Examine international accounting standards for financial reporting and auditing

Final Project

There is a push around the world to use one set of accounting standards. Many of the major capital markets have adopted International Financial Reporting Standards (IFRS) and the United States Securities and Exchange Commission has expressed an interest in adopting the international standards in the future. Initially, the SEC proposed adoption of the new standards as early as 2014. However, in 2012, the SEC staff released its final report on the transition to IFRS and revealed that the shift was not supported by most of the participants in the United States capital markets. There have not been any further press releases or statements regarding the shift to IFRS in the United States since that statement However, current joint projects between the IASB and the FASB indicate that the United States may adopt a set of converged standards in the near future.

You will first choose a publicly traded company in a foreign country that does not use United States GAAP as their reporting standards. You will then write a paper that discusses the accounting standards and financial reporting processes used in the country. In the second part of the paper, you will discuss what the reporting requirements mean for the company you have selected including information on reporting objectives, financial statement impact, and disclosure requirements.

In this 57 page paper, discuss the quality of the information provided by the company from the perspective of a potential user of the financial information. In other words, analyze the strengths and weaknesses of the annual report information and disclosures (transparency) in terms of whether they provide relevant and reliable information to investors.

You are responsible for sending the final paper to the Instructor in Unit 6 who will submit it to Turnitin.com to check for plagiarism.

In your writing, sometimes it can be a challenge to determine the originality of thoughts when you are translating the ideas of authors and scholars internalized during research. Turnitin is helpful to you in that it can assist with identifying the integrity of APA citations and references in your paper.

ID: AC558-06-10-FP

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