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ACC 572 Week 2 Assignment 1

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ACC 572 Week 2 Assignment 1: The Impact of the Conceptual Framework of IFRS and GAAP on Convergence Due Week 2 and worth 150 points The globalization of business and finance has led to the use of IFRS in most capital markets around the world. IFRS already significantly impacts U.S. companies because of the use of IFRS by many foreign subsidiaries of U.S. companies. Write a four to five (4-5) page paper in which you: 1. Differentiate the key aspects of the conceptual framework of IFRS and GAAP and the related influence on convergence. 2. Evaluate the advantages of a principles-based and rules-based approach to standard setting. 3. Examine the relative values of a single set of global accounting standards on financial reporting. 4. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: • Analyze the key differences between the GAAP and IFRS conceptual framework. • Assess the differences between a principle-based and rule-based accounting system. • Distinguish between GAAP and IFRS financial statement reporting standards. • Use technology and information resources to research IRFS. • Write clearly and concisely about IFRS using proper writing mechanics. Unacceptable Below 70% F Fair 70-79% C Proficient 80-89% B Exemplary 90-100% A ACC572-A1-1 1. Differentiate the key aspects of the conceptual framework of IFRS and GAAP and the related influence on convergence. Weight: 30% Points Range:0 (0%) – 31.48 (20.99%) Did not submit or incompletely differentiated the key aspects of the conceptual framework of IFRS and GAAP and the related influence on convergence. Points Range:31.5 (21%) – 35.98(23.99%) Partially differentiated the key aspects of the conceptual framework of IFRS and GAAP and the related influence on convergence. Points Range:36 (24%) – 40.48 (26.99%) Satisfactorily differentiated the key aspects of the conceptual framework of IFRS and GAAP and the related influence on convergence. Points Range:40.5 (27%) – 45 (30%) Thoroughly differentiated the key aspects of the conceptual framework of IFRS and GAAP and the related influence on convergence. ACC572-A1-2 2. Evaluate the advantages of a principles-based and rules-based approach to standard setting. Weight: 30% Points Range:0 (0%) – 31.48 (20.99%) Did not submit or incompletely evaluated the advantages of a principles-based and rules-based approach to standard setting. Points Range:31.5 (21%) – 35.98(23.99%) Partially evaluated the advantages of a principles-based and rules-based approach to standard setting. Points Range:36 (24%) – 40.48 (26.99%) Satisfactorily evaluated the advantages of a principles-based and rules-based approach to standard setting. Points Range:40.5 (27%) – 45 (30%) Thoroughly evaluated the advantages of a principles-based and rules-based approach to standard setting. ACC572-A1-3 3. Examine the relative values of a single set of global accounting standards on financial reporting. Weight: 25% Points Range:0 (0%) – 26.24 (17.49%) Did not submit or incompletely examined the relative values of a single set of global accounting standards on financial reporting. Points Range:26.25 (17.5%) – 29.98(19.99%) Partially examined the relative values of a single set of global accounting standards on

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