ACC 690 Milestone Two Guidelines and Rubric Overview: The final project for this course is the creation of a white paper consisting of a report and spreadsheets. You will be placed in a scenario in...

1 answer below »
In your final project, you will imagine yourself as an accountant at a certified public accountant (CPA) firm. The CPA partners have requested you write a white paper about a few different accounting situations that customers ask about. In Milestone Two of the final project, you will lay out the key issues regarding interim and segment reporting.


ACC 690 Milestone Two Guidelines and Rubric Overview: The final project for this course is the creation of a white paper consisting of a report and spreadsheets. You will be placed in a scenario in which you will take the role of an associate in a certified public accountant (CPA) firm. The CPA partners in the scenario ask you to create a report for the firm’s clients to help address some of the questions they ask. You will address questions from the firm’s clients by assembling the necessary information in a written report format. Your report should include spreadsheet examples. Topics addressed in the white paper will cover bankruptcy, interim and segment reporting, foreign currency transactions, and nonprofit and governmental accounting. Your three milestone assignments for this course consist of drafting shorter reports and supporting spreadsheets, which will prepare you for the completion of your comprehensive white paper. You should use your instructor’s feedback from the milestone submissions to improve your final submission. Prompt: For Milestone Two, draft a short paper and the necessary spreadsheets for Section I, Parts B and C of the final project. Describe interim reporting requirements under generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS), and provide a financial statement example illustrating what the interim report should entail. You will also discuss reporting requirements for business segments and discuss transparency in financial reporting. Specifically, the following critical elements must be addressed: I. Incorporation: Clients considering structuring their new business as a corporation are aware that there are complex issues to consider when accounting for an incorporated entity. The clients often want information about the following key areas: B. What interim reporting requirements would the company have as a corporation? 1. Describe the guidance related to interim financial reporting under generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). 2. Generate a hypothetical financial statement illustrating what that interim reporting entails. Ensure all information is entered accurately. 3. Determine if the interim reporting requirements are the same under GAAP and IFRS. Provide example with academic support in your response. C. Clients have heard that they may have to report some of their business segments separately if they opt to incorporate. 1. Appraise one of the processes used to identify which segments would have to be reported separately. Provide example with academic support in your response. 2. How is this process effective in supporting transparency in financial reporting? Defend your response with academic support. 3. Provide suggestions to improve this process in an effort to sustain transparency. Defend your rationale with academic support. Rubric Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Word document (excluding the title page, reference page, and spreadsheet addendums). Use double spacing, 12-point Times New Roman font, one-inch margins, and at least two academic sources (in addition to your textbook) cited in APA format. Your accompanying spreadsheets must be submitted as Microsoft Excel files. Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value Incorporation: Interim Reporting Describes the interim reporting requirements the company would have as a corporation and the guidance related to interim financial statements under GAAP and IFRS Describes the interim reporting requirements the company would have as a corporation but does not describe the guidance related to interim financial statements under GAAP and IFRS, or description is cursory or has inaccuracies Does not describe the interim reporting requirements 15 Incorporation: Financial Statement Correctly generates a hypothetical financial statement illustrating what the interim reporting entails Generates a hypothetical financial statement illustrating what the interim reporting entails, but there are inaccuracies Does not generate a hypothetical financial statement 15 Incorporation: GAAP and IFRS Determines if the interim reporting requirements are the same under GAAP and IFRS and provides an academic example to support response Determines if the interim reporting requirements are the same under GAAP and IFRS but does not provide an academic example, or example provided does not support response Does not determine if the interim reporting requirements are the same under GAAP and IFRS 15 Incorporation: Segments Reported Separately Appraises one of the processes used to identify which segments would have to be reported separately and provides academic example to support response Appraises one of the processes used to identify which segments would have to be reported separately but does not provide academic example to support response, or appraisal is cursory or has inaccuracies Does not appraise one of the processes 15 Incorporation: Transparency in Financial Reporting Evaluates the effectiveness of the process in supporting transparency in financial reporting and academically defends response Evaluates the effectiveness of the process in supporting transparency in financial reporting but does not defend response, or defense is weak or illogical Does not evaluate the effectiveness of the process in supporting transparency in financial reporting 15 Incorporation: Suggestions to Improve Transparency Provides suggestions to improve the process for transparency and academically defends rationale Provides suggestions to improve the process but does not defend rationale, or defense is weak or illogical Does not provide suggestions to improve the process 15 Articulation of Response Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 10 Total 100%
Answered Same DayMay 06, 2021

Answer To: ACC 690 Milestone Two Guidelines and Rubric Overview: The final project for this course is the...

Vasudha answered on May 10 2021
137 Votes
Interim Reporting Guidelines
B. What interim reporting requirements would the company have as a corporation?
1. Describe the guidance related to interim financial re
porting under generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS).
IAS 34 applies to Interim Financial Reporting, which specifies the minimum content for interim reporting purposes. These statements cover the period less than the full year.
GAAP Guidelines:
1. Objective of Interim Reporting is to review the financial statements for its analytical procedures and inquires to the persons responsible for the financial and accounting mattes. There interim reporting is not directed towards:- 1) test of controls to evaluate the effectiveness of the financial statements,2) inquires, inspection, observation or confirmation,3) the obtaining corroborative evidence in response to inquiries.
2. The Condensed financial information statements confronts to appropriate financial reporting framework as per FASB’s guidelines.
3. Financial Statements should include a note stating that, it does not represent complete financial information, it pertains to the only period referred, which is shorter than the full financial year.
4. Interim financial statement should be accompanied by the latest audited financial statements and should be easily accessible to the stake holders.
5. Review does not provide basis for the opinion on the financial statements.
6. Review does not provide the assurance on the financial statement.
7. Management is responsible for the financial statements.
IFRS Guidelines: IAS 34
1. The minimum financial statements for the...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here