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ACC 572 Week 4 Discussion and Assignment 2

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ACC 572 Week 4 Discussion “Disclosures in Intercompany Investments” Please respond to the following: • From the first e-Activity, compare the objectives and disclosure requirements of IFRS 11, IAS 28 and current GAAP requirements for investments in subsidiaries. Give your opinion on the usefulness of the significant judgments and assumptions used by a company in whether it has control or influence. • Assume you are the CPA for a multinational company involved in several joint arrangements. Identify the areas you would review and the actions you would take in preparation for the change from IAS 31 to IFRS 11. ACC 572 Week 4 Assignment 2 IFRS Financial Reporting and Accounting Principles The company for which you work has established international satellites over the past 5 years. Its top management has been considering how to approach the accounting requirements to optimize the attractiveness of the company to future investors. It is your job to determine the accounting system that will potentially attract the most investors. Write a four to five (4-5) page paper in which you: 1. Analyze three key differences in GAAP and IFRS financial statement presentation and suggest how convergence can improve presentation. 2. Evaluate the reporting requirements for comprehensive income under GAAP and IFRS and the effect of reporting requirements on clarity for financial reporting. 3. Distinguish between the treatment of inventory valuation for IFRS and GAAP and speculate the potential impact on U.S. corporations. 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.

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