ACC 557 WEEK 11 DISCUSSIONS - 38044

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"Course Wrap-Up" Please respond to the following:

  • Explain two concepts in this course that provided the most value to you.
  • Indicate how these two new areas of knowledge will benefit you in your current job or future career / endeavors.

"Financial Accounting" Please respond to the following:

  • Predict one major change in financial accounting that may likely occur within the next 10 years.
  • As a CFO, recommend how you would integrate these changes into your business

Solution Description

DISCUSSION 1

  • career / endeavors.

Explain two concepts in this course that provided the most value to you.

The two concepts in this course that provided the most value to me are relevance and reliability and GAAP/IFRS. All information obtain through accounting must be useful to decision makers who can or cannot understand it. This is because all information obtain is essential to decision making which exhibits its relevance and reliability. Sound decisions cannot be making without accurate information. The next concept that provides the most value in financial accounting is the systematic test of guidelines established for all business organization to follow pertaining to finances. Both GAAP and IFRS are important because they require consistency in financial documentation allowing for transparency for investor, creditors and users. They also ensure that all financial business activities remain ethical for decision making, planning and financial statements for meeting regulatory requir