Acc 557 Assignment 1

Epstein, B. J., & Jermakowicz, E. K. (2009, April). IFRS Converges to U.S. GAAP on Segment Reporting. Retrieved January 30, 2013, from Journal of Accountancy: http://www.journalofaccountancy.com/Issues/2009/Apr/20081008.ht

The five research articles I have chosen to further my research on the convergence between U.S. GAAP and IFRS are The Implication of US GAAP and IFRS Convergence on American Business by Austin Willmore (2015), IFRS adoption by country by PWC (2015), International Financial Reporting Standards and American Generally Accepted Accounting Principles: the Convergence Lessons by Kuzina (2015), The economic impact of IFRS - a financial analysis perspective by Seay (2014), and Accounting for Leases The New Standard by CPA Journal (2016). These articles are related to my topic, where these researchers researched and analyzed the financial statement reporting on convergence of the U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), and certain accounts when adopting IFRS present a different result in the financial reporting for U.S. reporting companies when U.S. GAAP standards combined with IFRS. Also, these research articles discuss the existence of two systems of standards, U.S. GAAP and IFRS; and the issue and difficulty of the process to fully converge.

ABC Learning Academy aims to prepare its students to excel as young leaders of tomorrow by combining an exclusive collegiate-based curriculum tailored specifically for children with enhanced, first class child care services. Unlike our competitors, we offer advanced technology programs, after-school tutoring and activities such as arts and crafts, dance, theatre and

Revenue – Assets earned by a company’s operations and business activities. Examples would be rental income earned by a property owner or a consulting service (MyAccountingCourse.com,

b. Prepare an income statement, a statement of retained earnings, and a balance sheet (See Exhibit 1.2, 1.3 and 1.4).

2. Prepare a pro forma income statement for the first twelve (12) months of your business. Include

The Development of Financial Accounting and Reporting Standards. (2016). Retrieved on October 2, 2016, from http://highered.mheducation.com/sites/0072994029/student_view0/ebook/chapter1/chbody1/the_development_of_financial_accounting_and_reporting_standards.html.

The convergence of two accounting systems, the US GAAP and International Financial Reporting Standards, is not a new concept. For many years, the primordial idea of convergence started in the late 1950’s in response to post World War II economic integration and related increases in cross-border capital flows. Initially, the term used was “Harmonization until the early 1990’s the politically correct term is “Convergence”.

a.  The product or service, and general staffing plan. Provide a rationale for your plan. b.   The form of your business and the benefits it offers your particular business,

IASB. 2010, "The Conceptual Framework for Financial Reporting" IFRS, pp. A21- A38, viewed 23 April 2014,

Prepare an income statement and balance sheet in good form. For each statement, use a

This paper examined the relationship between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) and found that merging both accounting standards into one “worldwide” standard would be ideal for all investors. This paper analyzed GAAP and IFRS differences and similarities. A comparison and contrast of GAAP and IFRS was conducted. Discuss roadblocks to achieve “worldwide” accounting standards. GAAP and IFRS have to

On the road to convergence About this publication Contents 1. Background 2. General issues 3. Statement of financial position 4. Specific items of profit or loss and comprehensive income 5. Special topics Appendix 1 - Abbreviations used for pronouncements Appendix 2 - IASB / FASB convergence projects

1. Discuss methods (Accounting Policies) your chosen company uses to account for its various items of assets, liabilities, and shareholder equity:

Before the IFRS 15 was issued, revenue recognition requirements under the US GAAP and the IFRS were different and required improvement. They conflicted with each other and resulted in different accounting for transactions that were similar. IFRS’s previous revenue recognition standards were difficult to understand and apply as well.