Research Case Two

Research Case Two - ACC 310 Fall 2009 Research Case Two...

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Unformatted text preview: ACC 310 Fall 2009 Research Case Two This case focuses on the ongoing merger of FASB with the IASB (International Accounting Standards Board) and the convergence of GAAP with IFRS. You will examine several relevant documents and articles. Examine the documents as discussed below in the Questions. These include: • • • • • • • The Norwalk Agreement. EY IFRS Comments A Statement By SEC Commissioner Kathleen Casey On Convergence September 2008 MoU February 2006 MoU FASB-IASB Joint statements FASB Works Toward Global Convergence Each of you should individually prepare responses in your own words to the questions below. Compose a Word document that is between two and four pages in length that itemizes your responses, and turn it in on Tuesday, November 17, 2009. Your grade will depend on several factors: 1. How well you address the substance of the question with relevant history and accounting authority. 2. The quality of your writing. I will make deductions for incorrect grammar and spelling. Make sure an independent person proofs your paper. 3. The presentation of your paper. Please use a 12-point font and one inch margins; double-space your lines; and use Arial font. Number your answers according to the questions. If you do not indicate to me in your writing that you have read and studied the articles, and gloss over the matters addressed by the questions, you will receive a failing grade. No excuses. Questions 1. What is the Norwalk Agreement? 2. Describe some current initiatives-joint standards which FASB and IASB have undertaken to further the goal of convergence of U.S. GAAP with International Financial Reporting Standards (IFRS). (Refer to the 2006 and 2008 MoUs) When do authorities believe that convergence will occur? What are some of the problems which the SEC has identified? (Casey speech) 3. 4. ...
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