ACCT 252 Research Project
This is a research project which requires you to analyze and report on the proposed transition from U. S. GAAP to international financial reporting standards.
At a minimum, respond to the following:
1. Summarize the history of U. S. GAAP and identify organizations which have had a major impact on GAAP.
2. Describe the background, composition, and authority of the Financial Accounting Standards Board and its importance in the development of GAAP.
3. Summarize the history of international accounting standards and comment on the importance of the International Accounting Standards Board in that history.
4. Describe the similarities and the differences between U. S. GAAP and international accounting standards.
5. Differentiate between principle-based and rule-based accounting standards and describe their impact on U. S. and international accounting standards.
6. Identify the chief reasons for the proposed transition from U. S. GAAP to international financial reporting standards.
7. Comment on the role of the Security and Exchange Commission on the transition from U. S. GAAP to international financial reporting standards.
8. Name and describe the chief obstacles to the proposed transition from U. S. GAAP to international accounting reporting standards.
9. Identify the manner in which you believe GAAP and IFRS may be combined or merged.
10. Identify the impact of this proposed transition on U. S. corporations, the accounting profession, and the financial markets in the U. S.
11. Identify a specific date when you believe the transition from U. S. GAAP to international accountingstandards may take place.
12. Cite your references
Please submit this either as a word document or in power point presentation form. There is no required number of pages – I want you focus on what you have learned in your research, not on an artificial number of pages that you are trying to fill. One student may have an excellent quote that is quite long; while another has an equally great quote that is short … I don’t want either student to leave it out because it’s too long or too short. It is the depth of your research that I am interested in, not how many pages (or slides) you can fill.
Scoring for the project will be as follows:
Grading rubric:Depth of research / 50
Incorporation of outside resources / 25
Professionally presented / 12.5
Grammar, Syntax, Spelling / 12.5
Total possible points / 100