please look at the attched files that give you an idea of the project assignment 6.31 international financial reporting standars on investments

Assignment 6.3.1: International Financial Reporting Standards (IFRS) Project By Sunday, Day 7, complete the following assignment. Assignments must be submitted before 3 a.m. ET the next day (midnight PT), or they will be marked as late. Upload your assignment as a Word document file or an Excel file using the submission page. Please note: Turnitin Assignments allow for only Microsoft Word or Excel files to be uploaded, (files that end with a .doc, .docx, .xls, or .xlsx are acceptable.) This assignment is worth 100 points. Throughout this course you will learn about many of the Generally Accepted Accounting Principles (GAAP) as they govern the preparation and presentation of financial accounting data. Preparing and presenting financial accounting data is the main emphasis of this course. These rules and standards are set by the Financial Accounting Standards Board (FASB). They not only set these standards but also periodically review basic rules and make changes, if necessary. However, over the last few years there has been a big movement towards IFRS, which stands for International Financial Reporting Standards. These have been adopted by the International Accounting Standards Board (IASB). More specifically, IFRS refers to a set of standards that will be used throughout the world. Keep in mind that GAAP is rules based and IFRS is based on principles. According to Intermediate Accounting Volume 1, IFRS edition, there are 115 countries now using IFRS. Prior to the onset of IFRS each country had their own set of rules which made comparing financial reporting information from one country to another difficult. It is hoped that IFRS will make how accounting data is prepared and reported common throughout the world. While many countries have made the switch to IFRS, the United States is currently holding out and still using existing GAAP rules. This isn't expected to last forever; a timeline has been set to deal with moving the United States to IFRS. Experts feel we should prepare for this over the next few years because by 2015, we will likely switch to these new standards. This will have a large impact on many areas that we study in this course. As accounting professionals and students, you need to be ready to deal with this change. In order to help all of you familiarize yourselves with IFRS, you will work individually to complete an IFRS project. Your facilitator will approve your topic choice, and you will be required to write a paper on how its handle under GAAP compared to how it would be handled under IFRS. Here is a list of areas you could explore: Income statement Balance sheet Cash flow statement Inventory Leases Revenue Investments Income taxes Pensions and post retirement benefits Depreciation Current liabilities Noncurrent liabilities Intangible assets Acquiring and disposing of property, plant, and equipment Submit your top five choices in case someone has already picked your first choice. The sooner the better as no more than three individuals can select the same topic. Your facilitator will confirm with you which choice you will be working on for the project. Then you will research the area you selected and compare and contrast how it is handled under GAAP and IFRS. By Day 7 of Week Four, submit an outline of your final project. Be sure to explore this change and how it will impact financial reporting. Show in your paper, through an example with numbers, how it is currently handled and how it might be handled under IFRS. Be sure to thoroughly explain this difference so someone who is unfamiliar can understand it. Timeline: Day 4 of Week Two: Submit your top five topic choices via Assignment 2.2.2: IFRS Project Topic Submission. Day 7 of Week Two: Facilitator assigns topic through the Announcement Thread. Day 7 of Week Four: Submit your project outline via Assignment 4.3.1: IFRS Project Outline. Day 7 of Week Six: Assignment 6.3.1: International Financial Reporting Standards (IFRS) Project due. o 2-3 pages total o Garrmond 12 point font o Single spaced o Cite your sources Day 3 of Week Seven: Share paper and findings with the class in Assignment 7.4.1: Discussion Board - IFRS Project. Assessment of project: The instructor evaluates each essay for clarity of writing, critical analysis of the issues, proper use of references to support positions taken, and extent to which it addresses the issues specified in the assignment. Submitting Your Assignment Click My Submissions. Enter a submission title. To upload a file, click Browse, locate the file you wish to upload, and double-click the file name. The file will appear in the input box. Click the check box to confirm that this submission is your own work. Click Add Submission to submit the file. Once submission has been uploaded, in the \"Submitted\" column, click on the link \"Submit to Turnitin\" to complete your submission. The originality report will be generated immediately (once every 24 hours). You may resubmit your assignment until the due date