ACC305 Intermediate Accounting I
Week 2 Discussion
DQ1 GAAP Standards [WLOs: 1, 2, 3, 4] [CLO: 3]
Prior to beginning work on this discussion, review the following:
Chapter 3 in the textbook
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
In your post, discuss the way GAAP standards were structured prior to the codification. Additionally,
Indicate how the codification simplified research for users and support your statements with two examples.
Beyond what you have read in the textbook, discuss why you think codification improved GAAP standards?
Support your reasoning by sourcing and citing a unique credible source. The Ashford University Library is a good resource for your search. The Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.) table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this discussion, please contact your instructor.
DQ2 U.S. GAAP and IFRS Convergence [WLOs: 1, 2, 3, 4] [CLO: 3]
Prior to beginning work on this discussion, review the following:Chapters 3 in the textbook
GAAP vs. IFRS: Why We Should Celebrate Convergence Being Unattainable | World Finance (Links to an external site.) video
Write: Make sure your response addressing the following question is more than 200 words and includes an in-text citation or a brief quote from the reading material where appropriate. You may want to review the Citing Within Your Paper (Links to an external site.) resource from the UAGC Writing Center for proper use of citations.
Watch the GAAP vs. IFRS: Why We Should Celebrate Convergence Being Unattainable | World Finance (Links to an external site.) video, and include the following in your discussion post:
Discuss the advantages and disadvantages of U.S. GAAP and IFRS convergence.
What role has the codification played?
In your opinion, should the United States adopt IFRS standards? Why? How might this impact international companies?
