Reference no: EM131192189
FASB Project
Parties Performing Accounting Research (FASB Comment Letters) In May 2013, the FASB issued a proposed Accounting Standards Update on Leases (Topic 842) and solicited constituent feedback. The proposed guidance would require most leases to be recorded on the balance sheet, with estimates of certain variable lease payments to be updated each period. In this case study, you are being asked to review two comment letters related to this proposal and to consider the perspective of each commenter.
Read the comment letter, from Johnson & Johnson, then respond to the following:
1. What would you describe as J&J's primary concern related to the proposed guidance? From what perspective are they raising this concern (e.g., financial statement user, preparer, etc.)?
2. What steps does it appear J&J has already taken to evaluate or prepare for the proposed standard? Explain.
3. Describe one of J&J's recommendations to the FASB, regarding ways to reduce the cost/effort involved in complying with revised guidance. Explain J&J's rationale for this specific recommendation.
Next, read the comment Letter, from the American Bankers Association (ABA), then respond to the following:
4. From what perspective(s) is the ABA writing this letter? To respond, refer to page 1 of the letter.
5. Flip to pages 5-6 of the letter. What are some of the concerns the ABA raises from a user perspective, related to the proposed standard?
6. Flip to page 9 of the comment letter...what recommendation does the ABA make to the FASB?
7. Finally, contrast the perspectives that these particular users and preparers brought to this issue, and describe how you might expect the FASB to respond to the concerns raised by these letters.
Attachment:- American Bankers Association (ABA) Letter.rar
Attachment:- Johnson & Johnson Letter.rar
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