Answer the following two questions using at least 400 words for the entire response (200 per question). 

1. Usually when people discuss morality, the idea is that the moral thing to do is to avoid being selfish and/or be good to other people. Yet the story of Gyges involves a person with an invisible ring doing terrible things and acting selfishly. What do you think Plato’s point is here about human nature and morality? It might help to use the following quote to guide your response: (tip: “the just” here means a morally good person & unjust = morally bad)

 “Suppose now that there were two such magic rings, and the just put on one of them and the unjust the other. No man can be imagined to be of such an iron nature that he would stand fast in justice. No man would keep his hands off what was not his own when he could safely take what he liked out of the market, or go into houses and lie with any one at his pleasure, or kill or release from prison whom he would, and in all respects be like a God among men.”

2. The story of the ring of Gyges is a challenge to the entire existence of morality – why do think that is the case? What is this challenge all about?

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This Module covered a variety of topics related to foreign currency translation and related financial reporting issues. There are many U.S.-based multinational firms: those listed on a stock exchange and those firms not listed or privately owned, which have to deal with and manage these foreign currency translation and financial reporting issues on a daily basis.

Find a recent (within the last two calendar or the last two fiscal year ends, depending upon the respective financial year end of your chosen company) Annual Report from a publicly listed company of your choice and personal interest that mentions that the firm has been affected by foreign currency translation, either in the reported earnings (firms generally will always mention any significant favorable or unfavorable impact of changes in exchange rates on their most recent reported earnings) or some other important aspect of the firm’s recent business performance. You can find the Annual Report generally in the Investor Relations portion of the company’s website.

Include in your posting a copy of the Annual Report which you chose to use for this Discussion. Then, describe in your own words what must have occurred regarding the impact of foreign currency translation only (note: not foreign currency transactions) on your chosen company’s income statement and balance sheet during the period you are analyzing by answering the following questions:

Overall, did the U.S. dollar strengthen or weaken during the reporting period for your chosen company and how did the change in the value of the U.S. dollar impact reported revenues and profits for your chosen company?

And how did it impact the Accumulated Translation Adjustments account included in Stockholders’ Equity during the reporting period?

Did your chosen firm have any reported foreign exchange gains or losses during the reporting period? If they did, what does that mean with regards to the movement(s) of foreign exchange currency rates during the respective reporting period?

Are there any other important or unusual items on the Income Statement or the Statement of (Other) Comprehensive Income for the reporting period? If so, what do they mean in plain English?

Cut and paste into your initial response what the company disclosed about the impact of foreign currency translation on the company’s results as you answer the above questions. Also, in your initial response, show any Accumulated Translation Adjustments included in the Stockholders’ Equity section of the most recent balance sheet or in the Statement of (Other) Comprehensive Income.

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The FASB and the IASB reached convergence on lease accounting, an important accounting subject, in recent years. You should do some research on how the convergence process evolved on this accounting subject before both standard-setters eventually issued their respective standards addressing this subject. An online search will turn up quite a bit of history and debate which occurred on this accounting subject between both standard-setters and feedback from the public, including publicly listed firms. You also may be able to find at the respective FASB and the IASB websites information related to the convergence process on this accounting subject.

Answer the following questions specifically in your Word document submission by copying and pasting each question in bold type with your answers below each question:

1. Summarize      in a few paragraphs the convergence process on this subject: How long did      it take; was it contentious; what were the areas of disagreement as the      convergence process developed; and once the standard-setters converged,      which side went further than the other, in your opinion, to make the      converged standard a reality?
2. In      your opinion, did the FASB and the IASB reach convergence on this      accounting subject in the issuance of their respective new accounting      standards?
3. If no      convergence was reached, what are the major differences that still exist      on this accounting subject between the FASB and the IASB? Be specific in      identifying any major differences that still exist, including but not      limited to the potential impact on reported revenues and net income.
4. In      your opinion, how did the differences between rules-based and      principle-based standards influence the debate and ultimately the final      standard issued by both standard-setters?
5. Once      the new accounting standard is implemented by companies around the world      in the future, will we really be able to compare Company A in Industry Z      reporting under IFRS to Company B in Industry Z under the US GAAP? Explain      in detail why or why not, justifying your opinion with specific details.      You can even pick a specific company in a specific industry, if you wish,      in preparing your answer to this question.
6. Is      either standard-setter still working on the implementation of the      converged standard? If so, what are 1 or 2 of the key implementation matters      which are still being developed with regards to the new standard?
7. After      doing your research for this Assignment Option, how has your opinion of      convergence — the process, the goals, and the results to date — changed?      Explain in detail.

Requirements:

• Write      a paper of 6 pages in length, not counting the title and reference pages,      which you must include.
• Copy      and paste each one of the Questions into your paper in bold type to ensure      you have answered each of the Assignment Requirements.
• Use      terms, evidence, and concepts from class readings, including professional      business language.
• Cite      at least 5 credible, academic or professional sources for this assignment,      outside of the textbook. 
• Format      your paper according to APA format.

Required

Chapter 12 in Advanced Financial Accounting (p. 621 to the middle of p. 624)

Guillaume, O., & Pierre, D. (2016). The convergence of U.S. GAAP with IFRS: A comparative analysis of principles-based and rules-based accounting standards. Scholedge International Journal of Business Policy & Governance, 3(05), 63-72.

McEnroe, J., & Sullivan, M. (2014). The rise and stall the U.S. GAAP and IFRS convergence movement. The CPA Journal, 84(1), 14-19.

Pacter, P. (2013). What have IASB and FASB convergence efforts achieved? (International Accounting Standards Board). Journal of Accountancy, 215(2), 50-54, 56, 58-59.

Note: There is an important table included in this article titled “Results of Convergence Through 2013” which should be accessed and read from this article.

IASB-FASB convergence. (2019). Deloitte. Retrieved from https://www.iasplus.com/en-us/projects/convergence/iasb-fasb-convergence

Key differences between the US GAAP and IFRSs. (2019). Deloitte. Retrieved from https://www.iasplus.com/en-us/standards/ifrs-usgaap

Comparability in international accounting standards-a brief history. (n.d.). Financial Accounting Standards Board. Retrieved from https://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156304264

Doupnik, T. S., & Perera, H. (2015). International accounting (4th ed.). New York, NY: McGraw-Hill Publication.

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Simple SWOT: 

1.    Choose your favorite product or service and conduct a SWOT analysis on it. 

2.    Your score is determined by level of effort demonstrated in the analysis. 

3.    Analysis to determine:

•      Strengths

•      Weaknesses

•      Opportunities

•      Threats

Assignment format:

•      Your assignment requires a cover sheet.

•      You can use bullet point outline format.

•      Provide a brief description on the product or service and why you choose it.

•      Provide some (brief) elaboration on your strengths, weaknesses, opportunities, and threats.

•      Provide a conclusion for your analysis.

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