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

“The mission of the Financial Accounting Standards Board is to establish and improve
standards of financial accounting reporting for the guidance and education of the
public, including issuers, auditors, and users of financial information.”
Project Objective
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 report, with section headings, you should describe the
project, its history (briefly), and the project’s status. The final section of your report
should describe the implications of the project’s adoption. For example, a report might
discuss a project that would result in accelerating the recognition of certain expenses
and require additional disclosures. Submit research tracker to date in the
assignment folder week 4, and again with the final report. The final report will
include an annotated bibliography.
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.
Consider SEC 10-K comments in place on changes to accounting regulations.
How will this affect reporting requirements? Provide examples in context.
Using at least three different databases in the 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. Document your research
progress in the research log. A research log template (sample research tracker)
Page 1 of 4
•
•
•
and sample research trackers are included in these project instructions. You
should explore Library resources and our LEO Classroom Accounting Toolbox
as well as the resources of major accounting firms and organizations.
Frequently the large Accounting Firms have extensive analyses of FASB
topics. It is strongly recommended to become familiar with these websites.
Occasionally they will also offer free webinars on FASB topics.
Prepare an annotated bibliography.
Identify stakeholders and the impact of the proposed change on each of the
stakeholders (comment letters may provide good insight).
Deliverables
Write a five- to seven-page report (APA format, single spaced, standard paper size,
one-inch margins, and 12-pointfont) presenting the results of your work. Submit your
report, research log, and annotated bibliography by the due dates, or as otherwise
instructed. Cover pages, abstract/ executive summary, table of contents if you chose
to include or bibliography / reference lists do not count toward page count.
Your topic and research plan must be approved in advance by your professor in the
discussion for FASB project. The topic should not be a repeat of your prior work and
passages of quoted material will not be in included in page count. Small charts that
you create will be included in page count.
Format
Submit report and annotated bibliography as a Word document. The research tracker,
submitted in week 4, and again with final report. May be in either Word or Excel.
Grading
The written communication aspect of this assignment is weighted at 50 percent of the
total assignment. The grading will consider the following areas:
•
•
•
•
•
assignment management
organization and structure
evidence and arguments
readability, style, and mechanics
presentation
The annotated bibliography is graded separately from the research tracker.
Page 2 of 4
Sample Research Tracker
The research tracker should be a columnar document. Omit the word “sample” in
your actual submission. Examples are provided below.
(1)
No. Date Question Pursuing,
Information Sought,
Rationale for Search
1
Tool or Concepts or
Search
Results Decision,
Source Keywords,
Strategy
Action, Next
Used
Terms, Phrases
Step
(2) Another example of a sample research tracker:
Topic/Key
Sources
Concepts
Consulted
Example:
Distance learning
and adults
Library
Distance
catalog
education,
distance learning,
adult students
Search Terms
Used
Distance AND
(education OR
learning) AND
adults
Results/Comments/Notes
E-World: virtual learning, collaborative
environments, and future technologies; edited
by Doris Christopher, National Business
Education Association, 2004
Checked out; requested via catalog 7/25
(3) Finally, a “filled-in” sample research tracker:
# Date Question
Pursuing,
Informati
on
Sought,
Rationale
for
Search
1 10/23 Backgrou
Tool or
Source
Used
Concept Search Results
s or
Strate
Keywor gy
ds,
Terms,
Phrases
Decision,
Action, Next
Step
General
televisio
Need more
Found mostly general
Page 3 of 4
2
3
4
5
6
nd
encyclope n,
informatio dias
violence
n
(library
reference
section)
10/23 More
Looked violence
backgroun in Encyclo
d
pedia of
informatio Television
n
(REF PN
1992.18
.E53
1997)
10/23 Descriptio Looked in human
n of
Delhi
behavior
human
Online
behavior Catalog
10/27 Need to Used
Tried
narrow
InfoTrac “televisi
focus even
on and
more with
human
magazine
behavior
or journal
.”
articles.
10/27
Used
Tried
InfoTrac “show
and ad.”
10/27
Used
Tried ”
InfoTrac ads and
behavior
.”
7 11/03 Try to find Used
good Web Google
sites to
supplemen
t other
sources.
information on “television.”
Found one small article
in Encyclopedia Americana
on “Violence in Television.”
background
info? Will check
other reference
books.
Found a small article on
Have decided to
“Violence in
focus on
Television” (page 1769 relationship
volume 3). Described
between two
correlation between television topics. Will
violence and later behavior. check for books
in online
catalog.
Keywo Found a lot of good general Will focus
rd
books on human behavior,
more. Will try
search including The Winning
“television” and
Edge by Andrew J. DuBrin. “violence.”
Keywo Didn’t find much.
Will try other,
rd
broader
search
keywords.
Keywo Found way too many
Will try another
rd
irrelevant articles!
keyword:
search
“violence.”
Keywo Found several very good
Will print out
rd
recent articles, including
and review
search “Aggressive response to TV articles, and take
violence tracks to adulthood.” notes.
Sally Kubetin. Pediatric
News, May 2003, v37 i5 p23.
Tried
Basic Found several Web sites that Will examine
“violenc search looked good. The first one
other Web sites
e and
was titled “Violence on
and list findings.
behavior
television,”www.apa.org/pubi
.”
nfo/violence.html. This Web
site is published by the APA.
Page 4 of 4
The FASB PROJECT selected is JOINT VENTURE FORMATIONS
Objective:
The objectives of the Joint Venture Formations formerly known as the Accounting by a
Joint Venture for Nonmonetary Assets Contributed by Investors project are to reduce diversity in
practice in the accounting for contributions made to a joint venture upon formation in a
standalone joint venture’s financial statements and provide useful financial reporting information
to financial statement users.
links
https://www.fasb.org/cs/Satellite?c=FASBContent_C&cid=1176173478457&pagename=FASB
%2FFASBContent_C%2FProjectUpdateExpandPage
https://tax.thomsonreuters.com/news/independent-joint-ventures-getting-specific-disclosurerules-fasb-says

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