Reference no: EM131105404
Assignment 1 Emerging Issues Task Force
Review the Emerging Issues Task Force (EITF) on the FASB Website, located at
https://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137512.
Next, review the Description and Status of Current Issues section, located at
https://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137528,
Along with the Exposure Drafts and Public Comment Documents, located at
https://www.fasb.org/cs/ContentServer?site=FASB&c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176157086783.
Write a four to five page paper in which you:
1. Analyze the primary way in which Emerging Issues Task Force (EITF) influences Generally Accepted Accounting Principles (GAAP). Based on your analysis, recommend one improvement that the EITF could take in order to more effectively influence GAAP.
2. From the Description and Status of Current Issues section of the FASB Website, choose one of the current issues, and analyze the EITF's conclusion(s). Based on your analysis, make at least two recommendations that would enhance the EITF's conclusion(s). Provide a rationale to support your recommendation.
3. From the Exposure Drafts and Public Comment Documents section of the FASB Website, choose one public comment on the most recent exposure draft issued by EITF. Analyze the chosen public comment, and give your opinion on whether or not you agree with the commenter. Support your position with at least two (2) examples.
4. Imagine that your company has tasked you with proposing a new agenda item for the EITF to consider. Create a scenario for one (1) accounting issue that you would propose, and support that proposal with a brief statement of the issue(s).
5. Use at least three quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Analyze the financial principles and concepts related to consolidated financial statements, intercompany transactions, combined financial statements, financial instruments, derivatives, hedging and contingencies, and commitments.
• Analyze the financial principles and concepts related to earnings per share, disclosures and reporting, and foreign currency transactions.
• Use technology and information resources to research issues in financial accounting and reporting.
• Write clearly and concisely about financial accounting and reporting using proper writing mechanics.
|
Derive the exact characteristic impedance for a two-section
: Derive the exact characteristic impedance for a two-section binomial matching transformer for a normalized load impedance
|
|
How much property tax revenue should be reported
: How much property tax revenue should be reported by the general fund on the statement of revenues, expenditures, and changes in fund balances prepared for the year ended December 31, 2012?
|
|
How would you respond to battle
: Kathleen Battle says, "Retained earnings should be reported as an asset, since it is earnings which are reinvested in the business." How would you respond to Battle?
|
|
Determining the minimum number of shares
: The shareholders of the Pickwick Paper Company need to elect five directors. There are 360,000 shares outstanding. a. What is the minimum number of shares you need to own to ensure that you can elect at least one director if the company has majorit..
|
|
Analyze primary way in which eitf influences
: Analyze the primary way in which Emerging Issues Task Force (EITF) influences Generally Accepted Accounting Principles (GAAP). Based on your analysis, recommend one improvement that the EITF could take in order to more effectively influence GAAP.
|
|
Improvement algorithm to find an optimal policy
: Each year Ms. Fontanez has the chance to invest in two different no-load mutual funds: the Go-Go Fund or the Go-Slow Mutual Fund. At the end of each year, Ms. Fontanez liquidates her holdings, takes her profits, and then reinvests.
|
|
What amount should be reported as cash flows
: In the electric utility enterprise fund's statement of cash flows for the year ended December 31, 2012, what amount should be reported as cash flows from capital and related financing activities?
|
|
Find two designs using open-circuited stub
: Problem 5.5 A load impedance ZL = 90 + j60 is to be matched to a 75 Ω line using a single series-stub tuner. Find two designs using open-circuited stubs
|
|
Why do we have antitrust laws in the first place
: CarToys car audio store sells its JVC brand speakers only with a JVC subwoofer. Without the subwoofer, they will not sell the speakers to people. This kind of practice is called a ___________________.
|