Submit your International Financial Reporting Standards (IFRS) report. You will determine whether Trinity Industries is incompliance 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: Prepare a report on Trinityâ€™s compliance with industry standards.
Specifically, the following critical elements must be addressed:
a) 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?
b) What changes will be required for Trinity to improve internal control compliance?
c) What standards will affect Trinity as a result of IFRS?
d) Discuss each infrastructureâ€™s role in supporting a compliance project like IFRS:
- What constitutes Trinityâ€™s governance infrastructure?
- What constitutes Trinityâ€™s IT infrastructure?
- What constitutes Trinityâ€™s process infrastructure?
Guidelines for Submission: Your IFRS report must be submitted as a 1â€“2-page Word document with double spacing, 12-point Times New Roman font, one-inch
margins, and at least three sources cited in APA format.