Discuss the key differences between U.S. GAAP and IFRS reporting for the testing of asset impairment and the requirement to write down the asset value.

Directions: Please answer all questions!! Doesn’t have to be a certain length, just answer questions throughout. NO COPY AND PASTE,, IF YOU USE INFORMATION FROM A SITE,, PLEASE CITE THE SOURCE!!\”Off-Balance Sheet Financing\” Please respond to the following:Based on your review of the current requirements of the SEC and FASB, assess the adequacy of the guidelines for ensuring the transparency of off-balance-sheet transactions to investors, indicating where improvements may still be needed. Provide support for your rationale.As a CFO of a publically traded company, evaluate the pros and cons of using off-balance-sheet financing, including a recommendation as to whether or not you support using these types of arrangements. Provide support for your recommendation.\”Impairment of Long-Lived Asset Investments\” Please respond to the following:Based on the information found in the e-Activity, assess the key differences between U.S. GAAP and IFRS reporting for the testing of asset impairment and the requirement to write down the asset value. Indicate whether or not you support the U.S. GAAP or IFRS approach. Provide support for your position.As an investor, recommend a strategy for evaluating long-lived asset values contained on the balance sheet of a publically traded company so as to minimize the risk to the investor. Provide support for your strategy. Search the Internet databases for the most recent guidelines or proposals for the reporting of off-balance sheet financing transactions by the Securities and Exchange Commission and Financial Accounting Standards Board (FASB). Search the Internet databases for the current GAAP and IFRS reporting requirements of long-lived assets. \”Fair Market Accounting\” Please respond to the following:Create an argument for the use of Fair Market Accounting as opposed to historical cost. Provide support for your argument.Evaluate the effectiveness of the accounting principle guidelines for determining the market value of an asset, indicating improvements to these guidelines. Provide support for your recommendations.\”Accounting for Derivatives\” Please respond to the following:Assess the risks associated with derivatives instruments, indicating how these risks may be minimized for a publically traded company. Provide support for your rationale.As an investor, assess the potential financial concerns to be raised when reviewing the financial statements of a publically traded company containing derivative instruments providing a recommendation for how the concerns may be identified and addressed.\”Accounting Quality\” Please respond to the following:The Sarbanes-Oxley (SOX) Act was created with the intent of improving the quality of accounting, reliability of financial statements to investors, and providing oversight to accounting professionals through the creation of a new federal agency, Public Accounting Company Oversight Board (PACOB). Create an argument supporting whether SOX achieved these goals, and whether financial data reported today is more accurate and reliable than prior to the Act. Provide support for your rationale.Assess the impact to the Public Accounting Profession with the creation of the PACOB and the inability of the profession to be self-regulated. Indicate your level of support for the federal regulation of the profession. Provide a rationale for your response.\”Restated Financial Data\” Please respond to the following:Assess the impact to public trust when a publically traded company restates its financial data, indicating how negative impressions may be minimized. Provide support for your rationale.

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