Research the current status of phase two of the fasb project

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Reference no: EM132219666

Question - In April of 2015, the FASB issued an Exposure Draft related to financial reporting of not-for-profit organizations. As a result of feedback received from constituents, the FASB decided to divide the proposed update to not-for-profit financial reporting into two phases. Phase one was completed and resulted in Accounting Standard Update (ASU) 2016-14, Presentation of Financial Statements of Not-For-Profit Entities. Phase two considers whether a measure of operations should be required, and, if so, how it should be measured. At the FASB board meeting on May 29, 2013, the FASB tentatively decided to define an operating measure on the basis of two key dimensions: (1) whether resources are from or used to carry out the mission of the organization and (2) whether resources are available for use in the current period. As this textbook goes to press, the FASB has not yet begun to redeliberate phase two.

Required:

a. Research the current status of phase two of the FASB project. Write a summary of the project status to date. Has the FASB deliberated on phase two? If so, what is the status of those deliberations?

b. In addition to the operating measure component of phase two of the project, there were two other project objectives. Identify the objectives and discuss what, if any, proposals are being considered as part of these objectives.

c. After having performed this research, what is your opinion? Do you believe the proposed changes will, in fact, improve financial reporting? Explain the rationale for the position you take.

Reference no: EM132219666

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