Reference no: EM133154581 , Length: word count:600

Assignment - Where Do the Rules Come From? Who Impacts Accounting?

Learning outcome: Examine a current issue addressed by an industry organization and its impact on financial reporting.

Overview
Throughout your studies, you have heard the "big names" of organizations that impact accounting. But what do they really do? How do you know what the hot topics are? How are they influenced? What do they have to do with the financial reports you have been studying all quarter? How could this impact how financial reports are produced? For example, consider how a change in the way leases are recognized may impact the liabilities on a balance sheet and expenses on an income statement (which would then impact owner's equity).

Instructions
For this assignment, select two of the organizations below.

• FASB.
• PCAOB.
• GASB.
• SEC.
• COSO.
• IFRS.
• AICPA.
• IMA.
• IIA.
• FEI.

Then, write a 2-3 page paper in which you:

1. Briefly explain the mission or focus of the two organizations you selected and cite at least two quality sources for your information.
    It is recommended that you refer to the organizations' websites or excerpts from their established publications.
    Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.

2. Select a topic that one of the organizations is currently focused on, or one that they consider a pressing issue or "hot topic," and provide supporting detail.

3. Summarize what the organization you selected is doing to address the issue you identified, and include supporting examples.

4. Explain how the issue you identified impacts how financial reports are produced, and include supporting examples.