1. Application: Foreign Exchange Rates
A foreign exchange rate is the rate at which one currency can be exchanged or converted to another. Due to rate fluctuations, foreign exchange rates greatly impact financial reporting for companies operating and trading internationally. Depending on a company's home country, when accounting for foreign exchange rates, the company will follow IASB or FASB requirements. Consider the differences between IASB and FASB requirements for reporting balance sheet and income statement items when using foreign exchange rates. Think about the impact of financial risks that may exist for multinational companies when reporting financial statements that reflect foreign exchange rates. Consider the role that foreign exchange risk plays when reporting and analyzing financial statements.
I will Write a 2- to 3-page paper differentiating between IASB and FASB requirements for reporting balance sheet and income statement items when using foreign exchange rates. Evaluate financial risks that may exist for multinational companies using foreign exchange rates in financial reporting.
2. Final Project: Project Risk and Quality Management Strategy
Risk exists on all projects. The amount of risk and the degree to which individual risks may impact the project varies depending on the profile of your project. Identifying the risks on projects is a creative process that requires both critical thinking and experience in the project environment. Expert judgment in the type of industry or project can also be very valuable for identifying and analyzing project risk.
For this assignment, review the St. Dismas Assisted Living Facility case study on pages 111 and 112 of the Mantel text, as well as Chapter 4, pages 136-144. Then I will, develop a risk strategy for your project. In addition to listing your risk, describe your process for identifying, analyzing, and managing your risks. Then prepare a quality management strategy. Your project risk management strategy must be at least one page, double-spaced, and include:
- A list of the project risks and a description of the process you used to identify, analyze, and manage project risk.
Your project quality management strategy must be at least one page, double-spaced and include:
- A brief statement on how you plan to manage quality for your project
- A brief statement on how you plan to manage project change
- A brief description of at least two tools and/or techniques you plan to use to manage quality and why you chose those tools