During this course, you have used data from financial statement extensively. Here in the United States, financial statements must be prepared using a set of principles called Generally Accepted Accounting Principles (GAAP). However, there has been an international movement toward the adoption of a common set of principles for the preparation of financial statements called International Financial Reporting Standards (IFRS). There are significant differences between GAAP and IFRS. Adoption of IFRS here in the United States would dramatically impact financial reporting in this country.
There has been much written about the differences between the two sets of principles. There has also been much written as to whether IFRS should be adopted here in the United States.
Your final exam is to prepare a position paper on the following issue:
Should IFRS be adopted in the United States?
The only possible positions on this issue are:
Yes – IFRS should be adopted in the United States.
No – IFRS should not be adopted in the United States.
A position paper is not a research paper! In a research paper, you merely gather and present facts on a particular topic. In a position paper, you must take a position on an issue and support that position with authoritative support. Authoritative support is found in the writings of experts on a given subject, the pronouncements issued by regulatory agencies, etc.
It is not sufficient to merely discuss the differences between GAAP and IFRS. You must take a position and use this information in supporting your position as to whether IFRS should be adopted in the United States.
Guidelines for Preparing the Position Paper
1. There is no one right position on this issue. There are logical arguments to be made for each side of the issue. The emphasis is on taking a position on the issue and supporting your position. You must take a position on the issue posed above and support it. The issue under consideration must be stated along with your position (as shown above) in the first paragraph of the position paper. The remainder of the position paper provides support for your position.
2. Your position must be researched and logically presented with authoritative support provided. Wikipedia and comparable sources are not authoritative support. Be careful about using blogs as authoritative support. Anyone can post to a blog regardless of whether they know anything about the topic. You should ask yourself before you use a source whether the author has the qualifications to be knowledgeable on the subject and why he/she should be considered authoritative
3. Each position paper will be from 3.5 (at least 3.5 complete pages) to 4.5 typed, double-spaced pages (12 point font, 1 inch margins all around the page), not counting title page, reference page, source justification page and exhibits/diagrams. Indent the beginning of paragraphs (do not “double double space” between paragraphs). Excessive blank space in the position paper will be penalized.
4. A title page showing the course number and name, position paper issue, and your name will be shown on the first page. The remaining narrative of 3.5 (at least 3.5 complete pages) to 4.5 pages will state and support your position.
5. A reference page will be provided which is single-spaced, with double spacing between references. A minimum of 5 relatively recent (none published before 2005) references for each paper must be provided.
6. A final page will be provided with a short paragraph justifying each source as to why that source should be considered authoritative. As an alternative, this justification can be provided immediately following each reference on the reference page.
7. The papers must be fully sourced with a reference list and citations using APA guidelines. Do not use footnotes – use in text citation.
8. Do not list a reference on the reference page without citing it in the paper nor cite a reference without listing it on the reference page. Failure to provide proper credit for the works of others is plagiarism and will result in a grade of 0 on the position paper.
9. The position paper should be submitted to the Final Exam Assignment Folder not later than 11:59 PM on Sunday, April 28, 2019. As this is last week of class with grades due shortly thereafter, there can be no extension of the due date.
10. An example of a well-written position paper accompanies this assignment.
11. If you have a question regarding this assignment, post it on the Questions/Comments thread on the Final Exam Discussion Board.
12. This is an individual assignment. You should not collaborate with anyone on it.
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