write a 4-5 page paper about the proposed change or convergence between US
GAAP and IFRS. Assume that a company has asked you to write a report to brief upper
management on this topic.
You should choose an aspect of the convergence to write about. This is a big topic and you
cannot cover it completely in a short paper like this one. Pick your issues and write a focused
paper on the parts of the process that you think are important. Don’t get bogged down in
technical details that are beyond the scope of this course. (If you plan to major in Accounting,
the technical details will be covered in Intermediate or Advanced Accounting courses.) The
following list of topics should be used to help you choose a focus for your paper. You may write
about one or more of them in your paper, and you may include other aspects of the convergence
that are not specifically mentioned below. They are not a list of questions to be answered
independently.
ï‚· Discuss the reasons that regulators like FASB and SEC are considering changing US
GAAP to become more like the International Financial Reporting Standards (IFRS).
Why is this change being considered in the US? What are the benefits or costs?
ï‚· Discuss the process and plans that are occurring to make this change. There are many
aspects to consider. What has happened already? What road map is there for the process
of change, and what things must still to be done to get there? Why is it taking so long?
ï‚· What impact is this change likely to have on businesses and the capital markets (in
general) in the next five years? Some businesses will enjoy major growth opportunities
because of the change. Which industries or specific products and services are they, and
why will they benefit?
ï‚· What are the basic differences between US GAAP and IFRS? Unlike US GAAP, IFRS
has different rules for large firms than for smaller firms. How might a change to two
different standards impact small & medium-sized businesses?
ï‚· How is this change going to affect the accounting profession?
ï‚· What specific actions should your company take to prepare for the change? What cost or
benefit is your company likely to incur when making the change?
See the related file with some suggested resources to get you started. The AICPA website,
www.IFRS.com, is probably the best place to start. As you can tell from the descriptions on the
resource list, there are many aspects to consider if/when IFRS is adopted in the US (or as US
GAAP becomes more like IFRS.) The file is not a comprehensive list because the topic is
current and evolving. You might want to do a search for more current articles
The structure of the paper should begin with your factual basis from your research. Your
assessment of future impacts should be reserved for the summary at the end, and should
be supported by your research. It is not important whether you personally agree or
disagree with the proposed changes, timeline, or the process. Upper management wants
the facts about what, why, when, the path forward, and costs & benefits.
You must cite at least 5 diverse sources of information from well-known and credible
sources. Use the MLA format for citations in the text and on the Works Cited page.
There are free pamphlets demonstrating proper citations in the MLA style available in the
library or you can get information from the Citation Guides online at the library web site
ibrary.miracosta.edu/mla. Be sure to give proper citations in the paper. You
should have one or more citations in the body of the paper for every item on the Works
Cited list; and every citation in the paper must have a corresponding entry on the Works
Cited list.
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