Key Assignment Description
You will identify a multinational company from Securities and Exchange Commission (SEC) EDGAR Web site that has inventory in their books. Prepare and present the company's financial statements under IFRS. Complete the Impact Analysis chart based upon your findings in each unit for the subject company. Click here to download the Impact Analysis (IA) chart you will use.
Create an analysis that will outline how the transition from the current US Generally Accepted Accounting Principles (GAAP) to the new Revenue Recognition pronouncement will impact the company you selected.
The following pronouncements should be considered in your final analysis:
• IFRS 1: First-time Adoption of International Financial Reporting Standards
• IFRS 9: Financial Instruments
• IFRS 13:Fair Value Measurement
• IFRS 15:Revenue from Contracts with Customers
• IAS 1:Presentation of Financial Statements
• IAS 2: Inventory Accounting
• IAS 7: Statement of Cash Flow
• IAS 10: Events After the Reporting Period
• IAS 12: Income Taxes
• IAS 16: Property, Plant and Equipment
Throughout this course you will be updating the IA chart provided, noting specific changes you are making to the financial statement.
This Week's Assignment Details:
Library Research Assignment:
Part 1: Identify a multinational company from the Securities and Exchange Commission (SEC) EDGAR Web site that has inventory in their books. This will be the subject of your final analysis.
• Share a general overview of the company you selected.
o Describe the company.
o What products and services do they offer?
o Industry Trends
• Provide an explanation for why you selected this company.
Part 2: Use what you know about the history of IFRS to discuss the following:
• Looking back at the development of International Financial Reporting Standards (IFRS) and the convergence roadmap, discuss whether or not this is a step towards convergence.
• Consider the debate between principle-based versus rule-based pronouncement. Discuss whether or not the FASB is moving away from principle-based and rule-based pronouncement to a typical principle-based concept like the IASB. Support your opinion.