Discussion Board 1: U.S. GAAP vs. IFRS

Discussion Board 1: U.S. GAAP vs. IFRS

In this week’s discussion, we will be looking at some of the differences between U.S. GAAP and IFRS, which is the set of accounting rules followed by just about every industrialized nation outside the U.S.  While there are many similarities between the two systems, there are also some significant differences.  After learning a little bit about some of the similarities and differences, please reflect somewhat on how these differences might impact financial statement analysis, or if you think they actually would.

Conduct research to find out one or more differences that exist between balance sheets that are prepared using U.S. GAAP and those prepared using International Financial Reporting Standards (IFRS).  Explain the difference and if there seems to have been a move in recent years toward convergence of the two systems.  Finally, discuss how such a difference might have an impact on financial statement analysis, or if you believe that it would.  Make sure to provide APA format citations and references for your sources.

Discussion Board 2: Analyzing Profitability

In this module, the discussion will focus on profitability analysis.  The student will need to find some publicly available information about two firms and then provide some analysis of that information.

Using the Internet, find Earnings Per Share and Price/Earnings ratio information for two competing publicly traded companies.  State what you have found and provide a couple of sentences of explanation as to what those ratios tell you about the firms.  Finally, provide some analysis of which firm you think would be the better investment, based on this information.

Discussion Board 3: Financial Accounting vs. Managerial Accounting

In this module, the discussion focuses on the differences between financial and managerial accounting. Besides simply reciting differences, you should also be able to articulate a rationale for at least some of the important differences.

There are numerous differences between financial accounting and managerial accounting. Describe what you think are the most important differences and articulate what is the critical reason regarding why those differences exist.  In particular, discuss why it may not be as important to protect users of managerial accounting information, compared with users of financial accounting information.

Discussion Board 4: Costing Systems

In this module, the discussion focuses on the similarities and differences among costing systems.  You should be able to describe the systems and also identify which system would be most appropriate for a company and why that would be the case.

Describe the differences between job order costing, process costing, and Activity Based Costing (ABC).  What are the advantages and disadvantages of each system?  Imagine a company that you might be a manager for.  Describe that company and what their major product or service would be.  Then, tell which cost system would be best suited to that firm and why.

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