DQ 1. What are the major objectives of financial reporting?
DQ 2. What is the purpose of GAAP and the accounting cycle?
DQ 3. What organizations are responsible for governing
financial reporting and what are their roles?
DQ 4. Discuss the conceptual framework and why it is
important when establishing new accounting rules.
DQ 5. Watch the following videos about the convergence of
US generally accepted accounting principle (GAAP) and international financial
reporting standards (IFRS).
http://www.youtube.com/watch?v=mvYgiYtZ3vk
http://www.youtube.com/watch?v=SMgDWuJlAxc
• Explain
the benefits of moving to one global financial reporting standard.
• Make an
opposing argument of why countries should maintain their own set of reporting
standards rather than sharing one standard.
Prepare a 700- to 1,050-word paper explaining the
overall account in cycle at your organization.
Include a description of the people, processes, and
systems that are integral to the cycle.
Resource: WileyPLUS
Access WileyPLUS using the link on the student
website.
Complete the WileyPLUS (Exercise 2-4, Exercise 2-6,
Exercise 2-9 (Essay), and Exercise 3-5)
To
download the complete paper click ACC
421 Week 1 Complete
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