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1. ACC 572 Strayer University Assignments
and Discussions
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1. ACC 572Week 1 Discussion
Conceptual Framework
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Discussion-Conceptual-Framework-
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Please respond to the following:

2.  From the first e-Activity, examine the benefits of the current first phase of the
conceptual framework in establishing a principles based framework for more
consistent and useful financial reporting.
 As CFO of a U.S. company, create a plan to mitigate risk and reduce potential
litigation under a principles-based accounting framework.
Week 1 eActivities
 Go to the Compliance Week Website to read the article titled “ FASB, IASB
Finalize Chapter of New Conceptual Framework”, dated September 29, 2010,
located athttp://www.complianceweek.com/fasb-iasb-finalize-chapter -of-new-
conceptual-framework/article/189601/. Be prepared to discuss.
 Go to the Journal of Accountancy Website to read the article titled “AICPA to
IASB: Completion of Conceptual Framework Is Key,” dated December 1,
2011, located athttp://www.journalofaccountancy.com/Web/20114841. Be
prepared to discuss.
 Go to Chief Financial Officer Magazine’s Website to read the article titled
“GAAP’s Lawsuit Buffer”, dated May 12, 2010, located
athttp://www.cfo.com/article.cfm/14496423. Be prepared to discuss.

3. 2. ACC 572Week 2Assignment 1
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Assignment-1-The-Impact-of-the-Conceptual-Fr-22268
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:

4. 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.

5. 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.

6. 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%)

7. Partially examined the relative values of a single set of global accounting
standards on financial reporting. Points Range:30 (20%) – 33.74
(22.49%)
Satisfactorily examined the relative values of a single set of global accounting
standards on financial reporting. Points Range:33.75 (22.5%) –
37.5(25%)
Thoroughly examined the relative values of a single set of global accounting
standards on financial reporting.
ACC572-A1-4
4. Three (3) references. Weight: 5% Points Range:0 (0%) – 5.24 (3.49%)
No references provided.Points Range:5.25 (3.5%) – 5.98 (3.99%)
Does not meet the required number of references; some or all references poor
quality choices. Points Range:6 (4%) – 6.74 (4.49%)
Meets number of required references; all references high quality
choices. Points Range:6.75 (4.5%) – 7.5 (5%)
Exceeds number of required references; all references high quality choices.
ACC572-A1-5

8. 5. Clarity, writing mechanics, and formatting requirements. Weight: 10% Points
Range:0 (0%) – 10.48 (6.99%)
More than 6 errors present Points Range:10.5 (7%) – 11.98 (7.99%)
5-6 errors present Points Range:12 (8%) – 13.48 (8.99%)
3-4 errors present Points Range:13.5 (9%) – 15 (10%)
0-2 errors present
3. ACC 572Week 2 DiscussionA++
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Discussion-Other-Comprehensive-Income-
Pleas-22267
Other Comprehensive Income” Please responds to the following:
 From the first e-Activity, assess the effect of the enhanced distinction of other
comprehensive income and total comprehensive income on financial statement
users and companies.

9.  Assess the validity of the arguments against the use of the direct method by the
accounting profession. Justify your position.
Week 2 eActivities
 Go to Journal of Accountancy Website to read the article titled “FASB, IASB
Align Presentation of Other Comprehensive Income”, dated June 17, 2011,
located athttp://www.journalofaccountancy.com/Web/20114267.htm. Be
prepared to discuss.
 Go to the AICPA Website using the link below and review the video “IFRS
Webcast Highlight: Excerpt from 4th Quarter IFRS Webcast: Panelists discuss
FASB/IASB proposed changes to the statement of cash flows” (4 min 51 s),
located athttp://www.ifrs.com/video.html. Be prepared to discuss.
4. ACC 572Week 3 Discussion
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Discussion-LIFO-Inventories-Please-
respond-22634
LIFO Inventories” Please respond to the following:

10. • From the first e-Activity, identify and evaluate the potential financial
consequences under IFRS for U.S. companies valuing inventory using LIFO
for financial and tax reporting purposes.
• From the second e-Activity, analyze and discuss the impact of IFRS
13, Fair Value Measurement, on the revaluation of property, plant, and
equipment.
5. ACC 572Week 4 Discussion
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Discussion-Disclosures-in-Intercompany-Inve-22639
“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.

11. 6. ACC 572Week 4Assignment 2
Submission
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If you are using the Blackboard Mobile Learn IOS App, please click “View in
Browser.”
Click the link above to submit your assignment.
Students, please view the “Submit a Clickable Rubric Assignment” in the
Student Center.
Instructors, training on how to grade is within the Instructor Center.
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

12. 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

13. 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.
7. ACC 572Week 5 Discussion
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Discussion-Consolidated-Financial-Statement-22645
“Consolidated Financial Statements” Please respond to the following:

14. • From the first e-Activity, examine the differences for consolidated
financial statements under IFRS and GAAP and predict the potential
consequences these differences can have on investment entities.
• Analyze and discuss the impact of IFRS on fair value accounting for
investment entities.