FASB Report: 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,...

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see attached document for assignement instructions/ruberic."See attached file.1. Submit the research tracker in week 4 as an interim step to the project (you can add to the research tracker as you finalize your week 6 report)
2. Submit the FASB Report with supporting documents in week 6"


FASB Report: 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) Topic: Disclosure of Supplier Finance Program Obligations 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. https://www.fasb.org/info/technicalagenda 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 UMGC 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) and sample research trackers are included in these project instructions. You should explore UMGC 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. UMGC provides training on this topic: https://libguides.umgc.edu/apa-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 formatted citations, 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. 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, Rationale for 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 in Encyclopedia Americana on "Violence in Television." Need more background info? Will check other reference books. 2 10/23 More background information Looked in Encyclopedia 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 between two 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, including The Winning Edge by 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. Used InfoTrac Tried "television and human behavior." Keyword search Didn't find much. Will try other, broader keywords. 5 10/27   Used InfoTrac Tried "show and ad." Keyword search Found way too many irrelevant articles! Will try another keyword: "violence." 6 10/27   Used InfoTrac Tried " ads and behavior." Keyword search Found several very good recent articles, including "Aggressive response to TV violence tracks to adulthood." Sally Kubetin. 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 the APA. Will examine other Web sites and list findings. Page 1 of 4
Answered 2 days AfterJul 08, 2022

Answer To: FASB Report: ACCT 310 "The mission of the Financial Accounting Standards Board is to establish and...

Rochak answered on Jul 10 2022
78 Votes
History
The FASB, ‘Financial Accounting Standards Board” came up with a proposal which they wanted to amend which says that the entities that use any kind of supplier finance to pay for the goods purchased by them need to disclose all th
e key terms and information about the obligations which they have as a result of using the supplier finance at the end of each reporting period.
The proposal went for stakeholders’ analysis to see how viable the project is and what the implication that the stakeholders will face as a result of this amendment both from the qualitative and quantitative points of view.
The proposal was not intended to make any change in the recognition, measurement, or presentation of financial statements for supplier finance program obligations, which are already classified as trade payables or bank debt (Cornejo 2018).
For determining whether supplier finance has been used or not the arrangement between the entry and the finance provider, other than the supplier will be looked at. The determination will be confirmed if the entity who is obligated to pay is paying to someone other than the party, here it will be clear that supplier finance has been used.
Supplier finance has become such a popular concept in the world because of the potential that it gives to the parties involved:
· Monetization of trade receivables: The owner of trade receivables gets instant cash and the program helps them reduce their credit exposure
· Extended payment terms: Because the owner of trade receivables has the option to see the trade receivable, they can give the buyer an extended credit period
· Operational benefits: The optimization of various processes
· And many others
Supplier finance as a concept has been there for a long but the increase in usage is seen in the last couple of years, and therefore the FASB wants to make sure that the disclosures are on the right way going forward. This will ensure better decision-making and low frauds which can otherwise take place.
Introduction
The supplier finance arrangement has an entity that buys the goods or services on credit, which is also known as the purchaser, and there is the bank that makes the payment to the good supplier, the bank here is known as the financial institution or the intermediary and the seller who is selling the goods is the supplier.
Supplier finance is also...
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