The project was to develop a US GAAP and IFRS based financial reporting software application. The application will
reference the relevant codification under US GAAP or IFRS accounting standards and provide the user
with a step-by-step guide to recording technical accounting entries…
The project was to develop a US GAAP and IFRS based financial reporting software application. The application will
reference the relevant codification under US GAAP or IFRS accounting standards and provide the user
with a step-by-step guide to recording technical accounting entries dictated under the relevant
codification or standard. The software solves for the need to hire external expertise to perform such
tasks. Through a series of relevant inputs, in-house accounting staff (or students) are afforded the
opportunity to methodically work through the accounting topic or arrangement with reference to the
codification and accounting standards. The software provides the final deliverables generally expected
for financial reporting.
Date Created
The date the item was original created (prior to any relationship with the ASU Digital Repositories.)
In 2016, the Financial Accounting Standards Board (FASB) imposed on managers a responsibility to evaluate their companies’ forward-looking prospects for continuing as a going concern on a quarterly basis. Prior to this change, the responsibility of assessing the future of…
In 2016, the Financial Accounting Standards Board (FASB) imposed on managers a responsibility to evaluate their companies’ forward-looking prospects for continuing as a going concern on a quarterly basis. Prior to this change, the responsibility of assessing the future of a company was only required annually by the external auditor through auditing standards. If this increase in management responsibility induced managers to implement a process and controls to obtain forward-looking information for disclosure, I would expect this information acquisition process to also improve overall financial reporting quality. I find that financial reporting quality increased for firms after Accounting Standards Update (ASU) 2014-15, as evidenced by less restatements. Additionally, while I find the timeliness of information decreased, as evidenced by slower earnings announcements, the decrease is not economically meaningful. Lastly, I find the effect of the standard change on financial reporting quality is greater for non-financially healthy companies who have to perform a more extensive analysis under ASU 2014-15. While the purpose of the accounting standard was to reduce diversity in the timing and content of going concern disclosures, I find evidence of other benefits with little costs that this standard had on firm’s financial reporting.
Date Created
The date the item was original created (prior to any relationship with the ASU Digital Repositories.)
The purpose of the ACC / CSE Thesis Project is to develop a solution that simplifies the process of financial reporting. Through our extensive research and experience with designing a project to simulate the life cycle of a conceptual user…
The purpose of the ACC / CSE Thesis Project is to develop a solution that simplifies the process of financial reporting. Through our extensive research and experience with designing a project to simulate the life cycle of a conceptual user initiative, we have created a product that transforms these ideas into results. Rather than relying on the expertise of external consultants who are often expensive, the product strives to provide users with an affordable solution to educate and apply financial reporting standards in accordance with IFRS and GAAP.
Date Created
The date the item was original created (prior to any relationship with the ASU Digital Repositories.)