Your assignment is to be opposed to full convergence and advocate that United States accounting standards remain independent of IFRS. That is, the FASB would continue and, if it deems appropriate, adopt the IFRS rules. When not appropriate, the FASB would issue other GAAP. Just response each posted # 1 to 3 Background International financial reporting rules are accounting standards produced by the International Accounting Standards Board (IASB) that are quickly becoming the global standard for preparing financial statements for public companies. The International Accounting Standards Board is an independent accounting standard-setting body that is the international equivalent of the Financial Accounting Standards Board (FASB), which establishes US generally accepted accounting standards. The IASB, like the FASB, develops standards via a rigorous, transparent, due process and collaborates with national accounting standard setters throughout the world. The International Accounting Standards Board is made up of 15 members from nine nations, including the United States. Contributions from large accounting firms, private financial institutions, industrial enterprises, central and development banks, national financing regimes, and other international and professional organizations across the world are used to fund it. The IASB is controlled by the International Financial Reporting Standards (IFRS). More than 100 countries now allow publicly-held companies to use IFRS set by the IASB in London, in response to global demand from regulators, investors, businesses, and auditing firms for a single set of high-quality, globally-accepted accounting standards. The AICPA thinks that adopting a single set of high-quality, globally recognized accounting standards in the United States will help financial markets and public firms in the United States by allowing for the creation of transparent and comparable financial reports all over the world. The AICPA is dedicated to providing the accounting profession with the knowledge and resources it needs to absorb and apply a new set of standards, such as the website IFRS.com (AICPA, 2021). IFRS versus GAAP There are various reasons why FASB should adopt IFRS rules, and one of them is to achieve transparency by ensuring there is an effective presentation of financial information (Magli et al., 2018). This is done by focusing on the full utilization of IFRS standards, which makes it easier for investors to make the right economic decisions. Another advantage is that IFRS rules are solid and well known to people in different countries, and therefore, utilizing them when it comes to financial matters makes it easier to achieve some level of uniformity and comparability, which in turn leads to better outcomes. Another advantage of using IFRS rules is that it enables firms to have a higher variance in the net income changes as well as the cash flows. This means that the standards are associated with a greater financial benefit, and for this reason, it is important for firms to consider using them, so as to have a positive impact on the economy in general (Magli et al., 2018). Basically, the main advantages associated with the use of IFRS standards include transparency, possible simplification, clarity in the renewal process, and lastly, comparability between different countries. When it comes to the use of GAAP, one of the main disadvantages is that it is not global as compared to the IFRS standards. This, therefore, makes it hard for businesses in different nations to work together to achieve the specified objectives. It is always important to utilize financial standards that are globally recognized when looking at the global market. GAAP standards also take a long time to be delivered, which is a great inconvenience to the financial processes (Magli et al., 2018). On the other hand, the main advantage associated with the use of GAAP is that it provides an accurate image of business transactions. This makes it possible to see the current cash flows and, at the same time, predate the financial future. Opposition to Full Convergence It is important to first distinguish the difference between GAAP and IFRS. GAAP is based on rules that are in place, whereas IFRS are based on principle. When it comes to principles, there could be many loopholes as every situation is different. GAAP, in contrast, is kind of like a one size fits all, meaning that if there is an existing rule in place, it must be followed regardless of the situation at hand. When there are solid rules in place, it does allow things to be seamless and straightforward. IFRS on the other hand, lacks consistency as things are on a situation basis which can lead to some issues with reporting. The purpose of IFRS was to bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions. IFRS is set in place to monitor the transparency of the international standards, which is why the US accounting standards should remain independent of the rules set by IFRS. It is not recommended to mix international principles with rules set in place by FASB. It is better to keep principles and rules separated, especially since here in the US we have created rules based on situations that we are certain of, while there is still much uncertainty about international situations and financial transactions, which should be treated on a principle basis under IFRS. Rules-based accounting establishes a specific and verifiable procedure that is used when creating financial statements. If a financial statement ends up as a subject in a court case, with rules in place, they will be used as specific guidelines followed to calculate any figures. With principles in place, you would have to go by judgement on a case by case basis. Without strict rules and procedures, documents prepared under a principles-based accounting system can lack consistency within revenue, net and gross income figures, and even calculations of projected revenues can vary widely. The overall goals for both accounting standards – IFRS and GAAP are to improve financial accounting and reporting in order to provide useful information for better decision making for the investors and other users of financial reports; however, information is accounted for differently internationally compared to information processed in the US. There needs to be standards set in place to maintain how information internationally is accounted for. References Convergence of International and US Accounting Principles and IFRS. (n.d.). AICPA. https://us.aicpa.org/advocacy/issues/us-intlacctprinconvergenceandifrs McPartlan, M. J. (2009, September 1). Moving on up: FAS 168 changing how CPAs view, research, evaluate GAAP.Moving on up: FAS 168 changing how cpas view, research, evaluate GAAP. Retrieved January 20, 2022, from https://www.thefreelibrary.com/_/print/PrintArticle.aspx?id=209486800 Magli, F., Nobolo, A., & Ogliari, M. (2018). The effects on financial leverage and performance: The IFRS 16. International Business Research, 11(8), 76-89. Teeboom, L. (2019, May 8). The difference between Principles & Rules Based Accounting Standards. Small Business - Chron.com. Retrieved January 24, 2022, from https://smallbusiness.chron.com/difference-between-principles-rules-based-accounting-standards-81972.html Just only response each posted below Posted 1 It looked at reasons to converge as well as reasons to oppose convergence. I see your point about GAAP being more based on rules instead of principles. Perhaps this is something that needs to be considered before converging. Though, do you think IFRS is eventually going to be the required standard? With business going more global and users needing more international information, do you think it is just a matter of time? Again great job on your post! Posted 2 I can see your view on how GAAP being more rule based than principal based could be a negative for the convergence. However, I feel that this could be an argument for why converging GAAP and IFRS would be beneficial. Since IFRS is more accurate and will provide more timely and comprehensive financial statement information relevant to the national standards, would that not be an advantage to the GAAP to help balance it out? On the other hand, companies who are not confident in the IFRS regarding the financial markets, will be comforted with the GAAP reporting standards which tend to reflect more detailed information. Posted 3 I enjoyed how you integrated your thoughts on reasons to converge and reasons not to converge. The differences in GAAP and IFRS can be a major factor in why they may not choose to converge. I also discussed in my part of the paper how GAAP is more rules based whereas IFRS is principle based. Personally, I believe that there needs to be a convergence to GAAP for international work to become more efficient. Good job on your post. I enjoyed reading the other side of opinions!

Getting StartedYou will be choosing two data sets you wish to analyze for the duration of this course. In order to successfully complete this assignment, you should be able to:Identify two data set files you will be analyzing.Communicate the choices to the course facilitator.ResourcesFile: ImpeachFile: NC BirthsFile: County CompleteFile: IWU PatientsFile: Research Report Template 1File: Research Report Template 2File: Research Report PatientsInstructionsStudy the data sets to choose from, looking at all the tabs inside the data set. ImpeachNC BirthsCounty CompleteIWU PatientsStudy the example Research Report Patients.Choose two data sets from the list above to analyze throughout this course.Download each research report template and save one for each of your chosen data sets. Research Report Template 1Research Report Template 2Conduct a search to find three scholarly sources pertaining to each data set (total of six). OCLS resources are preferred sources and can be accessed through IWU Resources. Wikipedia is not permitted, as it is not a peer-reviewed, scholarly source.In each template, complete the "Project Background" section only up to the "Information and Literature Review," no further. The templates have instructions in them. This should be written as an academic paper with complete sentences and paragraphs.When you have completed your assignment, save a copy for yourself and submit a copy to your instructor by the end of the workshop. You will add to each document throughout the course.I will choose Impeach this time for safe side as mentioned by Prof.

All instructions are attached below in the word doc and follow them in the excel document.