FASB Codification Assignment-2

Hello:

I received a really great question on how best to approach the FASB Codification Assignment. This is what I provided--I hope this helps in developing your skills from 'copy and paste' to articulating in essay format our responses. Remember, we are not 'just answering questions'...you demonstrated that skill as undergraduates. Now, we take the readings and synthesize what was written, paraphrase it in our own words, and properly cite our sources. 

What I would do, is first, you can have a header for each of the questions/topics. For example, I would have aheader called: Item 1: Accounting Estimates and Accounting Changes.

I would then have a paragaph that covers what a change in accounting estimate is, in your own words with an example (Cite your source though in the paragraph). I would then have another paragraph on describing the differences between an accounting change and an accounting estimate (again, with example and citation). So, you can write a minimum of 2 paragraphs as if you are writing an essay response on these concepts. 

The key is can you articulate, through synthesis and paraphrasing the concepts and can you provide examples that demonstrate how the concept may be applied in practice.

When we are covering information on guidance, it is more than just providing the link. Again, provide an essay response as to what concerns are addressed regarding accounting disclosures and provide examples.