ASSIGNMENT 1

Type: Individual Project

Due Date: Mon, 08/31/15

Points Possible: 100

Deliverable Length: 1,0001,200 words

Description:

Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

International Accounting Standard 18 (IAS 18) provides the general standards for revenue recognition and measurement in the IFRS.

• Provide 3 examples of the differences between the 2 sets of standards.
• Review the IAS 7 statement of cash flows, and complete the following:
• Discuss the differences in classifications of cash flows between IFRS and U.S. GAAP.
• What impacts will these have on U.S. companies?
• Cover the differences with the classifications of contingent liabilities between U.S. GAAP and IFRS. Be sure to cover the topics of possible, probable, and bright-line tests.
• When looking at cash and cash equivalents definitions between IFRS and U.S. GAAP, discuss the differences for the following:

1. Best estimates
2. Risks
3. Uncertainties

ASSIGNMENT 2

Type: Discussion Board

Due Date: Sun, 09/06/15

Points Possible: 75

Deliverable Length: 400600 words

Description:

Primary Discussion Response is due by Wednesday (11:59:59pm Central), Peer Responses are due by Sunday (11:59:59pm Central).

Primary Task Response: Within the Discussion Board area, write 400600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:

Accounting for nonfinancial assets will experience some major changes with the convergence to IFRS. One of the key issues will be that of fair value.

Research this topic, and give your argument for or against the use of fair value for the nonfinancial assets of a company.

Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 100-word reply about their Primary Task Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

What did you learn from your classmate's posting?

What additional questions do you have after reading the posting?

What clarification do you need regarding the posting?

What differences or similarities do you see between your posting and other classmates' postings?