Part 1-Find a proposed standard from 2016-2021 that is related to this course (asset-type transactions only) in the FASB Codification system. Prepare a 2-3 page summary of the FASB proposal highlighting what changed, why, and the potential impact on the financial statements and disclosures
Part 2-Find a company's financial statements, using the EDGAR database. Use Excel to create an applicable supporting schedule and financial statement(s) that would provide an example of the application of the proposed standard you selected for the company you selected. Ex. if the standard you found included a different method to calculate inventory you would create a worksheet using that proposed inventory method and then show how that change would affected the financial statements of the company you selected from EDGAR.
Part 3-Prepare a 2-3 page analysis discussing if you think this FASB proposal is a good idea now that you have seen the impact on the financial statements or if you think there is a potential for misleading financial statements as a result of this proposal.
- The report should be should be 4-5 pages in total (not including cover page, abstract, or references) for the entire project, which is split into several weeks.
- Include the Excel spreadsheet(s) as exhibits in your paper
- Include a minimum of 2 scholarly sources from the KU Library, EDGAR resource and FASB proposed standard.
- All sources used are to be cited in APA format
- Please use the writing center if needed
Writing Project You will be using EDGAR (http://www.sec.gov/edgar.shtml) and the FASB codification system to research a company's financial statements and to research a proposed accounting standard for the current or prior year (asset-type transactions only). You will be creating financial accounting information and commenting on the proposal you selected as it applies to the company you selected. Course objectives covered: 1 - 4 PROJECT REQUIREMENTS: This project is split into four (4) parts with one (1) part due each week of the course. Based on your readings, use of technology, research of literature, and other sources do the following: Part 1-Find a proposed standard from the current or prior year that is related to this course (asset-type transactions only) in the FASB Codification system. Prepare a 2-3 page summary of the FASB proposal highlighting what changed, why, and the potential impact on the financial statements and disclosures Part 2-Find a company's financial statements, using the EDGAR database. Use Excel to create an applicable supporting schedule and financial statement(s) that would provide an example of the application of the proposed standard you selected for the company you selected. Ex. if the standard you found included a http://www.sec.gov/edgar.shtml different method to calculate inventory you would create a worksheet using that proposed inventory method and then show how that change would affected the financial statements of the company you selected from EDGAR. Part 3-Prepare a 2-3 page analysis discussing if you think this FASB proposal is a good idea now that you have seen the impact on the financial statements or if you think there is a potential for misleading financial statements as a result of this proposal. Part 4-Present your project to the class for discussion Writing Requirements: The report should be should be 4-5 pages in total (not including cover page, abstract, or references) for the entire project, which is split into several weeks. Include the Excel spreadsheet(s) as exhibits in your paper Include a minimum of 2 scholarly sources from the KU Library, EDGAR resource and FASB proposed standard. All sources used are to be cited in APA format Please use the writing center if needed Technology/Collaborative Activity: You will be using Excel to create the exhibit to your paper You will be presenting your findings from the project to the class using the voice-over feature in PowerPoint or YouTube. Please be sure the audio is clear and the file or link is accessible in the Week 4 Presentation discussion board. You will be collaborating with other classmates on their presentations and answering any questions about your own presentation. Assignment Due Date Schedule: Week 1: Submit your summary Week 2: Submit your Excel schedule and corresponding financial statement(s) Week 3: Submit your analysis Week 4: Present and discuss your project 1