nstructions In your final project, you will imagine yourself as an accountant at a certified public accountant (CPA) firm. The CPA partners have requested you write a white paper about a few different
ACC 690 Milestone Two Guidelines and Rubric Overview: The final project for this course is the creation of a white paper consisting of a report and spreadsheets. You will be place d in a scenario in which you will take the role of an associate in a certified public accountant (CPA) firm. The CPA partners in the scenario ask you to create a report for the firm’s clients to help address some of the questions they ask. You will address questions from the firm’s clients by assembling the necessary i nform ation in a written report format. Your report should include spreadsheet examples. Topics addressed in the white paper will cover bankruptcy, interim a nd segment reporting, foreign currency transactions, and nonprofit and governmental accounting. Your thr ee milestone assignments for this course consist of drafting shorter reports and supporting spreadsheets, which will prepare you for the completion of your comprehensive white paper . You should use your instructor’s feedback from the milestone submissions to improve your final submission. Prompt: For Milestone Two, draft a short paper and the necessary spreadsheets for Section I , Parts B and C of the final project. Describe interim reporting requirements under generally accepted accounting principles ( GAAP) and international financial reporting standar ds (IFRS), and provide a financial statement example illustrating what the interim report should entail. You will also discuss reporting requirements for business segments and di scuss transparency in finan cial reporting. Specifically, the following critical elements must be addressed: I. Inc orporation: Clients considering structuring their new business as a corporation are aware that there are complex issues to consider when a ccounting for an incorporated entity. The clients often want information about the following key areas: B. What interim reporting requirements would the company have as a corporation? 1. Describe the guidance related to interim financial reporting under generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). 2. Generate a hypothetical financial statement illustrating what that interim reporting entails. Ensure all information is entered accurately. 3. Determine if the interim reporting requirements are the same under GAAP and IFRS . Provide example with academic support in your response. C. Clients have heard that they may have to report some of their business segments separat ely if they opt to incorporate. 1. Appraise one of the processes used to identify which segments would have to be reported separately . Provide example with academic support in your res ponse. 2. How is this process effective in supporting transparency in financial reporting ? Defend your response with academic support. 3. Provide suggestions to improve this process in an effort to sustain transparency . Defend your rationale with academic support. Rubric Guidelines for Submission: Your paper must be submitted as a 2 - to 3 -page Word document (excluding the title page, reference page, and spreadsheet addendums). Use double spacing, 12 -point Times New Roman font, one -inch margins, and at least two academic sources (in addition to your textbook) cited in APA format. Your accompanying spreadsheets must be submitted as Microsoft Excel files. Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Incorporation: Interim Reporting Describes the interim reporting requirements the company would have as a corporation and the guidance related to interim financial statements under GAAP and IFRS Describes the interim reporting requirements the company would have as a corporation but does not describe the guidance related to interim financial statements under GAAP and IFRS, or description is cursory or has inaccuracies Does not describe the interi m reporting requirements 15 Incorporation: Financial Statement Correctly generates a hypothetical financial statement illustrating what the interim reporting entails Generates a hypothetical financial statement illustrating what the interim reporting entails, but there are inaccuracies Does not generate a hypothetical financial statement 15 Incorporation: GAAP and IFRS Determines if the interim reporting requirement s are the same under GAAP and IFRS and provides an academic example to support response Determines if the interim reporting requirements are the same under GAAP and IFRS but does not provide an academic example, or example provided does not support respon se Does not determine if the interim reporting requirements are the same under GAAP and IFRS 15 Incorporation: Segments Reported Separately Appraises one of the processes used to identify which segments would have to be reported separately and provides academic example to support response Appraises one of the processes used to identify which segments would have to be reported separately but d oes not provide academic example to support response, or appraisal is cursory or has inaccuracies Does not appraise one of the processes 15 Incorporation:Transparency in Financial Reporting Evaluates the effectiveness of the process in supporting trans parency in financial reporting and academically defends response Evaluates the effectiveness of the process in supporting transparency in financial reporting but does not defend response, or defense is weak or illogical Does not evaluate the effectiveness of the process in supporting transparency in financial reporting 15 Incorporation: Suggestions to Improve Transparency Provides suggestions to improve the process for transparency and academically defends rationale Provides suggestions to improve the process but does not defend rationale, or defense is weak or illogical Does not provide suggestions to improve the process 15 Articulation of Response Submission has no major errors related to citations, grammar, spel ling, 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 10 Total 100%
