Notes on Accounting Capstone Course Design: Contemporary Issues Versus Case Analysis Enhances Student Interest and Learning

This paper presents how the Internet can be used to bring contemporary issues into the accounting capstone course to enhance student interest and learning. While existing cases have been reviewed and structured, they focus on issues that may not be at the forefront of the items currently under examination and/or debate by the accounting profession. Based on course development and delivery experience at a major Eastern University, the benefits and drawbacks of using the Internet to select contemporary accounting issues are presented and compared to existing research findings as a basis for future study. While the focus of this paper is on accounting capstone courses, the concepts and techniques presented can be applied to capstone courses in other disciplines

Diagnostic Tools For The Elevator Business

Although much has been written about elevator maintenance from the engineering perspective, little has been written about elevator maintenance from a business perspective. This paper explores some of the business diagnostic tools useful in evaluating elevator maintenance performance and setting elevator performance objectives. These tools may also be applied to other types of maintenance operations

Financial Statements are about to get a New Look

In October 2008, The FASB and the IASB issued a discussion letter for comment proposing a complete redesign of financial statements. This was the result of a project that began for both boards in 2001. More than 200 comment letters were received from individuals, accounting firms, professional societies, corporations, and others from the business community. The FASB and IASB have analyzed the input, and are currently preparing an exposure draft scheduled for release in early 2011. This paper reviews the proposed changes to the financial statements, summarizes the favorable and unfavorable responses contained in the comment letters, and examines the implications that the changes will have on the business community, the accounting profession, educators, and investors

Why The SEC Is Delaying Adoption of International Financial Reporting Standards

In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The SEC has repeatedly delayed its decision on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper will examine several key reports issued by the SEC and the Financial Accounting Foundation to gain further insight into 1) why the SEC has repeatedly delayed its decision, and 2) what the SEC will ultimately decide

Should The SEC Adopt International Financial Reporting Standards?

In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S. investors

Going Concern: Where Is It Going?

On June 26, 2013, the Financial Accounting Standards Board (FASB) issued an exposure draft concerning disclosure of uncertainties surrounding the going concern presumption.  This exposure draft is the FASB’s most recent attempt to bring closure to a project that began in 2007.  This paper examines the going concern presumption and the FASB’s treatment of the going concern from 2007 to the present

Sarbanes-Oxley And Dodd Frank: Then There Was Fraud

The Sarbanes Oxley Act of 2002 and the Dodd Frank Act of 2010 are reviewed relative to the results of exploring selected fraud cases discovered in the years 2010 through 2013. These cases reflect that fraud continues to be discovered despite legislated efforts regarding financial fraud. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 responded to continued emergence of financial fraud cases in the years after the legislation of the Sarbanes Oxley Act of 2002. Assuming that implementation of Sarbanes Oxley Act of 2002 would take some time to decrease financial fraud, such cases discovered in the first seven years after the Sarbanes Oxley Act of 2002 were not included in this study. The conclusion and recommendation are that both additional legislation and better enforcement of existing legislation are needed

Going Concern: Where Is It Going?

On June 26, 2013, the Financial Accounting Standards Board (FASB) issued an exposure draft concerning disclosure of uncertainties surrounding the going concern presumption. This exposure draft is the FASB’s most recent attempt to bring closure to a project that began in 2007. This paper examines the going concern presumption and the FASB’s treatment of the going concern from 2007 to the present

Lower of Cost or Market Inventory Valuation: IFRS Versus US GAAP

The lower of cost versus market (LCM) controversy regarding inventory cost measurement is presented. The differences between International Financial Reporting Standards (IFRS) and United States (US) Generally Accepted Accounting Principles (GAAP) are analytically compared. The link between US federal tax law and US GAAP is emphasized relative to a discussion of deferred taxes and potential US federal income tax revenue

Lower Of Cost Or Market Inventory Valuation: IFRS Versus US GAAP

The lower of cost versus market (LCM) controversy regarding inventory cost measurement is presented.  The differences between International Financial Reporting Standards (IFRS) and United States (US) Generally Accepted Accounting Principles (GAAP) are analytically compared.  The link between US federal tax law and US GAAP is emphasized relative to a discussion of deferred taxes and potential US federal income tax revenue