Posted: September 1st, 2023

adv topics/financial reporting essay

ACC 690 Milestone Three Guidelines and Rubric
Overview: The final project for this course is the creation of a white paper consisting of a report and spreadsheets. You will be placed in a scenario in which you
will take the role of an associate in a certified public accountant (CPA) firm. The CPA partners in the scenario ask you to create a report for the firm’s clients to
help address some of the questions they ask. You will address questions from the firm’s clients by assembling the necessary information in a written report
format. Your report should include spreadsheet examples. Topics addressed in the white paper will cover bankruptcy, interim and segment reporting, foreign
currency transactions, and nonprofit and governmental accounting.
Your three milestone assignments for this course consist of drafting shorter reports and supporting spreadsheets, which will prepare you for the completion of a
comprehensive white paper. You should use your instructor’s feedback from the milestone submissions to improve your final submission.
Prompt: For Milestone Three, draft a short paper and the necessary spreadsheets for Section I, Part D of the final project.
Specifically, the following critical elements must be addressed:
I. Incorporation: Clients considering structuring their new business as a corporation are aware that there are complex issues to consider when accounting
for an incorporated entity. The clients want information about the following key areas:
D. When incorporating, it is important to consider whether or not the company will conduct business internationally.
1. Summarize the impact of foreign exchange rates on the company’s financial statements. What risks do foreign exchange rates pose?
Provide academically supported example(s) in your response.
2. What are the two methods used to translate financial statements and how does the functional currency play a role in determining which
method is used? Provide academic support in your response.
3. Compose a hypothetical example to demonstrate the translation process using the two methods. Ensure all information is entered
accurately.
Rubric
Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Word document (excluding the title page, reference page, and spreadsheet
addendums). Use double spacing, 12-point Times New Roman font, one-inch margins, and at least two academic sources (in addition to your textbook) cited in
APA format. Your accompanying spreadsheets must be submitted as Microsoft Excel files.
Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value
Incorporation: Impact of
Foreign Exchange Rates
Summarizes the impact of foreign
exchange rates on the financial
statements and determines the risks
they pose, providing academically
supported example
Summarizes the impact of foreign
exchange rates on the financial
statements but does not determine the
risks they pose, or summary is cursory,
not supported, or has inaccuracies
Does not summarize the impact of
foreign exchange rates on the financial
statements
30
Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value
Incorporation: Two
Methods to Translate
Financial Statements
Describes the two methods used to
translate financial statements and how
the functional currency plays a role in
determining which is used, with
academic support
Describes the two methods used to
translate financial statements but does
not describe how the functional
currency plays a role in determining
which is used, or description is cursory
or has inaccuracies
Does not describe the two methods of
translation
30
Incorporation:
Demonstrate the
Translation Process
Composes a hypothetical example
demonstrating the translation process
using the two methods and ensures all
information is entered accurately
Composes a hypothetical example
demonstrating the translation process
using the two methods but contains
inaccuracies
Does not compose a hypothetical
example
30
Articulation of Response Submission has no major errors related
to citations, grammar, spelling, syntax,
or organization
Submission has major errors related to
citations, grammar, spelling, syntax, or
organization that negatively impact
readability and articulation of main
ideas
Submission has critical errors related to
citations, grammar, spelling, syntax, or
organization that prevent
understanding of ideas
10
Total 100%