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Week 4

UMUC updated US FASB Codification

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FASB Project Revenue Recognition

"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." (http://www.fasb.org)

RECENTLY COMPLETED PROJECTS http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156240004

COMPARABILITY ININTERNATIONAL ACCOUNTING STANDARDS—AN OVERVIEW

http://www.fasb.org/cs/ContentServer?c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176156245663

http://www.fasb.org/cs/ContentServer?c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176168083750

http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176163963376

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.

http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156240004

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.

· 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. 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).

Deliverables

Write a five- to seven-page paper (APA format, single spaced, standard paper size, one-inch margins, and 12-pointfont) presenting the results of your work. Submit your paper, research log, and annotated bibliography by the due date, or as otherwise instructed. Cover pages, abstract/ executive summary, table of content if you chose to include or bibliography / reference lists do not count toward page count.

Format

Submit your paper and annotated bibliography as a Word document. The research tracker can 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 be allocated equally in the following areas:

· assignment management

· organization and structure

· evidence and arguments

· readability, style, and mechanics

· presentation

· INFO-CLA

The annotated bibliography is worth 25% of the grade; and the research tracker is worth 25%.

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