Need to have a report done based on the attached information. This report will be 5 pages that are single spaced with APA re
Need to have a report done based on the attached information. This report will be 5 pages that are single spaced with APA references. Please see the attached for details. Thanks
IASB US GAAP Report:
Project Name: IASB research Disclosure Requirements in IFRS Standards.
https://www.ifrs.org/projects/work-plan/standards-level-review-of-disclosures/#current-stage
"The mission of the International Accounting Standards Board is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS) based upon clearly articulated principles.”
"The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting reporting for the guidance and education of the public, including issuers, auditors, and users of financial information." The FASB, as the standard setter for Generally Accepted Accounting Principles (GAAP), considers international comparability when developing standards. ( http://www.fasb.org )
Project Objective
Describe the history, current status, and adoption implications of an International Accounting Standards Board (IASB) ongoing project ( IASB research Disclosure Requirements in IFRS Standards) or implementation. Include comments on activities at the Financial Accounting Standards Board (FASB)
Requirements
The IASB has several ongoing projects that involve the review of standards, and which may result in updates and/or revisions of financial accounting standards. The selected ongoing IASB project is: IASB research Disclosure Requirements in IFRS Standards
In a five page report (single Spaced), you should describe the project, its history (briefly), and the project's status. The final section of your report should describe the implications of the project's adoption. For example, a report might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures. Submit research tracker (attached add to it as needed) with the final report. The final report will include an annotated bibliography (separate).
Specifically:
· Familiarize yourself with the IASB project, including information on the history and background of the project and its status.
· Using resources at www.ifrs.org and www.fasb.org (including free access to U.S. GAAP codification if you register at the Web site as explained), identify the relevant international, GAAP and current standards involved. Discuss the proposed change (i.e., what will be different?) and the reasons for the change if related to IASB.
· Using at least three different databases in the UMUC library, find at least five sources of information on this IASB US GAAP report. As you conduct research, identify an actual case that may have provided the impetus for this proposed change, or that would have been influenced by the proposed change. At least two sources should be from scholarly or professional journals. Document your research progress in the research log. You will find a research log template (sample research tracker) posted in Course Content. You should explore UMUC Library resources as well as the resources of major accounting firms and organizations.
· Consider SEC comments in place on changes to use of IFRS. How prevalent is IFRS in SEC reporting? How will this affect reporting requirements? Provide examples in context.
· Frequently the large Accounting Firms have extensive analyses of IFRS and FASB topics. It is strongly recommended to become familiar with these websites. Occasionally they will also offer free webinars on IFRS and FASB topics.
· Prepare an annotated bibliography. See Course Content for more information and a sample annotated bibliography.
· Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).
Deliverables
Write a five-page report (APA format, single spaced, standard paper size, one-inch margins, and 12-pointfont) presenting the results of your work. Submit your report, research log (tracker), and annotated bibliography. Cover pages, abstract/ executive summary, table of content if you chose to include or bibliography / reference lists do not count toward page count.
Quoted material will not be in included in page count. Small charts that you create will be included in page count.
Format
Draft Research Tracker
|
# |
Date |
Question Pursuing, Information Sought, Rationale for Search |
Tool or Source Used |
Concepts or Keywords, Terms, Phrases |
Search Strategy |
Results |
Decision, Action, Next Step |
|
1 |
6th February |
IASB background information |
|
IASB |
|
Gathered general information concerning the IASB |
The information was insufficient hence the need to look for more resources |
|
2 |
6th February |
More information on IASB |
|
IASB Structure |
|
Googled about the structure of IASB and when it was formed |
I obtained structural information of the IASB and I will now focus on the exposure draft. |
|
3 |
6th February |
Meaning of exposure drafts |
|
Exposure drafts |
Keyword search |
Found the general meaning of exposure drafts and their roles on accounting standards |
I will focus on the IFRS standards and use relevant resources to ascertain the current accounting standards |
|
4 |
6th February |
IFRS standards |
Used Google Scholar |
IFRS standards |
Keyword search |
Established many articles with unorganized information |
I shall use specific keywords to enhance my research |
|
5 |
6th February |
Tried magazines and news articles |
|
IFRS accounting standards |
Keyword search |
I found various articles with general information |
I will try other specific words like current IFRS standards. |
|
6 |
6th February |
Current IFRS accounting standards |
Used Google |
Googled the current IFRS accounting standards |
Keyword search |
Found various scholarly articles on the current IFRS accounting standards |
Make notes from the articles and print for better review. |
|
7 |
6th February |
|
Used Google |
Looked for proposed new approach on the IFRS requirements |
Keyword search |
Found good articles such as accounting standards updates and IASB proposed changes in IFRS requirements. |
Will download and print the articles |
|
8 |
6th February |
Try to find some websites concerning the IFRS standards |
Used Google |
Basic search |
Found the IFRS website https://www.ifrs.org |
Examine the website and make notes |
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