plz see attachment

Name________________________

Project 1-The FASB

30 Pts

Add your name to the file name.

Answers will be graded for accuracy, content and written communication skills. Use complete sentences in answering questions.

Part I: Know the FASB

I. The FASB is the current accounting standard setters in the U.S. as they are empowered by the SEC. Visit the FASB website at www.fasb.org and answer the following questions. Do not cut and paste but answer in your own words.

1. What is the FASB mission? 2pts

2. Who are the current FASB Board members? Write a short paragraph briefly describing the general backgrounds of the board members. 3pts

3. Look up the Accounting Standard Update No. 2020-07. 3pts

a. What is the topic?

b. Under “Background Information”, BC3-7, read and summarize in your own words the Board’s decision and reasoning.

4. What is one future project for the FASB? 3pts

5. Discuss IN DETAIL (At least two paragraphs) information that you discovered on this website that interested you or that you were not previously aware of? 3pts

Part II: FASB Codification and doing Research

US GAAP is composed of a mixture of over 2,000 documents that have developed over the last 85 years or so. The illustration below highlights the many different types of documents that comprise U.S. GAAP.

The documents that comprise GAAP vary in format, completeness, and structure. As a result, financial statement preparers sometimes are not sure whether they have the right GAAP; determining what is authoritative and what is not becomes difficult. In response to these concerns, the FASB developed the Financial Accounting Standards Board Accounting Standards Codification. The FASB’s primary goal in developing the Codification is to provide in one place all the authoritative literature related to a particular topic. Professional accountants pay for access to the FASB. The OU Accounting Department has paid for academic access to the FASB Codification. Our Login information is:

• Log in at http://aaahq.org/ascLogin.cfm

• Students:

  • User ID AAA52373

  • Password x4v4AQV

1. Access the FASB Codification using the information above and answer the following questions. Identify which series each of the following accounting topics would be located. 16 pts

Your answers must come from the following list:

Use the following list for your answers:

General Principles 100 series Revenues 600 series

Presentation 200 series Expenses 700 series

Assets 300 series Broad Trans. 800 series

Liabilities 400 series Industry 900 series

Equities 500 series

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