Accounting

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ACCU 401 Advanced Accounting

Assignments

Team Project – US and Foreign Company FASB-IASB Convergence Paper

Assigned Week 3 – Due Midnight on Sunday Week 6

150 Points – Five to six-page paper

In this paper, students will review the most recent annual reports of a non-U.S. company and a U.S. company.

Select two companies that operate in the same industry.

Required

1. Identify at least three different financial statement disclosures on each annual report that are included in the FASB-IASB convergence project. This is a total of six different topic disclosures.

2. Explain and cite the disclosures made by the companies and include the annual report page numbers. 3. Research the FASB and IFRS accounting pronouncements and find the specific ones that support each of

the disclosures in the company financial reports.

4. For each of the six FASB and IFRS disclosure, summarize the complementary position taken by FASB or IASB and discuss how the accounting standards differ in the accounting treatment for that disclosure topic.

Stick to the key points. Please include the pronouncement number.

Additional Information

1. It is recommended that students review chapter 11 Exhibit 11.6 “Use of IFRS in Preparing Consolidated Financial Statements June 2012” on page 528, which lists countries in which IFRS is required or permitted;

and Exhibit 11.8: “Some Key Differences Between IFRS and U.S. GAAP” on page 537.

2. The university has provided students with access to the FASB ASC “Professional View” website service. Please see the link provided in Course Information.

3. The FASB and IASB website addresses are include in the Course Syllabus Bibliography.

Please ensure that your paper includes original exposition and interpretation of your research and is not just a series

of citations that were “cut and pasted” from your research sources.

Please ensure that your paper conforms to APA standards and includes citations for all sources used. Your paper

will have a cover page and references page. The body of your paper will include an introduction paragraph, several

analyses paragraphs, a conclusion paragraph, and a references page.

You must upload your file to Blackboard under Week6 Assignments. Go to the Assignment, scroll down to “Attach

Local File” and click Browse to select YOUR file, then hit SUBMIT. Please also attach the Form 10K you used to

write your paper.

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Evaluation Criteria for: Papers

Team Project – US and

Foreign Company

FASB-IASB

Convergence Paper -

150 Points

EXEMPLARY PROFICIENT DEVELOPING EMERGING

150 Points 135 Points 120 Points 105 Points

Introduction (10%)

Provides an interesting

introduction to the

work. Clearly states

the purpose of the

work and previews

major points of

analysis.

Provides a mostly

clear introduction to

the work but does not

preview major points

of analysis.

Provides a general

introduction to the

work but does not

preview major

points of analysis.

Provides no clear

direction or purpose

for the work.

Analysis (50%)

Clearly and fully states

the questions or issues

and responds directly

and clearly using

research findings.

Connects to concepts

presented in the

textbook.

Generally, states the

questions or issues

and responds with

answers that are

mostly correct but

that lack specificity.

Some responses are

connected to concepts

presented in the

textbook.

Generally, states

the questions or

issues and responds

with answers that

are partially correct

or incomplete.

Some responses are

connected to

concepts presented

in the textbook.

Does not respond

substantively to the

questions or does not

respond to the

assignment

requirements. No

connection is made to

concepts presented in

the textbook.

Conclusion (20%)

Connects to the

introduction in an

interesting way. Is

short and encompasses

all of the main points

in the paper.

Somewhat connects

with the introduction

and the analysis

sections of the paper.

The conclusion

recaps the paper's

main theme but

omits major points.

Does not connect with

the introduction and

analysis sections of

the paper.

Grammar, Speech

Patterns, Punctuation,

and APA (20%)

Clearly uses proper

grammar, APA for in

text citations and for

all references. The

paper is interesting and

easy to

read.

Has no more than two

errors in APA,

grammar and or

punctuation.

Has no more than

three errors in

APA, grammar and

or punctuation.

Has four or more

errors in APA,

grammar and or

punctuation.