Assignment 1: Accounting Framework and Governing Boards

Write a three to four (3-4) page paper in which you:
1. Create an argument in agreement or disagreement of the premise that domestic and / or international governing boards are effective in setting and enforcing standards. Provide support for your position.
2. Choose a key area of disagreement between GAAP and IFRS, and positions held by the FASB, IASB, and the SEC on the identified area. Evaluate the positions of each party on the issue in question. Propose a new strategy that would better accommodate all of the parties involved.
3. Choose a recently proposed accounting regulation. Evaluate how and where the proposed regulation would impact financial statements. Provide feedback as to all or part of the proposed regulation with which you either agree or disagree.
4. Predict at least one (1) area of accounting regulation that may be changed, or where a new regulation could be generated. Assess how and where that potential change might impact financial statements or financial reporting.
5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources