FASBReport: ACCT 310 "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,...

FASBReport: ACCT 310

"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)

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 theFASB Web site.www.fasb.org

In afive- to seven-pagereport,with section headings,you should describe the project, its history (briefly), and the project's status. The final section of yourreportshould describe the implications of the project's adoption. For example, areportmight 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 atwww.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 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.Document your researchprogress in the research log.Aresearch log template (sample research tracker)andsample research trackers are included in these project instructions.You should explore UMUCLibrary resourcesand our LEO Classroom Accounting Toolboxas well as the resources of major accounting firmsand 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.UMUC provides training on this topic:http://sites.umuc.edu/library/libhow/bibliography_tutorial.cfm•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-pagereport(APA format, single spaced, standardpapersize, one-inch margins, and 12-pointfont) presenting the results of your work. Submit yourreport, research log, and annotated bibliography by the due dates, or as otherwise instructed. Cover pages, abstract/ executive summary, table of contentsif you chose to include or bibliography / reference lists do not count toward pagecount.

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

Submitreportand annotated bibliographyas a Word document.The research tracker, submitted in week 4,and again with finalreport. Maybe in either Word or Excel.

Grading

The written communication aspect of this assignment is weighted at 50 percent of the total assignment. The grading willconsiderthe following areas:

•assignment management•organization and structure•evidence and arguments•readability, style, and mechanics•presentation

The annotated bibliography isgraded separately from theresearch tracker.

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	Tool or Source Used	Concepts or Keywords, Terms, Phrases	Search Strategy	Results	Decision, Action, Next Step
1

(2) Another example of a sample research tracker:

Topic/Key Concepts	Sources Consulted	Search Terms Used	Results/Comments/Notes
Example: Distance learning and adults Distance education, distance learning, adult students	Library catalog	Distance AND (education OR learning) AND adults	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, Information Sought, Rationalefor Search	Tool or Source Used	Concepts or Keywords, Terms, Phrases	Search Strategy	Results	Decision, Action, Next Step
1	10/23	Background information	General encyclopedias (library reference section)	television, violence		Found mostly general information on "television." Found one small article inEncyclopedia Americanaon "Violence in Television."	Need more background info? Will check other reference books.
2	10/23	More background information	Looked inEncyclopedia of Television (REF PN 1992.18 .E53 1997)	violence		Found a small article on "Violence in Television"(page 1769 - volume 3). Described correlation between television violence and later behavior.	Have decided to focus on relationship betweentwo topics. Will check for books in online catalog.
3	10/23	Description of human behavior	Looked in Delhi Online Catalog	human behavior	Keyword search	Found a lot of good general books on human behavior, includingThe Winning Edgeby Andrew J.DuBrin.	Will focus more.Will try "television" and "violence."
4	10/27	Need to narrow focus even more with magazine or journal articles.	UsedInfoTrac	Tried "television and human behavior."	Keyword search	Didn't find much.	Will try other, broader keywords.
5	10/27		UsedInfoTrac	Tried "showandad."	Keyword search	Found way too many irrelevant articles!	Will try another keyword: "violence."
6	10/27		UsedInfoTrac	Tried"adsand behavior."	Keyword search	Found several very good recent articles, including "Aggressive response to TV violence tracks to adulthood." SallyKubetin.Pediatric News,May 2003, v37 i5 p23.	Will print out and review articles, and take notes.
7	11/03	Try to find good Web sites to supplement other sources.	Used Google	Tried “violence and behavior."	Basic search	Found several Web sites that looked good. The first one was titled "Violence on television,"www.apa.org/pubinfo/violence.html. This Web site is published by theAPA.	Will examine other Web sites and list findings.