Research: Major differences between IFRS and GAAP

REQUIREMENTS:

Conduct research using Santa Fe’s library or the Internet to find information regarding the current state of the Convergence Project and the major differences between GAAP and IFRS.

In your paper, discuss the Convergence Project between FASB and IASB, and be sure to include the history, current progress made, current status and future goals of the project.
Identify and write about three major differences between GAAP and IFRS. In addition to listing the differences, discuss what has been done to minimize the differences (if any), and how the differences will affect United States Companies if they are implemented.

Finally, research and discuss the differences between principles based accounting rules (IFRS) and rules based accounting rules (GAAP) and present your opinion on what method is better. Justify your opinion in your paper.

EXPECTATIONS:

Your paper must be a minimum of 2 pages, with about 3-4 pages expected (but could be longer).

Your paper must be formatted using APA format (double space, 1” margins all around, etc. A sample paper is posted in the Files section of Canvas for content/formatting reference.

You MUST use at least three sources. Your textbook is allowed. Wikipedia, Blog sites, and other non-academic sites are NOT Permitted.

Begin your research with www.fasb.org (Links to an external site.) and www.ifrs.org (Links to an external site.) and Chapter 6 of your text (pg. 260)

Double check your work for proper grammar, spelling, and sentence structure.

Your paper must be completed using Microsoft Word. Use a title page that includes your name, the class and section number.

DO NOT plagiarize your work. You MUST write your own paper. Make sure you credit all sources. Limit direct quotes to less than 15-20 words. Paraphrase main points with proper citations.

Refer to http://owl.english.purdue.edu/owl/ (Links to an external site.) for information on properly formatting your paper and incorporating research citations using APA format.

Grading Rubric for Final Paper:

EXCELLENT
(90-100%)

GOOD
(80-90%)

FAIR
(70-80%)

POOR (<70%)

INTEGRATION OF KNOWLEDGE
40% of grade on paper / max 60 points

The paper demonstrates that the author understands and has applied concepts learned in the course. Concepts are integrated into the writer’s own insights. The writer provides concluding remarks that show analysis and synthesis of ideas.

The paper demonstrates that the author, for the most part, understands and has applied concepts learned in the course. Some of the conclusions, however, are not supported in the body of the paper.

The paper demonstrates that the author, to a certain extent, understands and has applied concepts learned in the course.

The paper does not demonstrate that the author has fully understood and applied concepts learned in the course.

DEPTH OF DISCUSSION
40% of grade on paper / max 60 points

In-depth discussion & elaboration in all sections of the paper. Paper is 3 to 4 pages or longer.

In-depth discussion & elaboration in most sections of the paper. Paper is between 2 to 3 pages.

The writer has omitted pertinent content or content runs-on excessively. Quotations from others outweigh the writer’s own ideas excessively or paper is no more than 2 pages.

Cursory discussion in all the sections of the paper or brief discussion in only a few sections. Paper is less than 2 pages

COHESIVENESS

10% of grade on paper / max 10 points

Ties together information from all sources. Paper flows from one issue to the next without the need for headings. Author’s writing demonstrates an understanding of the relationship among material obtained from all sources.

For the most part, ties together information from all sources. Paper flows with only some disjointedness. Author’s writing demonstrates an understanding of the relationship among material obtained from all sources.

Sometimes ties together information from all sources. Paper does not flow – disjointedness is apparent. Author’s writing does not demonstrate an understanding of the relationship among material obtained from all sources.

Does not tie together information. Paper does not flow and appears to be created from disparate issues. Headings are necessary to link concepts. Writing does not demonstrate understanding any relationships

SPELLING & GRAMMAR

3% of grade on paper / max 3.5 points

No spelling &/or grammar mistakes.

Minimal spelling &/or grammar mistakes.

Noticeable spelling & grammar mistakes.

Unacceptable number of spelling and/or grammar mistakes.

SOURCES

4% of grade on paper / max 4 points

More than 3 current sources, of which at least 1 is peer-review journal articles or scholarly books and 1 is credible source. Sources include both general background sources and specialized sources. Special-interest sources and popular literature are acknowledged as such if they are cited. All web sites utilized are authoritative.

3 current sources, of which at least 1 is peer-review journal articles or scholarly books. All web sites utilized are authoritative.

Fewer than 3 current sources, or less than 1 of 3 are peer-reviewed journal articles or scholarly books. All web sites utilized are credible.

Fewer than 3 current sources, or less than 1 is peer-reviewed journal articles or scholarly books. Not all web sites utilized are credible, and/or sources are not current.

APA FORMATTING / CITATIONS

3% of grade on paper / max 3.5 points

Cites all data obtained from other sources. APA citation style is used in both text and bibliography. Paper perfectly follows APA format

Cites most data obtained from other sources. APA citation style is used in both text and bibliography. Paper follows APA format with few unformatted areas

Cites some data obtained from other sources. Citation style is either inconsistent or incorrect. Paper is not consistent with APA format

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