6-1 Presentation: International Accounting Standards

6-1 Presentation: International Accounting Standards
ACC 696 Presentation Rubric In a professional career, one may be called upon to conduct research and deliver findings in professional settings. The SEC h as considered moving from GAAP to IFRS and made some forward movement on this in the recent past, especially with convergence in the revenue recognition rules and the leasing rules. Although this is not a current high priority for the SEC, convergence would be helpful to enhance financial reporting quality and comp arability, as businesses move towards a more global approach. Prepare a 10 –12 -slide PowerPoint presentation as if it will be presented to an audience of your peers. It should be a complete, polished arti fact containing all of the main elements in the rubric below. If needed, refer to the Module Six resources for tip s on designing an effective PowerPoint .  Contrast rules -based versus principles -based accounting,  Provide detailed scenarios (these can be case studies, articles, or any published accounting scenario within the last 5 years ) in which GAAP and IFRS would handle t he situation differently.  Explain the challenges inherent with global corporate governance.  State whether you are for or against this proposed change from GAAP to IFRS, defend ing your position with at least three points. Guidelines for Submission: Your pr esentation should consist of 10 –12 slides and include detailed speaker ’s notes expl aining each slide. The speaker’s notes illustrate the verb al portion of the presentation and are what you would say as you give the presentation to the audience. Critical E lements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value Content: Rules -Based Versus Principles -Based Accounting Meets “P rofi cient” criteria and provides in -depth analysis contrasting rules -based versus principles -based a ccounting based on peer -reviewed sources Delivers concise summary of rules -based versus principles – based accounting highlighting the differences between the two Summary is incomplete or fails to effectively contr ast the two types of accounting No summary or contrast of rules -based versus principles – based accounting 10 Content: GAAP and IFRS Scenario Meets “Proficient” criteria and scenarios are from a peer – reviewed source Provides at least two scenarios published within the last 5 years and a concise, de tailed summary of how each of the situation s would have been handled under the GAAP principles and how the same scenario would have been ha ndled under the IFRS principles Summary is lacking focus and/ or a summary of how details of situation would be handle d. Scena rios are more than 5 years old Fewer than 2 scenarios; no attempt made at summarizing the differenc es in handling chosen scenario 10 Content: Global Corporate Governance Meets “Proficient” criteria and provides peer -reviewed sources to support e xplanation Presents a logical, concise explanation of the difficulty in maintaini ng global corporate governance Exp lanation is lacking focus and/or details of potential difficulties in global corporate governance No explanation provided; explanation does n ot relate to the difficulties of global corporate governance 10 Content: GAAP or IFRS Personal Conclusion Meets “Proficient” criteria and provides peer -review ed sources to support stance Position clearly stated and supported by at least 3 concise points f or or against the change from GAAP to IFRS Position on switch ing from GAAP to IFRS is ambiguous and unsupported or under – supported No position stated; posit ion not supported by any points 10 Organization Slides are organized in a logical way that comple ments the central theme; transitions are well -paced to create a natural and engaging flow Slides are organized in a logical way , and transitions are paced so that the material is easily accessible Slides are organized mostly in a logical way , and transitio ns are paced so that the material can be understood with focus and effort Slides are organized in a way that is illogical OR transitions are paced so that the material cannot be understood 20 V isual Appeal There is a consistent visual theme that helps en hance understanding of the ideas; includes multiple types of media Original images are created using proper size and resolution that enhance the content; includes more than one type of media V isually depicts topic and assists audience; images are of prop er size and resolution Graphics are unrelated to content and cross over each other; distracting, busy, and detract from presentation 25 Narration (Research/Speaker Notes ) Mechanics and style ensure clarity; incorporates multiple properly cited scholarly resources Mechanics and style promote clarity; incorporates some properly cited scholarly resources Mechanics and style make narration intelligible; incorporates very few properly cited scholarly resources Several mechanical errors OR does not incorpora te scholarly resources 15 Earned Tota l 100%
6-1 Presentation: International Accounting Standards
6-1 Presentation: International Accounting Standards 65 / 100 F Overall Feedback Yvonne, see the rubric for specific comments. View Graded Rubric Criteria Exemplary Proficient Needs Improvement Not Evident Criterion Score Content: Rules-Based Versus Principles-Based Accounting 10 points Meets “Proficient” criteria and provides in-depth analysis contrasting rules-based versus principles-based accounting based on peer-reviewed sources 9 points Delivers concise summary of rules-based versus principles-based accounting highlighting the differences between the two 7 points Summary is incomplete or fails to effectively contrast the two types of accounting 0 points No summary or contrast of rules-based versus principles-based accounting Score of Content: Rules-Based Versus Principles-Based Accounting,7 / 10 Criterion Feedback Yvonne, you have some slides in which you state the differences between rules and principles-based accounting. There are some inaccuracies that detract from the clarity and substance of this section. Bullet points #2 and #3 sounds as though you have reversed or confused rules and principles-based accounting. Content: GAAP and IFRS Scenario 10 points Meets “Proficient” criteria and scenarios are from a peer-reviewed source 9 points Provides at least two scenarios published within the last 5 years and a concise, detailed summary of how each of the situations would have been handled under the GAAP principles and how the same scenario would have been handled under the IFRS principles 7 points Summary is lacking focus and/or a summary of how details of situation would be handled. Scenarios are more than 5 years old 0 points Fewer than 2 scenarios; no attempt made at summarizing the differences in handling chosen scenario Score of Content: GAAP and IFRS Scenario,0 / 10 Criterion Feedback Yvonne, as explained in the week’s course announcement (see the examples provided), if you discuss at least two published accounting scenarios and describe how GAAP and IFRS would treat a particular reporting issue, the rubric awards up to 10 points here for that. Content: Global Corporate Governance 10 points Meets “Proficient” criteria and provides peer-reviewed sources to support explanation 9 points Presents a logical, concise explanation of the difficulty in maintaining global corporate governance 7 points Explanation is lacking focus and/or details of potential difficulties in global corporate governance 0 points No explanation provided; explanation does not relate to the difficulties of global corporate governance Score of Content: Global Corporate Governance,7 / 10 Criterion Feedback Yvonne, you have some points that are relevant here in terms of differing laws. On slide #9, bullet points 2 & 3 I have questions about the substance and accuracy of your statements: that the size of the board necessarily corresponds to the size of the company and each country requiring its own leadership. Yes, there will be local management for all companies who will report to a headquarters unit, executive management, a board of directors. See this resource: https://www.coso.org/documents/COSO%20McNallyTransition%20Article-Final%20COSO%20Version%20Proof_5-31-13.pdf. In particular see Table 2 on page 6. Content: GAAP or IFRS Personal Conclusion 10 points Meets “Proficient” criteria and provides peer-reviewed sources to support stance 9 points Position clearly stated and supported by at least 3 concise points for or against the change from GAAP to IFRS 7 points Position on switching from GAAP to IFRS is ambiguous and unsupported or under-supported 0 points No position stated; position not supported by any points Score of Content: GAAP or IFRS Personal Conclusion,9 / 10 Criterion Feedback Yvonne, good job of stating your personal conclusions. Organization 20 points Slides are organized in a logical way that complements the central theme; transitions are well-paced to create a natural and engaging flow 18 points Slides are organized in a logical way, and transitions are paced so that the material is easily accessible 14 points Slides are organized mostly in a logical way, and transitions are paced so that the material can be understood with focus and effort 0 points Slides are organized in a way that is illogical OR transitions are paced so that the material cannot be understood Score of Organization,14 / 20 Criterion Feedback Yvonne, a couple of aspects that would enhance the flow of information for your presentation would be detail in your speaker’s notes to complement the slide content and art and imagery to capture and retain your audience’s attention. Visual Appeal 25 points There is a consistent visual theme that helps enhance understanding of the ideas; includes multiple types of media 22.5 points Original images are created using proper size and resolution that enhance the content; includes more than one type of media 17.5 points Visually depicts topic and assists audience; images are of proper size and resolution 0 points Graphics are unrelated to content and cross over each other; distracting, busy, and detract from presentation Score of Visual Appeal,17.5 / 25 Criterion Feedback Yvonne, good job of integrating a colored background for your presentation. If you incorporate multiple media types, the rubric awards additional points here for that. Narration (Research/Speaker Notes) 15 points Mechanics and style ensure clarity; incorporates multiple properly cited scholarly resources 13.5 points Mechanics and style promote clarity; incorporates some properly cited scholarly resources 10.5 points Mechanics and style make narration intelligible; incorporates very few properly cited scholarly resources 0 points Several mechanical errors OR does not incorporate scholarly resources Score of Narration (Research/Speaker Notes),10.5 / 15 Criterion Feedback Yvonne, your speaker’s notes are especially brief and have less content and detail than the slides. There is an opportunity to continue development to incorporate substantive detail from your research to illustrate what detailed content you would present to your audience. Rubric Total Score Total 65 / 100 Overall Score
6-1 Presentation: International Accounting Standards
International Financial Reporting Standards (IFRS) can vary between countries. Differences in cultures cause conflict in accounting methods, but they also lead to accountants in other countries interpreting and applying accounting principles differently. Mintz and Morris (2013) identified the issues surrounding these cultural values as: Conservatism Secrecy Uncertainty avoidance Individualism Power distance These issues flow down from the broader culture to the accounting profession and its application of financial reporting standards (Tsakumis, Campbell, & Doupnik, 2009). Cultural differences lead to ethical considerations that must be evaluated by the accounting profession. For example, bribery is an acceptable business practice in some countries. As a result, the global market has adopted a “comply or explain principle” (Mintz & Morris, 2013) to address the cultural differences, leaving the responsibility for the presentation of financial statement data to company management. U.S. audit reports use the term “present fairly” in describing financial statement data, which means that the financial statements are prepared in accordance with GAAP. International audit reports use the words “true and fair.” Mintz and Morris (2013) point out that this international view may lead to circumventing accounting principles in order to issue “true and fair” financial statements. FASB and the International Accounting Standards Board (IASB) have collaborated on the development and convergence of international accounting standards. The SEC and other U.S. organizations have somewhat agreed to a plan of convergence, but U.S. businesses are very reluctant because of the consequences involved, not the least of which is cost. And, again, convergence no longer seems to be a priority of the SEC. References Mintz, S., & Morris, R. (2013). Ethical obligations and decision making in accounting (3rd ed.). New York, NY: McGraw-Hill. Tsakumis, G., Campbell, D., Sr., & Doupnik, T. (2009). IFRS: Beyond the standards. Journal of Accountancy. Retrieved from http://www.journalofaccountancy.com/issues/2009/Feb/IFRSbeyondthestandards https://search-proquest-com.ezproxy.snhu.edu/accountingtaxbanking/docview/2299242719/CACFECD717824E5BPQ/8?accountid=3783 https://www.ifrs.com/overview/General/differences.html links