In need some help in answering these questions:
1) What is your opinion on the questions below?
FASB promulgates US GAAP (Generally Accepted Accounting Standards) and IASB creates IFRS (International Financial Reporting Standards). US GAAP is a rule-based system while IFRS are principle-based. The accounting standards only report on the financial dimension and stakeholders are demanding additional information. GRI (The Global Reporting Initiative) is one effort and standardizing reporting on multiple dimensions. In addition, SOX (Sarbanes-Oxley) was passed in 2002 as a response to numerous accounting scandals. Accounting does not exist in isolation, and changes in accounting rules and enforcement impact business organizations on a global basis.
References:
American Institute of Public Accountants (AICPA). (n.d.). Retrieved from https://www.aicpa.org/Pages/Default.aspx
Financial Accounting Standards Board (FASB). (n.d.). Retrieved from https://www.fasb.org/home
Financial Accounting Standards Board (FASB). (n.d.). Convergence with the International Accounting Standards Board. Retrieved from
https://www.fasb.org/intl/convergence_iasb.shtml
Global Reporting Initiative (GRI). (n.d.). Retrieved from https://www.globalreporting.org/Pages/default.aspx
International Accounting Standards Board (IASB). (n.d.). Retrieved from https://www.ifrs.org/Home.htm
International Federation of Accountants (IFAC). (n.d.). Retrieved from https://www.ifac.org/
The Sarbanes-Oxey Act. (2002). A Guide to the Sarbanaes-Oxley Act. Retrieved from https://www.soxlaw.com/
Required: Below are some questions for discussion.
Problem 1. How widespread are IFRS and what do think will happen to US GAAP?
Problem 2. What is the difference between a rule-based and principle-based system?
Problem 3. Discuss the Global Reporting Initiative, its purpose, the standard setting process, the use of its reporting system, etc.
Problem 4. How has SOX affected business organizations and the accounting profession?
You do not need to discuss every organization mentioned above. Choose one or two relevant aspects for further investigation and share your knowledge with the class. Try to add information not previously discussed by others. Please, provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and Include references in APA format.