Discussion Questions: Bridgeton Industries

Assume that the selling prices, volumes, and materials costs for the 1991 model year will not change for fuel tanks and doors produced by the ACF of Bridgeton Industries. Assume also that if manifolds are produced, their selling prices, volume, material, and direct labor costs will not change.
a. Prepare an estimated model year budget for the ACF in 1991:
(1) If no additional products are dropped; (2) If the manifold product line is dropped.
Explain any additional assumptions you make in preparing your estimated model year budgets.
b. What will the overhead allocation rate be under the two scenarios?

Milestone One: GAAP vs. IFRS

Your final course project consists of seven critical elements. They follow a logical flow for financial reporting. However, due to the sequencing of content for the modules, the critical elements will be prepared out of order in the milestone assignments.

For Milestone One, you will complete Critical Element III: GAAP vs. IFRS.

For additional details, please refer to the Milestone One Guidelines and Rubric PDF document and the Final Project Guidelines and Rubric PDF document.

please see attached and follow the rubric. Do not share this info. if you will have questions ask please and do not forget to cite the source.

Discussion Board Forum 1

1. Reflect on the inflection point imposed on the accounting profession through the Sarbanes-Oxley Act (SOX).
2. Discuss three points of the new law.
3. Was SOX good or bad from the standpoint of the investing public?
How about from the standpoint of the public accountants?


Project Information:
The owner of a small snack food and potato chip manufacturer, California Crunch Company, has asked you to investigate a possible issue with the company’s payroll. They have provided you with this year and last year’s income statements and two payroll files. The “HR Master” file gives you important information about each employee. The “Payroll” file detailsthe company’s payroll for the last 5 pay periods of the year. You will be conducting some audit procedures for California Crunch and analyzing the results.
Week 2 Writing Assignment Part 2:
This project is split into four (4) parts with one (1) part due each week of the course. Based on your readings, use of technology, research of literature, and other sources do the following:
Week 2: Using the financial statement file and the two data files for payroll, perform some analytical tests.
You will need to perform some analytical test on the financial statements using Excel. This may be a horizontal and/or vertical analysis, ratios, etc.
You will then need to perform some analytical tests on payroll files using IDEA that you think may be necessary. Remember there are tutorial videos on the IDEA website to assist you.
Write a 1-2 sentence explanation for each analysis you are performing and printscreen your results along with the history log when you have completed the analysis in IDEA to turn in this week.


Week 1 Case 1: The New York Stock Exchange (NYSE) provides a list of non-U.S. companies listed on its exchange on its website (www.nyse.com). (Hint: Search the Internet for “NYSE List of Non-U.S. Listed Issuers.”)
Look the number of foreign companies listed on the NYSE and the number of countries they represent.
Select one of the foreign companies listed on the NYSE. Select a different one from your classmates.
Speculate as to why non-U.S. companies have gone to the effort to have their shares listed on the NYSE and what modifications they would need to make to their financial statements.
*Do not forget to include proper APA formatting and citation where necessary. Do not forget to respond to the other cases this week.
Week 1 Case 2: Refer to Case 2-1 in your textbook, found in Chapter 2, and discuss the following.
Part 1: Discuss the implications for the global convergence of financial reporting standards raised by Gray’s model.
Part 2: Discuss the implications this argument has for the comparability of financial statements across countries, even in an environment of substantial international accounting convergence. Identify areas in which differences in cultural dimensions across countries could lead to differences in the application of financial reporting.
Part 3: Discuss the implications that the model presented in Part 2 of this case has for the internal auditors of Cancan Enterprises in carrying our their responsibilities.
Part 4: Discuss any ethical concerns.
*Do not forget to include proper APA formatting and citation where necessary. Do not forget to respond to the other cases this week.
Week 1 Case 3: Refer to Case 3-1 in your textbook, found in Chapter 3 and complete the following.
Access Jardine Matheson’s most recent annual report on the company’s website (www.jardine-matheson.com). Once on their website, choose Investors, then Financial Reports, and choose 2015’s report. Be patient as it will take the PDF a few minutes to load or download.
Review the company’s consolidated financial statements to evaluate whether the financial statements presented comply with the presentation requirements in IAS 1, Presentation of Financial Statements.
Explain your reasoning.


Topic 1:
Find an article in the KU library that discusses how the FASB’s current codification system came into practice.
Do you think it was a good idea? Why or why not.
Use the access codes/passwords provided in the classroom to investigate the 2 systems.
Include in your post an example of what you researched and how easy/difficult it was for you to research the item.
Use the web address www.ifrs.org to access the website. Use the ‘search this site’ at the top of the page to look for the IAS you need to access.
*Do not forget to respond to the other topic this week.
Topic 2:
This week we learned more about convergence and harmonization.
Explain how convergence differs from harmonization.
In your opinion what are the two most important arguments in favor of international convergence for U.S. public companies?
In your opinion what are the two most important arguments against international convergence for U.S. public companies?
Support your position with scholarly articles from the KU library. Do not forget to include proper APA formatting.
*Do not forget to respond to the other topic this week.
Topic 3:
Some of the environmental factors described in your reading which contribute to worldwide diversity in financial reporting include:
Legal System
Providers of Financing
Political and Economic Ties