Implications of a financial accounting standards

Assignment Help Financial Accounting

Reference no: EM13179370

Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

Requirements

The FASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing FASB project after visiting the Technical Plan and Project Updates sections of the FASB Web site.

In a five- to seven-page paper, you should describe the project, its history (briefly), and the project's status. The final section of your paper should describe the implications of the project's adoption. For example, a paper might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures.
Specifically:

• Familiarize yourself with the project, including information on the history and background of the project and its status.

• Using resources at www.fasb.org (including free access to U.S. GAAP codification if you register at the Web site as explained), identify the relevant GAAP and current standards involved. Discuss the proposed change (i.e., what will be different?) and the reasons for the change.

• Using at least three different databases in the UMUC library, find at least five sources of information on this FASB project. As you conduct research, identify an actual case that may have provided the impetus for this proposed change, or that would have been influenced by the proposed change. At least two sources should be from scholarly or professional journals. Maintain a research log to document your research process. You will find a research log template (sample research tracker) posted in Course Content.

• Prepare an annotated bibliography. See Course Content for more information and a sample annotated bibliography.

• Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).

Reference no: EM13179370

Questions Cloud

List the accounting standards issued by icai : List the accounting standards issued by ICAI and prepare a Three-column Cash Book of M/s Thuglak & Co. from the particulars

How many hobbits work in the cereal sector : If the price of 1 pound of cereals is $10 and the price of a sword is $100, what is the wage rate paid to Hobbits in the Shire? How many Hobbits work in the cereal sector? In sword sector? Because of the War of the Ring, the price of a sword went ..

State and draw a planar structure for the compound : Draw a planar structure for the following compound using dashed or solid wedges to show the stereochemistry of the substituent groups

Define an economic bad mathematically : An economic bad is something you don't want to consume, i.e. less bad is better. Define an economic bad mathematically and name one economic bad in reality. Suppose you had to consume a certain amount of a given economic bad but could pay to get r..

Implications of a financial accounting standards : Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

Calculate the ph during the titration of hbr solution : Calculate the pH during the titration of 30.00 ml of 0.1000 M KOH with 0.1000 M HBr solution after the following additions of acid.

What is the economically efficient price : What is the consumer surplus after the Pigouvian tax is imposed? Do consumers of oil like the outcome with the Pigouvian tax? What does this say about the political practicality of using Pigouvian taxes to correct negative externalities?

Find out concentrations of calcium phosphate : Putting together titration lab to determine concentrations of calcium phosphate, citric & ascorbic acid

What is the balance in dowells lease liability : What is the balance in Dowell's lease liability? An amortization schedule will be helpful in determining this amount.

User Account

All Pages