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your business (assets), the sources of those resources (liabilities
and equity), the sources of revenue, and expenditures that you
expect to incur to earn those revenues. You may build a detailed
chart that includes business units, divisions, product lines, etc.)
2. Based on the form of your business, analyze whether or not
you will be required to use Generally Accepted Accounting
Principles (GAAP) or International Financial Reporting
Standards (IFRS) accounting methods and how the IFRS / GAAP
convergence will impact your business.
3. Suggest how you will incorporate any changes into your
books and records. (Note: You need to demonstrate to the
lender/investor that you have recognized possible changes to
GAAP that may impact the accounting and reporting of your
accounting events.)
4. Prepare a pro forma balance sheet and income statement
providing the assumptions made and support the valuations
assigned.
5. Considering the value of assets (assigned per your balance
sheet) used within your business, recommend two (2) specific
internal controls that you will implement to protect your
company’s assets and res ources, justifying how each will provide
assurances to management. (NOTE: Safeguarding assets and
protecting personal data are paramount to ensuring the viability
of a business.
6. Demonstrate to the lender/investor that your assets will be
safeguarded and customer information (if applicable) will be
protected.)
7. Based on the internal control recommendations that you
made, suggest how you will implement each within your business