Week 2 Team Assignment

Case 2-2 The Theoretical Foundation of Accounting Principles

During the past several years, the FASB has attempted to strengthen the theoretical foundation for the development of accounting principles. Two of the most important results of this attempt are the Conceptual Framework Project and the Emerging Issues Task Force. During this same period, the FASB has been criticized for imposing too many standards on the financial reporting process, the standards-overload problem.

Required:

a. Discuss the goals and objectives of

i. The Conceptual Framework Project

ii. The Emerging Issues Task Force

b. Discuss the standards overload problem.

The highlighted portion is my assignment. The word count is between 175 – 200 words. References should be easily accessed from Internet including a link to the website that you reference.

Assignment Due Date: 3/5/17 by 3pm CST.

Grading Rubric:

Week 2 – Learning Team Assignment	Percent	Points
(350 - 700 Word)	Available	Earned
Case Study Assignment
Team
 Case 1-4
Discussion of accounting principles as they relate to the certification of financial statements.
o Discussion “Accounting Principles” as used in the Audit Report.	0.50
o Discussion – “generally accepted accounting principle”.	0.50
o Discussion “support of diversity in accounting practice”.	0.50
Total Case 1-1	1.50	0.00
All key elements of the assignment are covered in a substantive way
 Case 1-3
o Discussion of CAP, APB and FASB – Operations and Development.	0.50
o Arguments in support of politicization of Accounting Standards	0.50
o Arguments against politicization of Accounting Standards	0.50
Total Case 1-3	1.50	0.00
 Case 2-2 Theoretical Foundation of Accounting Principles.
o Discussion – goals and objectives:	0.75
 Conceptual Framework Project	0.75
 EITF	0.75
o Discussion – Standards Overload Project	0.75
Total Case 2-3	3.00	0.00
Followed APA Guidelines	1.00

		Total
Points Possible 6	7.00	0.00