Accounting for Emission Allowances under GAAP and IFRS. I have researched this topic but am finding not information that show either the FASB or the IFRS has written any final guidelines on this subject? Is anyone aware of any such guidelines having finally been drafted by either the FASB or IFRS? If so would you have a url for the guidelines? If not what is the current accounting practice per the FASB as well as the IFRS, for the purchase of Emission Allownaces? Thanks

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Trinidad TremblayLv2

30 Sep 2019

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In the interactive lecture materials for this module, you readarticles and materials and watched various videos, which describedthe history of the convergence process between the US GAAP andIFRS, including the status of convergence today. You also reviewedreadings showing the differences that still exist today between USGAAP and IFRS on various accounting subjects. Below is a list ofsome particularly significant accounting topics or subjects wheredifferences still exist today between the US GAAP and IFRS:inventories goodwill and other intangible assets contingenciesaccounting for income taxes including uncertainty in income taxesimpairment of long-lived assets to be held or used or to bedisposed of by sale research and development âdevelopmentâexpenses. Select one of the above accounting subjects, preferably asubject personally or professionally interesting to you, and answerthe following questions related to that topic in your initialresponse. Copy and paste each question below in bold type in yourinitial response to ensure that you answer each question. Thesubject line of your initial posting should be the accountingsubject you have decided to address (for example: Inventories):Briefly explain the reason this subject was of interest to you.Describe, in an appropriate level of detail, the major differencesthat exist today between US GAAP and IFRS for that subject.Research if any progress has been made to date on converging theaccounting and/or the financial reporting for that subject betweenthe FASB and the IASB. If so, describe the progress, and if not,describe why progress has not yet been made, either from yourresearch or in your opinion or both. Provide the class with aspecific and detailed computational-based example of how thedifferences in the accounting and financial statement treatment ofthis subject could potentially affect the comparability of both thebalance sheet and the income statement prepared under US GAAP andIFRS. State your opinion on whether you believe the FASB and theIASB eventually will reach convergence on this subject, and why orwhy not. Include an explanation of your opinion and what might besome other considerations preventing or delaying convergence onthis subject.

Last year, CMC recorded a deferred tax asset related to productwarranties and a deferred tax asset related to accelerateddepreciation. A 75% valuation allowance was also established.However, with an upcoming international expansion, Connor andMartin wonder if the company can now reduce or eliminate thevaluation allowance. In addition, Connor and Martin are consideringalternative financing arrangements for equipment to be used in theupcoming expansion. However, they have not used equipment leases inthe past and would like more information. For their second request,they would like you to research the following topics:

What are the sources of income that may be relied upon to removethe need for a valuation allowance?

What are tax planning strategies? Could CMC possibly employ atax-planning strategy to support reducing its valuationallowance?

How do IFRS differ from GAAP regarding accounting for incometaxes? Are there any major issues?

What are the capitalization criteria for a capital lease?

What comprises the lessee's minimum lease payments? What isexcluded?

How do IFRS differ from GAAP regarding accounting for leases?Are there any major issues?

Memorandum Mechanics should be as follows:

The body of the memorandum should be a professional presentationcentered on clear and concise writing. The responses to thequestions should be detailed, well researched, and specificallyrelated to CMC's industry.

The memorandum itself does not have to be in APA format.However, you should have in-text citations and a reference page.Both of these items should be in APA format.

Use the FASB Codification and IFRS to address all technicalaccounting issues presented in the questions, being certain toreference the applicable sections of the Codification and IFRS inyour report. You may quote directly from the Codification and IFRSas long as all direct quotes are included in quotation marks.

Any other sources used to support your responses shouldsimilarly be properly documented. You should have othercredible sources in addition to the Codification andIFRS.

he Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.

Firstly, you are required to find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing âIASB exposure draft and comment lettersâ/âFASB exposure draft and comment lettersâ into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator.

In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report.

An outline of the major issues covered in the exposure draft (what is the exposure draft introducing or changing?).

An assessment as to whether (or not) the behaviour of the regulator in introducing the exposure draft can be explained by public interest theory.

An outline of the views presented in the comments letters which highlights the areas of agreement and disagreement with the exposure draft.

An assessment as to whether the comments letters can be interpreted as being 'for' or 'against' which provides relevant examples.

An application of each of the theories of regulation (public interest, private interest and capture) to the comments letters and a justification as to which theory best explains the comments.

Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft)

Academic Writing and Referencing - 6 marks

Content assessed: Accounting regulation, current financial reporting issues and topics(s) that your research is related to.
Key generic skills: Research, critical thinking and written communication.

Rationale

This assessment is designed to test your ability to:

communicate your understanding of the topic areas; and

be able to critically evaluate selected current financial reporting and management accounting issues (SLO4).

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