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1. UOP ACC 421 Week 1 US GAAP Versus IFRS NEW
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Write a 1,050- to 1,400-word paper that addresses
the following scenario and questions:
Your aunt recently received the annual report for
a company in which she has invested. The report
notes that the statements have been prepared in
accordance with “generally accepted accounting
principles.” She has also heard that certain terms
have special meanings in accounting relative to
everyday use. She would like you to explain the
meaning of terms she has come across related to

2. accounting.
Go to the FASB website and access the FASB
Concepts Statements and use the IASB website to
respond to the following items. (Provide
paragraph citations.) When you have accessed the
documents, you can use the search tool in your
Internet browser.
Explain how “materiality” is defined by both FASB
and IASB.
The concepts statements provide several
examples in which specific quantitative
materiality guidelines are provided to firms.
Identity at least two of these examples. Do you
think the materiality guidelines should be
quantified? Why
or why not?
The concepts statements discuss the concept of
“articulation” between financial statement
elements. Briefly summarize the meaning of this
term and how it relates to an entity's financial
statements.
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