What role does the American Institute of Certified Public Accountants (AICPA) play in your accounting career as a student and when you join the profession?
What role does the American Institute of Certified Public Accountants (AICPA) play in your accounting career as a student and when you join the profession?
What role does the AICPA have in setting standards in the industry?
How might you use AICPA and Generally Accepted Accounting Principles (GAAP) for guidance in your profession?
DQ2 FASB and the AICPA [WLOs: 1, 2, 3, 5] [CLOs: 1, 2]
Prior to beginning work on this discussion, review the following:
Chapters 1 and 2 in the textbook
Write: Make sure your response addressing the following questions is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
In your post, discuss the following:
How would you characterize the current relationship between the Financial Accounting Standards Board (FASB) and the AICPA?
How do they work together?
How do their roles differ?
Why is the relationship between these two entities important to understand?
ACC305 Intermediate Accounting I
Week 2 Discussion
DQ1 GAAP Standards [WLOs: 1, 2, 3, 4] [CLO: 3]
Prior to beginning work on this discussion, review the following:
Chapter 3 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
In your post, discuss the way GAAP standards were structured prior to the codification. Additionally,
Indicate how the codification simplified research for users and support your statements with two examples.
Beyond what you have read in the textbook, discuss why you think codification improved GAAP standards?
Support your reasoning by sourcing and citing a unique credible source. The Ashford University Library is a good resource for your search. The Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.) table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this discussion, please contact your instructor.
DQ2 U.S. GAAP and IFRS Convergence [WLOs: 1, 2, 3, 4] [CLO: 3]
Prior to beginning work on this discussion, review the following:Chapters 3 in the textbook
GAAP vs. IFRS: Why We Should Celebrate Convergence Being Unattainable | World Finance (Links to an external site.) video
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
Watch the GAAP vs. IFRS: Why We Should Celebrate Convergence Being Unattainable | World Finance (Links to an external site.) video, and include the following in your discussion post:
Discuss the advantages and disadvantages of U.S. GAAP and IFRS convergence.
What role has the codification played?
In your opinion, should the United States adopt IFRS standards? Why? How might this impact international companies?
ACC305 Intermediate Accounting I
Week 3 Discussion
DQ1 Other Comprehensive Income [WLOs: 5, 6, 7] [CLO: 4]
Prior to beginning work on this discussion, review the following:
Chapters 4 and 5 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
Other comprehensive income (OCI) classification assists users in understanding the magnitude of these charges and the future impact on earnings. In your post,
Explain how OCI disclosures provide information about the future impact on earnings.
Give a real-world or hypothetical example to tie this concept to business practices.
DQ2 Reversing Entries [WLOs: 2, 3, 4] [CLO: 4]
Prior to beginning work on this discussion, review the following:
Chapters 4 and 5 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
If reversing entries are used for events such as accrued payroll at year’s end, how would the company’s accounting be affected if reversing entries were not made for payroll? What are the potential consequences for the business?
ACC305 Intermediate Accounting I
Week 4 Discussion
DQ1 Balance Sheet [WLOs: 1, 2, 3, 4] [CLO: 5]
Prior to beginning work on this discussion, review the following:
Chapter 6 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
The balance sheet consists of elements that represent incomplete accounting cycles. As a result, the cumulative balances will carry over into the next accounting period. Discuss how the balance sheet can be used to project the cash-generating ability of an entity.
DQ2 Fair Value [WLOs: 1, 2, 3, 4] [CLO: 5]
Prior to beginning work on this discussion, review the following:
Chapter 6 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
Discuss the advantages and disadvantages of using fair value to measure the elements reported on the balance sheet. Include specific examples, and connect your response to the conceptual framework.
ACC305 Intermediate Accounting I
Week 5 Discussion
DQ1 Present Value of an Investment [WLOs: 1, 2, 3, 4] [CLO: 6]
Prior to beginning work on this discussion, review the following:
Chapter 7 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
Assume that you have been offered an executive position with a major corporation. The company gives you two compensation options: deferred compensation or advance payment. How would you decide which option to select?
DQ2 Payback Period [WLOs: 1, 2, 3, 4] [CLO: 6]
Prior to beginning work on this discussion, review the following:
Chapter 7 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
The payback period is the amount of time it takes for a project to recover an investment. How is the payback period computed and what are its advantages and disadvantages?
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