Submit a draft of your IFRS report. You will determine whether Trinity is in compliance within the industry standards and aligned functionally with both efficiency and effectiveness of controls through the use of current audit and internal control standards. State all assumptions and conclusions.
or Milestone Four, you will submit a draft of your International Financial Reporting Standards (IFRS) report. You will determine whether Trinity Industries is in compliance within the industry standards and aligned functionally with both efficiency and effectiveness of controls through the use of current audit and internal control standards. State all assumptions and conclusions.
Prompt a report on Trinity’s compliance with industry standards.
Specifically, the following critical elements must be addressed:
- IFRS
- What are the implications of a change in accounting standards? For example, what kinds of changes to data calculation and information reporting are likely to occur with a transition to a new standard?
- What changes will be required for Trinity to improve internal control compliance?
- What standards will affect Trinity as a result of IFRS?
- Discuss each infrastructure’s role in supporting a compliance project like IFRS:
- What constitutes Trinity’s governance infrastructure?
- What constitutes Trinity’s IT infrastructure?
- What constitutes Trinity’s process infrastructure?
What to Submit
Your IFRS report must be submitted as a page Word document with double spacing, 12-point font, one-inch margins, and at least three sources cited in format.
Milestone Four Rubric
| Criteria | Proficient (100%) | Needs Improvement (75%) | Not Evident (0%) | Value |
|---|---|---|---|---|
| IFRS: Change | Discusses the implications of a change in accounting standards | Discusses the implications of a change in accounting standards but discussion is cursory or contains inaccuracies | Does not discuss the implications of a change in accounting standards | 24 |
| IFRS: Improve | Determines changes required to improve internal control compliance | Determines changes required to improve internal control compliance but determination is cursory or contains inaccuracies | Does not determine changes required to improve internal control compliance | 24 |
| IFRS: Standards | Determines which standards will affect Trinity as a result of IFRS | Determines which standards will affect Trinity as a result of IFRS but determination is cursory or contains inaccuracies | Does not determine which standards will affect Trinity as a result of IFRS | 24 |
| IFRS: Role | Discusses the role of the three groups in supporting a compliance project like IFRS | Discusses the role of the three groups in supporting a compliance project like IFRS but discussion is cursory, contains inaccuracies, or does not discuss all three groups | Does not discuss the role of the three groups in supporting a compliance project like IFRS | 24 |
| 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 | 4 |
| Total: | 100% |
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