Where Do the Rules Come From? Who Impacts Accounting?
Throughout your studies, you have heard of the “big names” of the organizations that impact accounting. But what do they really do? How do you know what the hot topics are? How are they influenced? What do they have to do with the financial reports you have been studying all quarter? How could this impact how financial reports are produced? For example, consider how a change in the way leases are recognized may impact the liabilities on a balance sheet and expenses on an income statement (which would then impact owner’s equity).
Select two (2) of the organizations below and write a 2- to 3-page paper in which you:
FASB PCAOB GASB SEC COSO
IFRS AICPA IMA IIA FEI
- Briefly explain the mission or focus of the two organizations you selected and cite at least two (2) sources for your information. Note: Wikipedia and similar websites do not qualify as appropriate sources. It is recommended that you refer to the organization’s websites or excerpts from their established publications.
- Select a topic that one of the organizations is currently focused on, or one that they consider a pressing issue or “hot topic.”
- Summarize what the organization you selected is doing to address the issue you identified.
- Explain how the issue you identified impacts how financial reports are produced.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Describe and evaluate the importance of the professional environment of financial accounting, the functions of related organizations such as the SEC, the AICPA, the FASB and its predecessors, and the creation of Financial Accounting Standards, the conceptual framework, and other sources of GAAP.
- Analyze the functions and the main sections of the four (4) primary financial accounting statements: the income statement, the statement of retained earnings, the balance sheet, and the statement of cash flows.
- Prepare the main sections of the four (4) primary financial accounting statements: the income statement, the statement of retained earnings, the balance sheet, and the statement of cash flows.
- Describe and evaluate the importance of the functions of international financial standard-setting organizations such as the IASB, IFRIC, IASCF, and the IFRIC, the hierarchy of IFRS, and international accounting convergence.
- Use technology and information resources to research issues in intermediate accounting.
- Write clearly and concisely about intermediate accounting using proper writing mechanics.