual Framework

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Detailed, clearly, and succinctly describes the significant relationships between the U.S GAAP standard and the Conceptual Framework

Describes basic relationships between the U.S GAAP standard and the Conceptual Framework

Describes relationships between the U.S GAAP standard and the Conceptual Framework that are not critical

Does not address the relationships between the U.S. GAAP standard and the Conceptual Framework

/5

Dimension 9: Part 2 – Plan for Convergence

CLO – 3.1, 3.2

SLO – 3.2, 4.2

USO – AP,GM,ES

Detailed, clearly, and succinctly describes the plan for and obstacles to convergence.

Include thorough rationale for remaining differences after convergence

Describes basic

plan for and obstacles to convergence.

Include some rationale for remaining differences after convergence

Limited or underdeveloped description of plan for and obstacles to convergence.

Include limited and underdeveloped rationale for remaining differences after convergence

Does not address plan for or obstacles to convergence.

Does not include rationale for remaining differences after convergence

/10

Total

/75