Assignment: IASBUS GAAP Report
Project Name: IASB research Disclosure Requirements in IFRS Standards.
"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.
Project Objective
Describe the history, current status, and adoption implications of anInternational 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 fivepage 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 report. The report will include an annotated bibliography (separate).
Specifically:
o Familiarize yourself with the IASB project, including information on the history and background of the project and its status.
o Using resources at ifrs org and 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.
o Using at least three different databases in the UMUC library, find at least five sources of information on this IASB US GAAPreport. 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.
o 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.
o 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.
o Prepare an annotated bibliography. See Course Content for more information and a sample annotated bibliography.
o Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).
Format your assignment according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.