ACC 616 Full Course Discussions GCU

What role does accounting and auditing research play in the accounting profession? Why are good communication skills necessary for accountants? What do you think the most difficult aspect of accounting/auditing research will be?

Refer to the assigned reading, “A Plain English Handbook: How to Create Clear SEC Disclosure Documents.” What do you believe is the most important element in achieving transparent and readable documents? Be specific in your references to the reading.

Go to the FASB Codification and look under Revenue. Look through the options, choose a subtopic, and give some notes on what is required for recognition of revenue or for disclosure. Try to choose information that has not yet been posted by another student. In your responses, identify the similarities and differences between the information provided in your post and the post of your classmate. Discuss any difficulties you had using the FASB Codification.

After reading “Agenda Formation and Accounting Standards Setting: Lessons from the Standards Setters” by Howieson, what is your opinion of the agenda formation process? What role do you think lobbying should play in setting the agenda for accounting standard-setting bodies and why?

Prepare a compliance report of the company you chose for your Annual Report Project. Using your company’s financial statements and notes to the financial statements, evaluate the use of GAAP for income recognition, identify the relevant code sections, any departures from GAAP, and the authority used to justify the departures. In addition, evaluate the reasoning for the company choosing particular accounting methods.

Using the one of the GCU Library’s databases, read and summarize an article related to your APR company’s business or industry. Following the research process, identify the issue or problem addressed in the article, the evidence used to evaluate the issue or problem, the conclusion reached, and the evidence/analysis used to support that conclusion. Include a citation and a direct link to the article in the database. In responses to other students’ summaries, you should discuss whether you believe the authors followed the research process and sufficiently defended and supported their conclusion. Does this article have any implications for accounting or business practice in your own business or industry?

After reading “An Examination of Potential Changes in Ratio Measurements Historical Cost Versus Fair Value Measurement in Valuing Tangible Operational Assets,” by Baker, discuss the implications of using fair value measurements for long-lived assets. Comment on the advantages and disadvantages of each method. Which method do you think should be used and why?

Choose an IFRS, IAS, IFRIC, or SIC, other than revenue recognition, and locate the related standard in the FASB Codification. What are the differences between the two standards? What are the similarities? In replying to your classmates, indicate how close you think those particular standards are to convergence. You may need to do some additional research for current information. If you do, make sure you cite your source.

Go to the IFRS website (http://www.ifrs.com/convergence_landing.html) and read about the Convergence efforts. Discuss the current state of the convergence efforts followed by your opinion on whether or not the US should convert from GAAP to IFRS. Provide examples in your post to support your for or against postion regarding convergence. Try to choose information that has not yet been posted by another student. In your responses, identify the similarities and differences between the information provided in your post and the post of your classmate.

Access a recently issued SEC Accounting and Audit Enforcement Release related to a fraud action (https://www.sec.gov/divisions/enforce/friactions.shtml) and determine incentives or pressure to commit the fraud, accounting issues, and the motive for the fraud.

There have been a growing number of very large financial frauds discovered in recent years—mortgage fraud, the Madoff scandal, and Enron to name a few. Describe why you believe fraud training is important for all accountants. Name a particular area of fraud training you believe would be beneficial to your chosen area of accounting.

Using ProQuest Accounting and Tax, through the GCU Library (http://search.proquest.com.library.gcu.edu:2048/accountingtaxbanking/business/fromBasicHomePage?accountid=7374), find an article about the capital gains tax that was published within the past year. Provide a brief summary of the article and discuss the main concerns of the author. Do you agree with those concerns? Why or why not? In responses to your classmates, compare the conclusions and concerns in your article to someone else’s article.