Adoption and Convergence Discussion

Competencies

  • Evaluate the reasons business combinations occur and the accounting implications of such transactions.
  • Critique the development of International Accounting Standards and the implications for US corporations.
  • Measure the accounting for foreign currency and its translation.
  • Assess the proper accounting for transactions with respect to deferred taxes and leases using the accounting codification and other accounting research tools.
  • Justify the proper accounting for transactions with respect to accounting changes and error corrections using the accounting codification and other accounting research tools
  • Evaluate the proper accounting for transactions with respect to interim and segment reporting using the accounting codification and other accounting research tools.

Scenario

Don't use plagiarized sources. Get Your Custom Essay on
Adoption and Convergence Discussion
Just from $10/Page
Order Essay

Swift Cycles is a publicly held, mid-sized manufacturer, with $40 million dollars in annual revenue. Swift has been producing high-end custom cycles currently in the US for the past ten years. Swift has decided to start operations in various locations in Europe in the next five years. In a recent board meeting, the CEO and CFO faced difficult questioning from outside members of the board regarding the impact that adoption of International Financial Reporting Standards might have on the company. Both officers lack a depth of knowledge on the subject and their preparedness for the changes that may be presented.

The CFO has asked you as the Controller to do some preliminary research about the possible transition from US GAAP principles to IFRS standards. The company is publicly held; therefore, it must follow all reporting requirements of the Securities and Exchange Commission (SEC).

Prepare an analysis and presentation of the impact that adoption of International Financial Reporting Standards would have on the company’s financial statements and its investors. Also, prepare an analysis and operational plan of how this adoption may be accomplished by the company.

Instructions

Analysis of Adopting IFRS:

Create an executive summary that analyzes the impact that adoption of International Financial Reporting Standards would have on Swift’s financial statements and its investors. For your analysis, consider that IFRS will be adopted in their current form. Consider the effects on each of the account groupings (such as foreign currency transactions, deferred taxes, and leases in different countries) for each of the financial statements (balance sheet, income statement, change in equity statement, and statement of cash flows). Explain the implications of consolidating reporting to the parent company versus segment reporting over major areas of the company.

Operational Plan:

Within the executive summary, write a proposal that provides an operational plan of how this adoption may be accomplished in the company. Consider the following in your Operational Plan:

  • Resources.
  • What policies and procedures should be modified in order meet IFRS requirements?
  • How the project should be managed.
  • What organizational structures, policies, or procedures should be in place to ensure that the implementation is ethical and compliant with all IFRS requirements?

Presentation to the Executive Board:

For the executive leadership team, create a PowerPoint presentation, 5-10 slides, including slide notes to summarize the essential information regarding the impact of the adoption of IFRS on financial statements and investors of the company, which includes the information from the operational plan. At the end of your executive summary, give your strongest recommendation on the convergence to IFRS.

Use the FASB Codification and IFRS to address all technical accounting issues presented in the questions, being certain to reference the applicable sections of the Codification and IFRS in your report.

Any other sources used to support your responses should similarly be properly documented. You should have other credible sources in addition to the Codification and IFRS.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
error: Content is protected !!
Open chat
1
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code STARS