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| | Week 5 Individual IFRS v. GAAP comparison Collaborative paper |
| | FOLLOW THIS RUBRIC (GRADING TOOL)
Week 5 Individual IFRS v. GAAP comparison Collaborative paper |
| | Score & | Possible | Points |
| | Comments | Points | Missed | Comments |
| | Content requirements (70%) |
| | Writers Address and/or analyze |
| 1 | 1. IFRS2-1 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)] | 0.6000 |
| 2 | 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)] | 0.6000 |
| 3 | 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)] | 0.5500 |
| 4 | 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)] | 0.5500 |
| 5 | 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)] | 0.5500 |
| 6 | 6. 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)] | 0.5500 |
| 7 | Write a 700- to 1,050 word article analysis | 0.1000 |
| 11 | Content requirements Total Points | 3.5000 | - 0 |
| | Content requirements Score | | 3.5000 |
| | Organization (15%) |
| 1 | 1. The tone is appropriate to the content and assignment. | 0.18750 |
| 2 | 2. The introduction provides a sufficient background on the topic and previews major points. | 0.18750 |
| 3 | 3. Paragraph transitions are present, logical, and maintain the flow throughout the paper. | 0.18750 |
| 4 | 4. The conclusion is logical, flows from the body of the paper, and reviews the major points. | 0.18750 |
| 4 | Organization Total Points | 0.75000 | - 0 |
| | Organization Score | | 0.75000 |
| | Mechanics (15%) |
| 1 | 1. The paper—including tables and graphs, headings, title page, and reference page— is consistent with APA formatting guidelines and meets course-level requirements. | 0.18750 |
| 2 | 2. Intellectual property is recognized with in-text citations and a reference page. | 0.18750 |
| 3 | 3. Rules of spelling, grammar, usage, and punctuation are followed. | 0.18750 |
| 4 | 4. Sentences are complete, clear, concise, and varied. | 0.18750 |
| 4 | Mechanics Total Points | 0.75000 | - 0 |
| 6 | Mechanics Style Score | | 0.75000 |
| | Total Points | 5.00000 | - 0 |
| | Total Score | | 5.00000 |
| | Late Penalty 10%/Day | - 0 | 5.00000 |
| | Final Score | 100% |
| | Follow the attached Rubric for guidance. |
| | Write a 700- to 1,050-word summary of your 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 discussion should include the answers to the following: |
| | 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. |
Homework1
week5rubric-290-individualifrsgaap.xls
