17 Feb Need to have a report done based on the attached information. This report will be 5 pages that are single spaced with APA re

IASB US GAAP Report:

Project Name: IASB research Disclosure Requirements in IFRS Standards.

(http://www.ifrs.org)

"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. ( http://www.fasb.org )

Project Objective

Describe the history, current status, and adoption implications of an International 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 five page 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 final report. The final report will include an annotated bibliography (separate).

Specifically:

· Familiarize yourself with the IASB project, including information on the history and background of the project and its status.

· Using resources at www.ifrs.org and  www.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.

· Using at least three different databases in the UMUC library, find at least five sources of information on this IASB US GAAP report. 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.

· 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.

· 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.

· Prepare an annotated bibliography. See Course Content for more information and a sample annotated bibliography.

· Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).

Deliverables

Write a five-page report (APA format, single spaced, standard paper size, one-inch margins, and 12-pointfont) presenting the results of your work. Submit your report, research log (tracker), and annotated bibliography.  Cover pages, abstract/ executive summary, table of content if you chose to include or bibliography / reference lists do not count toward page count. 

Quoted material will not be in included in page count. Small charts that you create will be included in page count.

Format 

Draft Research Tracker

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