Discuss the information presented in the standard

Reference no: EM133638903

Homework: Financial Accounting Standards

Overview

The Financial Accounting Standards Board (FASB) and Accounting Standards Update (ASU) sites provide important information for the accounting field. In this activity you will practice locating information in the Financial Accounting Standards Board (FASB) and Accounting Standards Update (ASU) sites. This activity will also ask that you cite your sources (which have been provided) in order to help prepare you for the Week 8 homework in which you will develop a research paper and cite references using Strayer Writing Standards (SWS).

Instructions

For this activity you will write a 1 to 2 pages paper in which you discuss both the Accounting Standards Update and a Concepts Statement found on the Financial Accounting Standards Board (FASB) website. Follow the steps below to complete the activity:

Accounting Standards Update

I. Access the Financial Accounting Standards Board (FASB) website and click on Standards in the banner toward the top of the webpage.

II. Select one of the Accounting Standards Update (ASU) that was issued within the last 12 months.

III. Read the information presented in the Accounting Standards Update.

A. Discuss the information presented in the standard and how accessing this information supports accountants working in the profession. Be sure to provide specific examples.

Concepts Statement

I. Click on Standards in the banner again and select Concepts Statement.

II. Download Concepts Statement Number 8 as amended 9/10.

III. Read the Concepts Statement Number 8 document.

A. Discuss how the ASU reflects the purpose of financial accounting as presented in Concepts Statement Number 8.

B. Specific and direct connections are made between Concepts Statement Number 8 and the purpose of financial accounting.

Reference no: EM133638903

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