Update Only one to be picked of the three Current Issues in

Update : Only one to be picked of the three (Current Issues in Accounting, Auditing, or Tax)

Objective

The objective of this project is for you to research a current issue in accounting, auditing, or tax that interests you in depth. The topic could be one that we will discuss in class, such as a specific topic within IFRS, XBRL, ethics, or another topic that you will find interesting. It is important that the topic be extensive enough that eight-to-ten pages can be written on it.

Paper Outline

Section Points Description

Title Page 5 Title of your research paper, your name, e-mail address, course number and title, instructor, and date.

Introduction 10 Provide an overview of the topic that you are researching.

History 50 Present the history of the topic including what events led up to the topic coming into being. If applicable, present the history in multiple countries.

Current Status 50 Present the current status of the topic.

Future 50 Describe what you think the future of the topic will be.

Conclusion 15 Present a conclusion to your topic.

References 20 You must use no fewer than six library resources.

All references must be cited in two places: within the body of your paper and on a separate reference list. Choose references judiciously and cite them accurately. Cite all sources using APA format.

Do not use Wikipedia as a reference source. If you find useful information from Wikipedia, triangulate your research and find other, more credible source(s) which provide the same (or better) information, and then utilize the information from that more credible source in your paper and reference page/bibliography.

Total 200

Research Sources

1. All papers must have a minimum of six scholarly sources cited within the text of the paper and identified in the references section.

2. Additional research sources can be attached in a bibliography.

Paper Format

1. All papers should be single sided, double-spaced, and using a 12-point font.

2. Length of the paper should be between eight-to-ten pages, counting the cover page and bibliography.

3. The first page should include the title of the work, student name, course number, date, and instructor name.

4. Follow APA style for general format and citations.

Solution

Title- convergence of accounting standards

Name- XYZ

Email- -------

Course number – 1

Date- 20 january 2018-01-20

Introduction- convergence is the way toward blending accounting models issued by various administrative bodies. One illustration may be the union of International Accounting Standards (IAS) and US Standards.

The goal is to create a typical arrangement of fantastic accounting norms to upgrade the consistency, likeness and productivity of budgetary proclamations.

Overview- There is two aspects to the current convergence debate.

• International Convergence – the process within which the International Accounting Standards Board (IASB) and National Standard-Setters (NSS) are Converging their respective financial reporting standards into one global set of accounting regulations.

• National GAAP Convergence – the adoption of International Standards as National GAAP. For example, the Accounting Standards Board (ASB) in the UK is working to converge its own financial reporting standards with those of the IASB.

An international perspective- The IASB agenda still contains a number of convergence projects, including:

• Joint ventures

• Impairment

• Income tax

• Research and development

• Consolidation

• Financial statement presentation

• Fair value measurement

• Revenue recognition

• Pensions

Europe perspective- The EU is one of the real clients of IAS as far as market capitalisation. Roughly 8,000 European organizations report their merged records utilizing IAS. All things considered, the European Commission (EC) is especially keen on the outcomes of pace of joining between US GAAP and IAS. The US accounting framework is by and large perceived to be a larger number of tenets based than its global partner, which is known to be standards based.

UK perspective- Alongside its European accomplices, the UK requires recorded gatherings to set up their merged records utilizing IAS. Unlisted gatherings, auxiliaries of recorded gatherings what\'s more, different organizations are not required to utilize IAS but rather may do as such. Those that do not utilize IAS need to apply the standards of UK GAAP.

Consistency between UK principles and IAS is imperative:

• For the believability and comprehension of financial reporting.

• for organizations continuing setting up their money related articulations under UK measures, yet who additionally wish to guarantee consistency with IAS in financial statements.

• In encouraging the development of business accountants between associations

Utilizing either UK GAAP or IAS.

Convergence in accounting standards can require extensive and possibly costly changes to the standard-setting infrastructure and enforcement process in the US and other countries, and will also require proper training for management, auditors, and investors.

sources-

Topazio, N. 2008 convergence target raises European fears. CIMA Insight, April 2006. Available from: www.cimaglobal.com/insight

Tweedie, D. and Seidenstein, T. R. Setting a global standard: the case for accounting convergence. Northwestern Journal of International Law and Business

Whittington, G. International accounting standards: where next? CIMA Insight, March 2005. Available from: www.cimaglobal.com/insight

The coming convergence: global accounting standards.

IFAC’s international public sector accounting standards board advances global convergence.