ACCT 1004S: Fundamentals of Accounting

Week 2: The Accounting Profession

Week 2: The Accounting Profession

While this course is self-directed, it is important that you work on course assignments regularly to keep from falling behind and leaving the majority of the coursework until the end of the term. The Interactive Unit(s) that pertain to this week are, Unit 1: The Accounting Profession. You also participate in a Discussion related to the differences between GAAP and IFRS.

Learning Resources

Required Readings

Interactive Units

Laureate Education. (2019). ACCT 1004S: Accounting Fundamentals [Lecture Notes]. Retrieved from Laureate Education, Inc.: https://class.waldenu.eduInteractive Unit 1: The Accounting Profession

Discussion: Discuss the Differences Between GAAP and IFRS

Accountants are responsible for following standards, conventions, and rules in order to ensure ethical accounting in their day-to-day practices. However, the rules in the United States vary from those followed in other countries. The United States uses what is called U.S. GAAP. “GAAP” stands for Generally Accepted Accounting Principles. Most of the rest of the world uses what is called International Financial Reporting Standards known simply as “IFRS.” The United States is in the process of either converting or converging U.S. GAAP with IFRS.

To complete this Discussion:

  1. Using your preferred search engine (such as Google), enter one or more of the following keywords:
    • IFRS
    • U.S. GAAP conversion
    • U.S. GAAP convergence
    • U.S. GAAP v. IFRS
  2. Using what you’ve learned in the interactive course content along with the results of your Internet keyword search, focus on and deeply explore the differences between GAAP and IFRS. Consider not only written articles, but also video lecture search results, which you can find by doing your keyword search on Be sure to critically evaluate the sources that you encounter in your Internet search. Are they reliable? Are they current?
  3. Post an initial response along with responses to others’ posts, following the directions shown below

By Day 5

Post a response of at least 150 words in which you discuss the differences between GAAP and IFRS. As you write your post, consider the following:

  • What are implications of the differences in these two different financial reporting systems?
  • What are two benefits and two challenges with each?

By Day 7

Post one response to a classmate’s post or to an Instructor follow-up post. As you write your response, consider doing the following:

  • Ask a probing question based on something your classmate said.
  • Share an insight from having read the posting.
  • Offer and support an opinion.
  • Validate an idea with your own experience.
  • Make a suggestion.
  • Expand on your classmate’s posting.

Your response post should be a minimum of 150 words.

Submission and Grading Information

Grading Criteria

To access your rubric:Week 2 Discussion Rubric

Post by Day 5 and Respond by Day 7

To participate in this Discussion:Week 2 Discussion

Week in Review

This week, you continued completing Interactive Units. You also participate in a Discussion related to the differences between GAAP and IFRS.

In the next week, you will continue working on the Interactive Units.

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