ACC 311 IFRS VS US GAAP INTERMEDIATE ACCOUNTING

While there is a move toward one set of globally recognized accounting standards, U.S. GAAP continues to be different from IFRS. U.S. GAAP has been and continues to move toward convergence with IFRS, though. This process has been difficult, time consuming, and imperfect.

Based on the concepts covered in the course, students will discuss commonalities and identify differences between U.S. GAAP and IFRS standards. The research will be based on textbook readings and individual research in the authoritative literature. This assignment also provides a more thorough understanding of the current state of convergence to enable students to evaluate and record transactions appropriately. The information and research skills gleaned by this assignment can be applied to future courses and career paths.

Deliverables

To help you navigate the differences between these two sets of standards, use the template provided to prepare the following:

Part 1 – Chart of Differences: Students will use the template provided and prepare a chart (or matrix) detailing the differences between U.S. GAAP and IFRS. You will evaluate the concepts related to all of the chapters covered in this course. The chart will be split into four sections:

1. General Rule or Principle – Provide a few words or a phrase to identify the topic where differences occur (e.g. Inventory Cost Flow Assumptions).

2. Summary of Requirements under U.S. GAAP – Provide a summary of the requirements outline by U.S. GAAP related to the topic. The written structure will vary based on the topic. You may need paragraph form for some items and/or bullet points for others. Use the writing format that is most appropriate for the topic and its complexity (e.g. U.S. GAAP allows companies to choose from …).

3. Differences between U.S. GAAP and IFRS – Identify the ways in which IFRS differs from U.S. GAAP. Align those differences with the appropriate U.S. GAAP requirement in Item 3 so they are next to each other in the chart. Be specific in identifying all of the differences including areas such as conceptual differences, calculation differences, disclosure differences, etc. (e.g. IFRS does not allow companies to use…).

Part 2 – In Depth Analysis of One Difference:

As you identify the numerous differences between U.S. GAAP and IFRS throughout the course as noted in Part 1 of this assignment, you will select one of those differences for a more in depth evaluation and analysis. Compare and contrast the standard under U.S. GAAP and IFRS for similarities and differences. Include appropriate information related to the FASB Conceptual Framework for additional insight into the causes and reasons behind the differences. Also discuss the plan for convergence of the U.S. GAAP standard with IFRS. If the standard is not converged, discuss the plan for and/or obstacles to convergence. If the standard is converged, discuss the rationale behind any remaining differences between the two sets of standards.

Part 2 should be approximately four (4) pages, double spaced. Your analysis should include the following headings (and each heading should be this approximate length) as provided in the template:

1. Name of Standard (1 – 2 sentences)

2. Brief Summary of Standard under U.S. GAAP (1 paragraph)

3. Similarities with IFRS (2 – 3 paragraphs)

4. Differences from IFRS (2 – 3 paragraphs)

5. Relationship of Standard to U.S. GAAP Conceptual Framework (2 – 3 paragraphs)

Plan for Convergence (2 – 3 paragraphs)

U.S. GAAP vs. IFRS Writing Assignment

[Student Name]

For

ACC 311AE – Intermediate Accounting 2

California Baptist University

Professor Julie Browning, PhD, CPA, CMA, CGMA

[Date]

1

U.S. GAAP vs. IFRS Writing Assignment

Part 1 – Chart of Differences

General Rule or Principle	Chpt	Summary of Requirements under U.S. GAAP	Differences between U.S. GAAP and IFRS

Part 2 – In Depth Analysis of One Difference

Name of Standard

Include the name and ASC number of the Standard. Identify the name and number of the related standard under IFRS (1 – 2 sentences).

Brief Summary of Standard under U.S. GAAP

Provide a brief summary of the important aspects of the standard under U.S. GAAP (2 – 3 paragraphs).

Similarities with IFRS

Discuss the similarities between the standard under U.S. GAAP and IFRS (2 – 3 paragraphs).

Differences from IFRS

Summarize and discuss the major differences between the standard under U.S. GAAP and IFRS (2 – 3 paragraphs).

Relationship of Standard to U.S. GAAP Conceptual Framework

Discuss how this standard relates to the Conceptual Framework and why that is important to understanding the current state of the standard and its future (2 – 3 paragraphs).

Plan for Convergence

Discuss the plan for convergence of the U.S. GAAP standard with IFRS. If the standard is not converged, discuss the plan for and/or obstacles to convergence. If the standard is converged, discuss the rationale behind any remaining differences between the two sets of standards (2 – 3 paragraphs).

ACC 311, Intermediate Accounting 2

Assignment Rubric : U.S. GAAP vs. IFRS Writing Assignment

Performance Levels Dimensions & (CLO/SLO Addressed)	Exemplary (4)	Accomplished (3)	Developing (2)	Beginning (1)	Score
Dimension 1: Part 1 – General Rule or Principle CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Included at least one general rule or standard from each of the chapters covered in the course as required. (8 chapters: Chapters 13, 14, 15, 17, 18, 19, 20, 22)	Included at least one general rule or standard from most of the chapters covered in the course as required. (7 chapters)	Included at least one general rule or standard from some of the chapters covered in the course as required. (5 chapters)	Does not include a substantial number of the standards covered in the course as required (5 or fewer chapters)	/5
Dimension 2: Part 1 – Summary of Requirements CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Detailed, clearly, and succinctly describes requirements of the standards under U.S. GAAP.	Describes basic requirements of the standards under U.S. GAAP.	Describes elements that are not critical or relevant to the requirements of the standards under U.S. GAAP.	Does not address the requirements of the standards under U.S. GAAP.	/10
Dimension 3: Part 1 – Differences CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Detailed, clearly, and succinctly lists all significant differences between U.S. GAAP and IFRS including conceptual, calculation, disclosure, etc. differences.	Lists basic differences between U.S. GAAP and IFRS	Lists elements that are not critical or differences between U.S. GAAP and IFRS	Does not address the differences between U.S. GAAP and IFRS	/10
Dimension 4: Part 2 – Name of Standard CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Clearly and succinctly includes four (4) elements: (1) name the US GAAP standard, (2) include ASC number, (3) name the appropriate related IFRS standard, (4) include IFRS standard number	Includes three of the required elements: (1) name the US GAAP standard, (2) include ASC number, (3) name the appropriate related IFRS standard, (4) include IFRS standard number	Includes two of the required elements: (1) name the US GAAP standard, (2) include ASC number, (3) name the appropriate related IFRS standard, (4) include IFRS standard number	Includes one or fewer of the required elements: (1) name the US GAAP standard, (2) include ASC number, (3) name the appropriate related IFRS standard, (4) include IFRS standard number	/5
Dimension 5: Part 2 – Summary of US GAAP Standard CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Detailed, clearly, and succinctly describes significant elements of the standard under U.S. GAAP	Describes basic elements of the standard under U.S. GAAP	Describes elements of the standard that are not critical under U.S. GAAP	Does not address the differences between the U.S. GAAP standard and IFRS	/10
Dimension 6: Part 2 – Similarities to IFRS CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Detailed, clearly, and succinctly describes significant similarities of the U.S GAAP standard to IFRS	Describes basic similarities of the U.S GAAP standard to IFRS	Describes similarities of the U.S GAAP standard to IFRS that are not critical	Does not address the similarities of the U.S. GAAP standard and IFRS	/10
Dimension 7: Part 2 – Differences from IFRS CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Detailed, clearly, and succinctly describes significant differences between U.S GAAP standard and IFRS	Describes basic differences between the U.S GAAP standard and IFRS	Describes differences between the U.S GAAP standard and IFRS that are not critical	Does not address the differences between the U.S. GAAP standard and IFRS	/10
Dimension 8: Part 2 – Conceptual Framework CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Detailed, clearly, and succinctly describes the significant relationships between the U.S GAAP standard and the Conceptual Framework	Describes basic relationships between the U.S GAAP standard and the Conceptual Framework	Describes relationships between the U.S GAAP standard and the Conceptual Framework that are not critical	Does not address the relationships between the U.S. GAAP standard and the Conceptual Framework	/5
Dimension 9: Part 2 – Plan for Convergence CLO – 3.1, 3.2 SLO – 3.2, 4.2 USO – AP,GM,ES	Detailed, clearly, and succinctly describes the plan for and obstacles to convergence. Include thorough rationale for remaining differences after convergence	Describes basic plan for and obstacles to convergence. Include some rationale for remaining differences after convergence	Limited or underdeveloped description of plan for and obstacles to convergence. Include limited and underdeveloped rationale for remaining differences after convergence	Does not address plan for or obstacles to convergence. Does not include rationale for remaining differences after convergence	/10

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