ACC 690 Milestone Two Guidelines and Ru
ic
Overview: The final project for this course is the creation of a white paper consisting of a report and spreadsheets. 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 the scenario ask you to create a report for the firm’s clients to
help address some of the questions they ask. You will address questions from the firm’s clients by assembling the necessary information in a written report
format. Your report should include spreadsheet examples. Topics addressed in the white paper will cover bankruptcy, interim and segment reporting, foreign
cu
ency transactions, and nonprofit and governmental accounting.
Your three milestone assignments for this course consist of drafting shorter reports and supporting spreadsheets, which will prepare you for the completion of
your comprehensive white paper. You should use your instructor’s feedback from the milestone submissions to improve your final submission.
Prompt: For Milestone Two, draft a short paper and the necessary spreadsheets for Section I, Parts B and C of the final project. Describe interim reporting
equirements under generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS), and provide a financial statement
example illustrating what the interim report should entail. You will also discuss reporting requirements for business segments and discuss transparency in
financial reporting.
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:
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.
Ru
ic
Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Word document (excluding the title page, reference page, and spreadsheet
addendums). Use double spacing, 12-point Times New Roman font, one-inch margins, and at least two academic sources (in addition to your textbook) cited in
APA format. Your accompanying spreadsheets must be submitted as Microsoft Excel files.
Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value
Incorporation: Interim
Reporting
Describes the interim reporting requirements
the company would have as a corporation and
the guidance related to interim financial
statements under GAAP and IFRS
Describes the interim reporting requirements the
company would have as a corporation but does
not describe the guidance related to interim
financial statements under GAAP and IFRS, or
description is cursory or has inaccuracies
Does not describe the interim
eporting requirements
15
Incorporation: Financial
Statement
Co
ectly generates a hypothetical financial
statement illustrating what the interim
eporting entails
Generates a hypothetical financial statement
illustrating what the interim reporting entails,
ut there are inaccuracies
Does not generate a
hypothetical financial
statement
15
Incorporation: GAAP
and IFRS
Determines if the interim reporting
equirements are the same under GAAP and
IFRS and provides an academic example to
support response
Determines if the interim reporting requirements
are the same under GAAP and IFRS but does not
provide an academic example, or example
provided does not support response
Does not determine if the
interim reporting
equirements are the same
under GAAP and IFRS
15
Incorporation:
Segments Reported
Separately
Appraises one of the processes used to
identify which segments would have to be
eported separately and provides academic
example to support response
Appraises one of the processes used to identify
which segments would have to be reported
separately but does not provide academic
example to support response, or appraisal is
cursory or has inaccuracies
Does not appraise one of the
processes
15
Incorporation:
Transparency in
Financial Reporting
Evaluates the effectiveness of the process in
supporting transparency in financial reporting
and academically defends response
Evaluates the effectiveness of the process in
supporting transparency in financial reporting
ut does not defend response, or defense is
weak or illogical
Does not evaluate the
effectiveness of the process in
supporting transparency in
financial reporting
15
Incorporation:
Suggestions to Improve
Transparency
Provides suggestions to improve the process
for transparency and academically defends
ationale
Provides suggestions to improve the process but
does not defend rationale, or defense is weak or
illogical
Does not provide suggestions
to improve the process
15
Articulation of
Response
Submission has no major e
ors related to
citations, grammar, spelling, syntax, or
organization
Submission has major e
ors related to citations,
grammar, spelling, syntax, or organization that
negatively impact readability and articulation of
main ideas
Submission has critical e
ors
elated to citations, grammar,
spelling, syntax, or
organization that prevent
understanding of ideas
10
Total 100%