POSITION/THESIS PAPER/PRESENTATION (CAPSTONE PAPER): The ACCT 530 ...

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POSITION/THESIS PAPER/PRESENTATION (CAPSTONE PAPER):
The ACCT 530 Capstone Paper is a culminating experience of the M.S. in Public Accounting degree and is designed to bring together your academic learning (to date) in a well thought-out, researched and reasoned position/thesis paper. It should include substance and documentation of your assertions, as well as footnote references to identify quoted or paraphrased materials. Your understanding of accounting theory, its history and application to topical accounting issues will be captured in your analysis and presentation of your chosen topic.
The Capstone Paper is a research endeavor in which you will present the history of an accounting theory topic and raise theoretical issues that you have regarding that topic. The paper will present your research of the historical treatment and relevance to the chosen accounting issue. You should develop an opinion/position with regard to your chosen topic, and decide what it is you want to communicate about that accounting topic supported with relevant accounting research. You must utilize and reference the Schroeder text, U.S. GAAP (e.g. FASB Codification), and International Financial Reporting Standards (IFRS) developments/discussions in your accounting research support. Additional recommended resources for reference include those suggested in connection with your mini research paper/presentation presented in this Appendix A previously. Your research should capture the history of the advantages and disadvantages and/or the strengths and deficiencies of the accounting theory treatment under review, and provide a conclusion on the appropriateness of the accounting treatment.

Paper Organization
Define a research agenda and methodology to assist you as you pursue your research and prepare your capstone paper. Remember to formulate an opinion/thesis statement on your chosen topic. Create a detailed outline to structure and aid you in your thoughts and findings to be presented in the paper (this outline will be presented to, and discussed with, the course professor during both the sixth and seventh class meetings of the course). The content in your paper is to be presented by chapter as follows:

• Chapter 1 is your introduction of the accounting issue. It should include historical treatment of the issue, and the theoretical significance of the issue. This Chapter should also address your opinion of the issue, which should further include pros and cons and opposing views of the accounting treatment of the issue.
• Chapter 2 should address the benefits or detriments of the current U.S. GAAP treatment of the topic and U.S. GAAP/IFRS development/discussions surrounding the topic. You may find it helpful to reference specific company or industry treatment as appropriate.
• Chapter 3 should build on your specific analysis and ideas of the topical issue through authoritative literature reference and should expand on how the issue is being dealt with in the public arena, what deficiencies are being addressed, and the constituency benefited and how.
• Chapter 4 should summarize your observations and include recommendations and conclusions on the appropriateness of the accounting treatment of the chosen topic, as supported by the research contained and presented within the capstone paper.

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The main issue d this Capstone paper deals with relates to the presentation of financial statements required by U.S. Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). They are similar in nature on many instances but there are some differences in the reporting of some financial instruments and items.
According to US GAAP – ASC 210, assets, liabilities and equity are presented in decreasing order of liquidity. The balance sheet contains assets which are equal to liabilities and shareholders’ equity. More specific guidance is provided by IAS 1 (International Accounting Standards 1) when compared to GAAPs regarding balance sheet presentation and the classification of items therein; this has been a major source of debate or disagreements for a period of time amongst practitioners, the academic community, and other stakeholders.
The guidelines provided by IAS 1 – Presentation of Financial Statements encompass the scope, objectives and disclosures for financial statements, whereas the FASB guidelines are flexible and generally provide a more convenient approach.
The treatment of select items according to both IFRS and GAAP are discussed below:
• According to IAS 1: Presentation of Financial Statements, paragraph 60, 63 provides a structural requirement to classify and then present Current and Non-Current Assets and Liabilities separately. Paragraph 54 provides a list of minimum items required to be presented according to the standard. However, according to the FASB, there is no standard requirement to classify balance sheet items. (IASB 54-80A, 2011).
With respect to the presentation and classification of long term debt into current and non-current due to breach of debt agreements or covenants, under the IAS, any breach of long term debt agreements by an entity on or before the end of the period of reporting where such violation renders...

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