What is the current situation regarding the transition to the IFRS. What are some of the obstacles that are postponing the transition?
ACC 541 Week 1 DQ3 IFRS is a principal based accounting system that relies on the judgement of professionals. GAAP, however, is a rule based accounting system. If and when the U.S. transitions to an IFRS standard, how will this impact Generally Accepted Accounting Principles (reliability, consistency, comparability, timeliness, etc.)?
ACC 541 Week 2 Individual Assignment Client Understanding Paper As a newly hired Staff I, you are responsible for analyzing the work papers for one of the clients of your organization. Your client is not clear about why you are asking for information on the following topics: · Adjusting lower cost of market inventory on valuation · Capitalizing interest on building construction · Recording gain or loss on asset disposal · Adjusting goodwill for impairment Write a 1,050- to 1,400-word response that addresses your client’s questions. Format your paper consistent with APA guidelines, including appropriate citations and references. Run your paper through WritePointSM and Plagiarism Checker.
ACC 541 Week 2 DQ1 At December 26, 2008, the company had a special, nonrecurring opportunity to purchase 40,000 units at $17 per unit. The purchase can be made and the units delivered on December 30, or it can be delayed until the first week of January 2009. The company plans to make the purchase, due to the obvious cost savings involved. Sales for 2008 totaled 245,000 units. Describe the financial statement effects of making the purchase in 2008 as opposed to 2009. Argue for making the purchase during 2008. Defend the use of LIFO. Use the matching concept in your defense.
ACC 541 Week 2 DQ2 Compare and contrast two of the following inventory valuation methods: first in–first out (FIFO), last in–first out (LIFO), or weighted average. Explain the benefits of each inventory valuation method you selected and how the inventory is valued. (This question can be expanded to further discuss each method of inventory valuation.)
ACC 541 Week 3 Individual Assignment Response to Client Request I While working on a consulting engagement, a supervisor in your team has given you an assignment. The client is a regional trucking company. A new customer has approached the client with an opportunity that would require 120 trailers—20 more than the trucking company currently owns. The client is uncertain how long the relationship with the customer may last, but the deal has the potential for significant growth.