FASB’S PROJECT
Choose an emerging guidance topic from the FASB’s project page. In 500 words or less, discuss what the project is (how will it change GAAP), compare it to the current rules (make proper references to the current standards by accessing the FASB Codification), explain why it is being undertaken (i.e. how will it improve financial reporting – use the conceptual framework of accounting to help you explain the effects on financial statement users), and compare / contrast with IFRS (using proper references to it as well). Get to the essence of this project and its effect on accounting by considering how it will affect firms′ reporting as well as the users of this information (i.e. significance to society); discuss the trade-offs: cost and benefits to both sides. [unique_solution]Understand the process and relate it to the learning objectives of the class including reconciling with accounting concepts, and connecting to capital markets; do NOT just reiterate the summary from the project page. You should demonstrate effective use of research skills in investigating accounting issues/topics by identifying relevant information for the research issue/topic, locating and obtaining information using professional accounting literature and databases, resolving new or emerging accounting issues in a global perspective through researching the professional standards and codes, and documenting the research process. You should also show your understanding of the international accounting issues currently facing the accounting profession by demonstrating an awareness of the development of international accounting standards, the major differences between US standards and international standards, and showing an appreciation for the factors that complicate the accounting for a multinational company. Guidance for making these connections is found in the lectures. Format: Arial 12-point font, double-spaced, justified text alignment (part of the grade).