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SU Financial Accounting Standards Board Paper

SU Financial Accounting Standards Board Paper


The Financial Accounting Standards Board (FASB) is a domestic, not-for-profit organization based in Connecticut. For more than 40 years, the FASB has helped set reporting standards within the accounting trade. Visit the FASB website and read About the FASB to learn more about its history.One of the FASB’s major contributions to the accounting profession is the FASB Codification. Instructions for accessing the codification site are explained below, but let’s take a look at the codification structure now.Codification content is organized by subject matter in a hierarchy. The outline format provides an easy-to-navigate structure that you can use to get information regarding your specific topic of interest. The codification’s hierarchy begins with the following four highest levels:

  • Area.
  • Topic.
  • Subtopic.
  • Section.
  • First, select a hierarchy, beginning with the area of interest. Then, pick the topic within the area, then the subtopic, and then the section. Areas, Topics, and Subtopics are landing pages that contain tables of contents. Sections are the only pages that have codification content.For example, if you wanted to research costing inventory, you would click on the following: Assets > 330 Inventory > 10 Overall > 30 Initial Measurement > General > 30-1 Cost Basis. You would then see the detailed codification specific to costing inventory.Although there are thousands of sections within the hundreds of subtopics, once you practice and get used to moving around in the codification, it is easy to research your accounting topics. You may find yourself utilizing it not only for class research but also for topics you are working on in your professional life.Note: Once you have selected a subtopic, you may find it useful to click Combine Subsections. This will show the different subsections and their content on one page, allowing you to quickly scan and review areas of interest to you. The codification is organized within the following nine areas:
  • General Principles.
  • Presentation.
  • Assets.
  • Liabilities.
  • Equity.
  • Revenue.
  • Expenses.
  • Broad Transactions.
  • Industry.
  • The Industry area identifies 32 industries that have specific items unique to them. These industries range from five different areas of Entertainment to Mining, Financial Services, Airlines, Agriculture, Franchisors, Software, Health Care Entities, and many more.Instructions
    To complete this assignment, you will need to access the FASB Accounting Standards Codification. Your instructor will provide you with the appropriate username and login credentials. Once you have accessed the FASB’s site you can browse the various sections using the menu on the left.For this assignment, write a 4–5 page paper in which you:
  1. Select one of the industries that interests you, and briefly explain why. Identify how many subtopics are in the industry you selected.
  2. Select two subtopics within your selected industry that are applicable to a balance sheet (something to do with assets, liabilities, or equity).
  3. Identify your chosen subsections by number and title. Explain what they mean in your own words.
  4. Identify what accountants in your selected industry might be focused on as areas of concern related to financial reporting. Provide an explanation for your rationale.
  5. Identify an accounting risk associated with the subtopics you identified. Provide a recommendation to minimize this risk.
  6. Be sure to support your work by citing a minimum of three academic sources in your paper. Choose sources that are credible, relevant, and appropriate for accounting research. Note: Your course text and the FASB website can both count toward the total required resources.This course requires the use of Strayer Writing Standards (SWS). For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:
  • Examine industry research as it relates to financial reporting.

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