chosen country, the global market in general, and how the expansion will impact their operations.
Specifically, the following critical elements must be addressed:
I. Global Business: For this part of the assessment, convey to your audience the differences between accounting practices around the world.
A. Explain the influence of environmental issues of diversity on accounting practices.
B. Evaluate the impact of the chosen country’ s culture on their financial accounting standards.
1. What accounting principles could help inform your response( i. e., Hofstede’ s dimension of culture, Gray’ s accounting values, etc.)?
C. Evaluate the impact of potential issues on business operations that may arise when conducting accounting business in the chosen country.
II. Accounting Standards: For this part of the project, explain to your audience the differences between generally accepted accounting principles( GAAP) and International Financial Reporting Standards( IFRS) and the implications in converging with IFRS.
A. Differentiate between the reporting requirements for GAAP and IFRS.
B. Given these differences, determine which reporting standard( s) would be most appropriate for your company, given their desire to expand globally and why they would be appropriate.
C. Distinguish the disclosure requirements for GAAP and IFRS.