White Paper – Established CPA Partner Answers to clients key concerns

The final project for this course is the creation of a white paper consisting of a report and spreadsheets. The final project represents an authentic demonstration of competency because you will be placed in a scenario in which you will take the role of an associate in a certified public accountant (CPA) firm. The CPA partners in this scenario ask you to create a report for the firm’s clients to help address some of the questions they ask. This exercise will task you with preparing the information necessary to address the client’s questions in report format. Topics addressed in the white paper will cover bankruptcy, interim and segment reporting, foreign currency transactions, and nonprofit and governmental accounting. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Seven. The final project will be submitted in Module Nine. In this assignment, you will demonstrate your mastery of the following course outcomes:  Differentiate between various forms of bankruptcy and restructuring for how they impact incorporated entities  Construct interim and consolidated financial statements for addressing full disclosure and transparency under both GAAP and IFRS reporting requirements  Create translated foreign currency financial statements using current and temporal methods to illustrate the impact of foreign exchange rates  Appraise the processes used to identify reportable segments for their effectiveness in supporting transparency in financial reporting  Compose nonprofit and governmental financing statements that are compliant with applicable governing rules and regulations including government accounting standards (GAS) Prompt Imagine you have been working at an established CPA firm for two years. Your great work has not gone unnoticed, and the CPA partners have asked you to assemble a white paper for the firm’s clients to help address some key areas of concern. Your goal is to create the information necessary to address each of the topics as outlined below. You will prepare the information in a written report format, with accompanying spreadsheets as supporting documentation, for the partners and clients. Specifically, the following critical elements must be addressed: I. Incorporation: Clients considering structuring their new business as a corporation are aware that there are complex issues to consider when accounting for an incorporated entity. The clients often want information about the following key areas: A. Differentiate between various forms of bankruptcy and restructuring that the clients should understand. 1. Summarize the key points of interest if the company fell on hard times and had to file voluntary bankruptcy. What ethical implications should be considered when debating whether or not to file bankruptcy? 2. Identify the key areas of concern if the company fell on hard times and their creditors forced them into bankruptcy. What defenses are available in this situation? 3. Illustrate hypothetical calculations that would be done to help creditors understand how much money they might receive if the company were to liquidate. B. What interim reporting requirements would the company have as a corporation? 1. Describe the guidance related to interim financial reporting under generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). 2. Generate a hypothetical financial statement illustrating what that interim reporting entails. Ensure all information is entered accurately. 3. Determine if the interim reporting requirements are the same under GAAP and IFRS. Provide example with academic support in your response. C. Clients have heard that they may have to report some of their business segments separately if they opt to incorporate. 1. Appraise one of the processes used to identify which segments would have to be reported separately. Provide example with academic support in your response. 2. How is this process effective in supporting transparency in financial reporting? Defend your response with academic support. 3. Provide suggestions to improve this process in an effort to sustain transparency. Defend your rationale with academic support. D. When incorporating, it is important to consider whether or not the company will conduct business internationally. 1. Summarize the impact of foreign exchange rates on the company’s financial statements. What risks do foreign exchange rates pose? Provide academically supported example(s) in your response. 2. What are the two methods used to translate financial statements and how does the functional currency play a role in determining which method is used? Provide academic support in your response. 3. Compose a hypothetical example to demonstrate the translation process using the two methods. Ensure all information is entered accurately. II. Nonprofit and Governmental: Some clients ask about accounting for nonprofit entities and governmental entities. Discuss the reporting requirements for each and how they differ from a for-profit entity. A. Explain how to address compliance with Government Accounting Standards (GAS) in nonprofit and governmental financial statements. Support your response with academic source(s). B. Explain how the analysis of nonprofit and governmental financial statements differs from analysis of traditional financial statements. Provide academic examples to support your response. C. Compose example financial statements for your company as a nonprofit entity and as a governmental entity. Ensure all information is entered accurately and the statements are compliant with GAS. Milestones Milestone One: Bankruptcy In Module Three, you will submit a report covering Section I, Part A of the final project. In the paper, you will discuss the issue of bankruptcy, both voluntary and forced, as well as liquidation. This submission will be graded with the Milestone One Rubric. Milestone Two: Interim and Segment Reporting In Module Five, you will submit a report and the necessary spreadsheets for Section I, Parts B and C of the final project. You will discuss interim reporting requirements under GAAP and IFRS, and provide an example financial statement illustrating what the interim report should entail. You will also discuss reporting requirements for business segments and discuss transparency in financial reporting. This submission will be graded with the Milestone Two Rubric. Milestone Three: Foreign Currency Transactions and Statements In Module Seven, you will submit a report and the necessary spreadsheets for Section I, Part D of the final project. You will consider the company’s potential international business deals, such as the impact of foreign exchange rates and the methods for translating financial statements. You will also create a hypothetical example demonstrating the translation process, using the two methods, to submit with your paper. This submission will be graded with the Milestone Three Rubric. Final Project Submission: White Paper (Including Report and Spreadsheets) In Module Nine, you will submit your final project, which includes the report and spreadsheets. It should be a complete, polished artifact containing all of the critical elements of the final product, including Section II, Nonprofit and Governmental. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded with the Final Project Rubric. Deliverables Milestone Deliverable Module Due Grading One Bankruptcy Three Graded separately; Milestone One Rubric Two Interim and Segment Reporting Five Graded separately; Milestone Two Rubric Three Internal Considerations Seven Graded separately; Milestone Three Rubric Final Submission: White Paper Nine Graded separately; Final Project Rubric Final Project Rubric Guidelines for Submission: Your white paper should consist of a 7- to 10-page written report (excluding the title and reference pages) with accompanying spreadsheets as appendices within the report. Use double spacing, one-inch margins, 12-point Times New Roman font, and APA formatting. Critical Elements Exemplary Proficient Needs Improvement Not Evident Value Incorporation: Voluntary Bankruptcy Meets “Proficient” criteria and examines issues of bankruptcy with critical analysis, expertly applying the ethical implication arguments (100%) Summarizes the key points of interest if the company had to file voluntary bankruptcy and discusses the ethical implications that should be considered (90%) Summarizes the key points of interest if the company had to file voluntary bankruptcy, but does not discuss the ethical implications that should be considered, or discussion is cursory or has inaccuracies (70%) Does not summarize the key points of interest if the company had to file voluntary bankruptcy (0%) 6.3 Incorporation: Forced Bankruptcy Meets “Proficient” criteria and expertly explains the corporate options and the limitations of creditors (100%) Identifies the key areas of concern if the company was forced into bankruptcy and the defenses available in this situation (90%) Identifies the key areas of concern if the company was forced into bankruptcy but does not identify defenses available, or identification is cursory or has inaccuracies (70%) Does not identify the key areas of concern if the company was forced into bankruptcy (0%) 6.3 Incorporation: Liquidate Correctly illustrates hypothetical calculations (100%) Illustrates hypothetical calculations but there are inaccuracies (70%) Does not illustrate hypothetical calculations (0%) 6.3 Incorporation: Interim Reporting Meets “Proficient” criteria and provides relevant examples to illustrate claims (100%) Describes the interim reporting requirements the company would have as a corporation and the guidance related to interim financial statements under GAAP and IFRS (90%) Describes the interim reporting requirements the company would have as a corporation but does not describe the guidance related to interim financial statements under GAAP and IFRS, or description is cursory or has inaccuracies (70%) Does not describe the interim reporting requirements (0%) 6.3 Incorporation: Financial Statement Correctly generates a hypothetical financial statement illustrating what the interim reporting entails (100%) Generates a hypothetical financial statement illustrating what the interim reporting entails, but there are inaccuracies (70%) Does not generate a hypothetical financial statement (0%) 6.3 Incorporation: GAAP and IFRS Meets “Proficient” criteria and includes cogent insights or opinions on the value or impact of the critical differences between GAAP and IFRS (100%) Determines if the interim reporting requirements are the same under GAAP and IFRS and provides an academic example to support response (90%) Determines if the interim reporting requirements are the same under GAAP and IFRS but does not provide an academic example, or example provided does not support response (70%) Does not determine if the interim reporting requirements are the same under GAAP and IFRS (0%) 6.3 Critical Elements Exemplary Proficient Needs Improvement Not Evident Value Incorporation: Segments Reported Separately Meets “Proficient” criteria and example provided demonstrates a complex grasp of separately reported segments (100%) Appraises one of the processes used to identify which segments would have to be reported separately and provides academic example to support response (90%) Appraises one of the processes used to identify which segments would have to be reported separately but does not provide academic example to support response, or appraisal is cursory or has inaccuracies (70%) Does not appraise one of the processes (0%) 6.3 Incorporation: Transparency in Financial Reporting Meets “Proficient” criteria and defense is insightful, well supported and logical (100%) Evaluates the effectiveness of the process in supporting transparency in financial reporting and academically defends response (90%) Evaluates the effectiveness of the process in supporting transparency in financial reporting but does not defend response, or defense is weak or illogical (70%) Does not evaluate the effectiveness of the process in supporting transparency in financial reporting (0%) 6.3 Incorporation: Suggestions to Improve Transparency Meets “Proficient” criteria and defense is insightful, well supported and logical (100%) Provides suggestions to improve the process for transparency and academically defends rationale (90%) Provides suggestions to improve the process but does not defend rationale, or defense is weak or illogical (70%) Does not provide suggestions to improve the process (0%) 6.3 Incorporation: Impact of Foreign Exchange Rates Meets “Proficient” criteria and examples to illustrate claims demonstrate a complex grasp of the topic (100%) Summarizes the impact of foreign exchange rates on the financial statements and determines the risks they pose, providing academically supported example (90%) Summarizes the impact of foreign exchange rates on the financial statements but does not determine the risks they pose, or summary is cursory, not supported, or has inaccuracies (70%) Does not summarize the impact of foreign exchange rates on the financial statements (0%) 6.3 Incorporation: Two Methods to Translate Financial Statements Meets “Proficient” criteria and description is exceptionally clear and contextualized (100%) Describes the two methods used to translate financial statements and how the functional currency plays a role in determining which is used, with academic support (90%) Describes the two methods used to translate financial statements but does not describe how the functional currency plays a role in determining which is used, or description is cursory or has inaccuracies (70%) Does not describe the two methods of translation (0%) 6.3 Incorporation: Demonstrate the Translation Process Composes a hypothetical example demonstrating the translation process using the two methods and ensures all information is entered accurately (100%) Composes a hypothetical example demonstrating the translation process using the two methods but contains inaccuracies (70%) Does not compose a hypothetical example (0%) 6.3 Critical Elements Exemplary Proficient Needs Improvement Not Evident Value Nonprofit and Governmental: Compliance Meets “Proficient” criteria and uses multiple academic sources and industry-specific language to establish expertise (100%) Explains how to address compliance with GAS in nonprofit and governmental financial statements, with academic support (90%) Explains how to address compliance with GAS in nonprofit and governmental financial statements, but explanation is cursory, has no academic support or has inaccuracies (70%) Does not explain how to address compliance with GAS in nonprofit and governmental financial statements (0%) 6.3 Nonprofit and Governmental: Analysis of Financial Statements Meets “Proficient” criteria and shares key insights or points of comparison in order to make a useful assessment of the differences between the types of financial statements (100%) Explains how the analysis of nonprofit and governmental financial statements differs from analysis of traditional financial statements, providing academic examples to support response (90%) Explains how the analysis of nonprofit and governmental financial statements differs from analysis of traditional financial statements but does not provide academic examples to support response, or explanation is cursory or has inaccuracies (70%) Does not explain how the analysis of nonprofit and governmental financial statements differs from analysis of traditional financial statements (0%) 6.3 Nonprofit and Governmental: Example Financial Statements Composes example financial statements for the company as a nonprofit entity and as a governmental entity, ensuring that all information is correct and compliant (100%) Composes example financial statements for the company as a nonprofit entity and as a governmental entity, but statements contain inaccuracies or are not compliant (70%) Does not compose example financial statements for the company as a nonprofit entity and as a governmental entity (0%) 6.3 Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-toread format (100%) Submission has no major errors related to citations, grammar, spelling, syntax, or organization (90%) Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas (70%) Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas (0%) 5.5 Total 100

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