Tag: ACTG 499

Stephanie Casey, Sharie Krouse & Veronica Schneider

Taxation of College Students

This presentation focuses on the tax credits, deductions, & other various items that apply specifically to college students when filling out their tax forms. The presentation includes explanations of the tax form 1098-T & how scholarships may affect a college students taxes, 

especially if the scholarship covers more than the tuition at your current school. We will also discuss the GI bill & dependency status for those who may still be claimed as dependent on their parent/guardian’s return. 

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Lars Coburn & Jason Wendland

Internal Controls in Churches

Internal controls are necessary for any organization to function in a manner beyond reproach. Public companies are required to have 

internal controls in place as a part of the auditing process to attest to the fact that their finances are stated accurately & fairly—meaning there is reasonable assurance there are no errors or fraud. This paper will show explain why churches need to have these same types of internal controls in place, even though they don’t fall under the jurisdiction of the 

Sarbanes-Oxley Act or the Securities Exchange Commission. 

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Alyxe Bruns, Jordan Myers & Calvin Philpott

The Sarbanes-Oxley Act

The Sarbanes-Oxley Act was passed in 2002 to protect investors from fraudulent accounting activities by corporations. This act was passed in the wake of many high profile corporate scandals, like Enron and WorldCom, and drastically changed the role of an accountant. This presentation will provide an analysis of the Sarbanes-Oxley Act and the reform that it caused in the accounting field.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Brittany Hanania, Kori Kapihe & Stephanie Roland

Financial Regulation in the Business World

This discussion is on the implications of accurate and regulated financial records, as they relate to the areas of taxation and auditing. A summary will be given of the history of American financial regulations and their governing bodies. Analysis of key areas in financial regulations will be compared to international regulations on financial record-keeping. Tax and auditing regulations currently in America will also be analyzed to provide an understanding of the reliability that implementation of such regulation brought about. It is expected that these analyses will support the argument that standardized regulation ensures financial accuracy in the business world.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Sonia Mayhood, Brian Phifer & Philip Velie

GAAP vs IFRS

Our group will be analyzing the differences between IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles). The reason these differences are important is because GAAP is used by US based companies while IFRS is used by most other developed nations. The governing bodies of GAAP and IFRS are tying to combine their standards in order to create a simpler, more streamlined standard that is in use globally. This combination will affect every US-based business and needs to be analyzed, which is what we hope to do.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Kenneth Dube & Kyle Dube

Accounting Standards Update: Intangibles-Goodwill and Other (Topic 350)-Testing Goodwill for Impairment

The purpose of this paper is to reveal why the Financial Accounting Standards Board (FASB) is updating the two step goodwill impairment test. This paper will discuss the reasons for the update, who is affected by the amendments of this update, the main provisions of the update, and when the amendments will be effective. A brief description of what the FASB is and does will be discussed as well.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Adam Traxtle

Generally Accepted Accounting Principles vs. International Financial Reporting Standards

My project compares and contrasts GAAP and IFRS. The SEC is attempting to combine the two methods of accounting by 2014. My project analyzes the differences and similarities between the two methods of accounting.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

9 – 11 AM

Charles Cox

Revenue Recognition and the International Accounting Standards vs American Accounting Rules

I want to speak on revenue recognition and the difficulties facing American businesses that want to do business on an international level. International standards differ from American standards, but must eventually be merged.

ACTG 499, Senior Capstone

Frank Paliotta

P114

10:30 – 11 AM

Beth Colon

Operating Segments—How FASB Says to Account For Them

This presentation is going to explore the history of FASB, Statement No. 131. It will define what is an operating segment and what disclosures are mandated. It will show how using different methods to allocate non-traceable expenses will effect the company’s financial statements.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

1 – 3 PM

Brooke Davis & Brent McKee

How Fraudulent Financial Reporting Presents the Proper Allocation of Resources in Accounting

The purpose of our presentation is to, through examination of cases, show different types of fraudulent financial reporting, and to explain the issues that accompany it. Accountants are responsible for properly allocating resources, and through the years, there have been many instances where this has been done illegally. The Sarbanes-Oxley Act of 2002 gives the proper way to handle things, and this presentation will compare the act to fraud in real-life situations.

ACTG 499, Senior Capstone

Frank Paliotta

Banquet Room

1 – 3 PM

Jeff Phillips

Convergences Project: FASB and IFRS

Due to developments and movement towards a one world economy, a joint activity of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) called project convergence has been initiated. The convergence project has the objective of matching the two board’s present standards and adapting the two sets of standards into a single set of generally accepted accounting principles (GAAP). For my capstone project, I will present an oral report on the similarities and differences that will have to be resolved in order to forge a single set of generally accepted accounting principles.

ACTG 499, Senior Capstone

Frank Paliotta

L203A

1 – 1:30 PM