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 serio usly considering expanding their operation overseas. They are concerned about the political and financial risks of such an undertak ing. You will build a multimedia presentation (utilizing audio, if possible, with speaker notes to elaborate) that addresses the u pper 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 imp act 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 Internation al 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 co mpany, 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 th eir 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 i n 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, h ow 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 cr eated? 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 in formation, 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 repor ting 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 t he 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 fi rms 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 prese nted 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 orga nization 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%