ACC 563 Week 4 Assignment 1
Assignment 1: Research of Emerging Accounting Issues
For this assignment, you will need to go to the FASB Website and review the issue that the Emerging Issues Task Force (EITF) is working on at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137528. From the current issues described on the Website, you will need to select an issue of interest to you and identify it for the assignment.
Write a six to eight (6-8) page paper in which you:
1. Research the role of the Emerging Issues Task Force (EITF) as it relates to the Financial Accounting Standards Board (FASB). Evaluate its effectiveness with finding resolutions to emerging accounting issues.
2. Research the emerging issue you selected from the EITF’s current issues page and evaluate the key areas being addressed by the EITF.
3. Assess how a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
4. Create a response to the EITF recommendation on the issue that you would submit during the public comment period.
5. Evaluate the difference in accounting treatment between GAAP and IFRS in this area and how the exposure draft recommendation may impact these differences.
6. Predict the role of the EITF should the accounting professional adopt one (1) global set of accounting standards.
7. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.