Phyllis Young milestone 2

ACC 680 Milestone Two Guidelines and Rubric

In Module Five, you will prepare a draft of the presentation that covers the topic of accounting standards. Your work should review the different reporting requirements for GAAP and IFRS. From there, you’ll make a decision about which reporting standard is best for your company as well as which disclosure standards would be most appropriate. You will assess the convergence of GAAP and IFRS, including an explanation of the harmonization role provided by IASB. Finally, you will provide an analysis on how IASB impacts your company. For this project, consider this scenario: you have worked very hard and have just earned a promotion at Quality CPA firm. As part of your new responsibilities, you will be advising an influential client on their international aspirations. Their business has been booming and they are seriously considering expanding their operation overseas. They are concerned about the political and financial risks of such an undertaking. You will build a multimedia presentation (utilizing audio, if possible, with speaker notes to elaborate) that addresses the upper management of this company. You will choose a country other than the United States. This country will be presented as a potential destination for the company, although other countries can be included, as the global market is the focus. The presentation must explore the company’s potential expansion into the chosen country, the global market in general, and how that will impact their operations. Specifically, the following critical elements must be addressed:

I. Accounting Standards: For this part of the assessment, explain to your audience the differences between Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) and the implications in converging with IFRS.

A. Differentiate between the reporting requirements for GAAP and IFRS. B. Given these differences, determine which reporting standard(s) would be most appropriate for your company, given their desire to expand

globally and why they would be appropriate. C. Distinguish the disclosure requirements for GAAP and IFRS. D. Given these differences, determine which disclosure standard(s) would be most appropriate for your company given their desire to expand

globally, and explain why they would be appropriate. E. Assess the impact that the convergence of GAAP and IFRS will have on investors of companies in the United States and in the global market. F. Assess the impact that the convergence of GAAP and IFRS will have on firms similar to your company. In other words, how will its effect on

investors and the global market affect the company? G. Explain the role of International Accounting Standards Board (IASB) in harmonization. How is the board created? In other words, how does this

support convergence? 1. What are your thoughts on how this may or may not impact your company?

Rubric Guidelines for Submission: Your multimedia presentation should include 10—15 slides, which must be accompanied by speaker notes and may contain audio if you wish. Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information, review these instructions. Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value

Accounting Standards: Reporting

Meets “Proficient” criteria and demonstrates a nuanced understanding of the differences between reporting requirements in GAAP and IFRS

Distinguishes between the reporting requirements for GAAP and IFRS

Distinguishes between the reporting requirements for GAAP and IFRS but differentiation is inaccurate or lacks detail

Does not distinguish between the reporting requirements for GAAP and IFRS

13.5

Accounting Standards: Reporting Standard(s)

Meets “Proficient” criteria and provides keen insight into which standards would be most appropriate for the company in the given scenario

Determines which reporting standards would be most appropriate for the company in the given scenario

Determines which reporting standards would be most appropriate for the company in the given scenario but determination lacks depth or detail

Does not determine which reporting standards would be most appropriate for the company in the given scenario

13.5

Accounting Standards: Disclosure

Meets “Proficient” criteria and demonstrates a nuanced understanding of the differences between disclosure requirements in GAAP and IFRS

Distinguishes between the disclosure requirements for GAAP and IFRS

Distinguishes between the disclosure requirements for GAAP and IFRS but differentiation is inaccurate or lacks detail

Does not distinguish between the disclosure requirements for GAAP and IFRS

13.5

Accounting Standards: Disclosure Standard(s)

Meets “Proficient” criteria and provides keen insight in which standards would be most appropriate for the company in the given scenario

Determines which disclosure standards would be most appropriate for the company in the given scenario

Determines which disclosure standards would be most appropriate for the company in the given scenario but determination lacks depth or detail

Does not determine which disclosure standards would be most appropriate for the company in the given scenario

13.5

Accounting Standards: Investors

Meets “Proficient” criteria and provides keen insight into impact of convergence of GAAP and IFRS on investors in the United States and in the global market

Assesses the impact that convergence of GAAP and IFRS will have on investors in the United States and in the global market

Assesses the impact that convergence of GAAP and IFRS will have on investors in the United States and in the global market but assessment is cursory

Does not assess the impact that convergence of GAAP and IFRS will have on investors in the United States and in the global market

13.5

Accounting Standards: Firms

Meets “Proficient” criteria and makes connections between how the impact of convergence on investors and the global market will also inform the impact of convergence on firms similar to the company in the scenario

Assesses the impact that convergence of GAAP and IFRS will have on firms similar to the company in the scenario

Assesses the impact that convergence of GAAP and IFRS will have on firms similar to the company in the scenario but assessment is cursory

Does not assess the impact that convergence of GAAP and IFRS will have on firms similar to the company in the scenario

13.5

Accounting Standards: Harmonization

Meets “Proficient” criteria and offers opinions on how IASB and harmonization may or may not impact the company in the scenario

Explains the role of IASB in harmonization

Explains the role of IASB in harmonization but explanation lacks depth or detail

Does not explain the role of IASB in harmonization

13.5

Articulation of Response

Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

5.5

Total 100%