ACC 690 Final Project Guidelines and Rubric Overview The final project for this course is the creation of a white paper consisting of a report and spreadsheets. The final project represents an...

ACC 690 Final Project Guidelines and Ru
ic

Overview
The final project for this course is the creation of a white paper consisting of a report and spreadsheets. The final project represents an authentic demonstration
of competency because you will be placed in a scenario in which you will take the role of an associate in a certified public accountant (CPA) firm. The CPA
partners in this scenario ask you to create a report for the firm’s clients to help address some of the questions they ask. This exercise will task you with preparing
the information necessary to address the client’s questions in report format. Topics addressed in the white paper will cover bankruptcy, interim and segment
eporting, foreign cu
ency transactions, and nonprofit and governmental accounting.

The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final
submissions. These milestones will be submitted in Modules Three, Five, and Seven. The final project will be submitted in Module Nine.

In this assignment, you will demonstrate your mastery of the following course outcomes:

 Differentiate between various forms of bankruptcy and restructuring for how they impact incorporated entities
 Construct interim and consolidated financial statements for addressing full disclosure and transparency under both GAAP and IFRS reporting
equirements
 Create translated foreign cu
ency financial statements using cu
ent and temporal methods to illustrate the impact of foreign exchange rates
 Appraise the processes used to identify reportable segments for their effectiveness in supporting transparency in financial reporting
 Compose nonprofit and governmental financing statements that are compliant with applicable governing rules and regulations including government
accounting standards (GAS)


Prompt
Imagine you have been working at an established CPA firm for two years. Your great work has not gone unnoticed, and the CPA partners have asked you to
assemble a white paper for the firm’s clients to help address some key areas of concern. Your goal is to create the information necessary to address each of the
topics as outlined below. You will prepare the information in a written report format, with accompanying spreadsheets as supporting documentation, for the
partners and clients.

Specifically, the following critical elements must be addressed:

I. Incorporation: Clients considering structuring their new business as a corporation are aware that there are complex issues to consider when accounting
for an incorporated entity. The clients often want information about the following key areas:

A. Differentiate between various forms of bankruptcy and restructuring that the clients should understand.
1. Summarize the key points of interest if the company fell on hard times and had to file voluntary bankruptcy. What ethical implications
should be considered when debating whether or not to file bankruptcy?
2. Identify the key areas of concern if the company fell on hard times and their creditors forced them into bankruptcy. What defenses are
available in this situation?
3. Illustrate hypothetical calculations that would be done to help creditors understand how much money they might receive if the company
were to liquidate.

B. What interim reporting requirements would the company have as a corporation?
1. Describe the guidance related to interim financial reporting under generally accepted accounting principles (GAAP) and international
financial reporting standards (IFRS).
2. Generate a hypothetical financial statement illustrating what that interim reporting entails. Ensure all information is entered accurately.
3. Determine if the interim reporting requirements are the same under GAAP and IFRS. Provide example with academic support in your
esponse.

C. Clients have heard that they may have to report some of their business segments separately if they opt to incorporate.
1. Appraise one of the processes used to identify which segments would have to be reported separately. Provide example with academic
support in your response.
2. How is this process effective in supporting transparency in financial reporting? Defend your response with academic support.
3. Provide suggestions to improve this process in an effort to sustain transparency. Defend your rationale with academic support.

D. When incorporating, it is important to consider whether or not the company will conduct business internationally.
1. Summarize the impact of foreign exchange rates on the company’s financial statements. What risks do foreign exchange rates pose?
Provide academically supported example(s) in your response.
2. What are the two methods used to translate financial statements and how does the functional cu
ency play a role in determining
which method is used? Provide academic support in your response.
3. Compose a hypothetical example to demonstrate the translation process using the two methods. Ensure all information is entered
accurately.

II. Nonprofit and Governmental: Some clients ask about accounting for nonprofit entities and governmental entities. Discuss the reporting requirements
for each and how they differ from a for-profit entity.

A. Explain how to address compliance with Government Accounting Standards (GAS) in nonprofit and governmental financial statements. Support
your response with academic source(s).
B. Explain how the analysis of nonprofit and governmental financial statements differs from analysis of traditional financial statements. Provide
academic examples to support your response.
C. Compose example financial statements for your company as a nonprofit entity and as a governmental entity. Ensure all information is entered
accurately and the statements are compliant with GAS.

Milestones
Milestone One: Bankruptcy
In Module Three, you will submit a report covering Section I, Part A of the final project. In the paper, you will discuss the issue of bankruptcy, both voluntary and
forced, as well as liquidation. This submission will be graded with the Milestone One Ru
ic.

Milestone Two: Interim and Segment Reporting
In Module Five, you will submit a report and the necessary spreadsheets for Section I, Parts B and C of the final project. You will discuss interim reporting
equirements under GAAP and IFRS, and provide an example financial statement illustrating what the interim report should entail. You will also discuss reporting
equirements for business segments and discuss transparency in financial reporting. This submission will be graded with the Milestone Two Ru
ic.

Milestone Three: Foreign Cu
ency Transactions and Statements
In Module Seven, you will submit a report and the necessary spreadsheets for Section I, Part D of the final project. You will consider the company’s potential
international business deals, such as the impact of foreign exchange rates and the methods for translating financial statements. You will also create a
hypothetical example demonstrating the translation process, using the two methods, to submit with your paper. This submission will be graded with the
Milestone Three Ru
ic.

Final Project Submission: White Paper (Including Report and Spreadsheets)
In Module Nine, you will submit your final project, which includes the report and spreadsheets. It should be a complete, polished artifact containing all of the
critical elements of the final product, including Section II, Nonprofit and Governmental. It should reflect the incorporation of feedback gained throughout the
course. This submission will be graded with the Final Project Ru
ic.

Deliverables
Milestone Deliverable Module Due Grading
One Bankruptcy Three Graded separately; Milestone One Ru
ic
Two Interim and Segment Reporting Five Graded separately; Milestone Two Ru
ic
Three Internal Considerations Seven Graded separately; Milestone Three Ru
ic
Final Submission: White Paper Nine Graded separately; Final Project Ru
ic
Final Project Ru
ic
Guidelines for Submission: Your white paper should consist of a 7- to 10-page written report (excluding the title and reference pages) with accompanying
spreadsheets as appendices within the report. Use double spacing, one-inch margins, 12-point Times New Roman font, and APA formatting.
Critical Elements Exemplary Proficient Needs Improvement Not Evident Value
Incorporation:
Voluntary Bankruptcy
Meets “Proficient” criteria and
examines issues of bankruptcy
with critical analysis, expertly
applying the ethical
implication arguments (100%)
Summarizes the key points of
interest if the company had to
file voluntary bankruptcy and
discusses the ethical
implications that should be
considered (90%)
Summarizes the key points of
interest if the company had to
file voluntary bankruptcy, but
does not discuss the ethical
implications that should be
considered, or discussion is
cursory or has inaccuracies (70%)
Does not summarize the
key points of interest if the
company had to file
voluntary bankruptcy (0%)
6.3
Incorporation: Forced
Bankruptcy
Meets “Proficient” criteria and
expertly explains the
corporate options and the
limitations of creditors (100%)
Identifies the key areas of
concern if the company was
forced into bankruptcy and
the defenses available in this
situation (90%)
Identifies the key areas of
concern if the company was
forced into bankruptcy but does
not identify defenses available,
or identification is cursory or has
inaccuracies (70%)
Does not identify the key
areas of concern if the
company was forced into
ankruptcy (0%)
6.3
Incorporation:
Liquidate
Co
ectly illustrates
hypothetical calculations
(100%)
Illustrates hypothetical
calculations but there are
inaccuracies (70%)
Does not illustrate
hypothetical calculations
(0%)
6.3
Incorporation:
Interim Reporting
Meets “Proficient” criteria and
provides relevant examples to
illustrate claims (100%)
Describes the interim
eporting requirements the
company would have as a
corporation and the guidance
elated to interim financial
statements under GAAP and
IFRS (90%)
Describes the interim reporting
equirements the company
would have as a corporation but
does not describe the guidance
elated to interim financial
statements under GAAP and IFRS,
or description is cursory or has
inaccuracies (70%)
Does not describe the
interim reporting
equirements (0%)
6.3
Incorporation:
Financial Statement
Co
ectly generates a
hypothetical financial
statement illustrating what
the interim reporting entails
(100%)
Generates a hypothetical
financial statement illustrating
what the interim reporting
entails, but there are
inaccuracies (70%)
Does not generate a
hypothetical financial
statement (0%)
6.3
Incorporation: GAAP
and IFRS
Meets “Proficient” criteria and
includes cogent insights or
opinions on the value or
impact of the critical
differences between GAAP
and IFRS (100%)
Determines if the interim
eporting requirements are
the same under GAAP and
IFRS and