homework

Assignment : Research of Emerging Accounting Issues For this assignment, go to the “Description and Status of Current Issues” page of the Financial Accounting Standards Board’s (FASB) Emerging Issues Task Force (EITF) Website, located at  http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137528 . Select a current issue that interests you, and identify it for the assignment.

Write a seven to nine (7-9) page paper in which you:

1. Research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Analyze the EITF’s effectiveness with finding resolutions to emerging accounting issues, and make at least three (3) recommendations as to how they could improve their effectiveness. Justify your recommendations.

2. Research the issue you selected from the EITF’s “Description and Status of Current Issues” page, and analyze at least three (3) key areas being addressed by the EITF.

3. Analyze the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue, and make at least three (3) recommendations as to the manner in which the EITF could improve a company’s accounting and financial reporting.

4. Create an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Provide support for your argument.

5. Analyze the different accounting treatments between GAAP and IFRS for the issue that you have selected, and make at least three (3) recommendations that would have a positive impact on the differences between treatments.

6. Predict the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.

7. Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

Please use the following for this assignment:

1- Thoroughly researched the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Thoroughly analyzed the EITF’s effectiveness with finding resolutions to emerging accounting issues; thoroughly made at least three (3) recommendations as to how they could improve their effectiveness. Thoroughly justified your recommendation.

2- Thoroughly researched the issue you selected from the EITF’s “Description and Status of Current Issues” page; thoroughly analyzed at least three (3) key areas being addressed by the EITF.

3- Thoroughly analyzed the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue; thoroughly made at least three (3) recommendations as to the manner in which the EITF could improve a company’s accounting and financial reporting.

4- Thoroughly created an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Thoroughly provided support for your argument’

5- Thoroughly analyzed the different accounting treatments between GAAP and IFRS for the issue that you have selected; thoroughly made at least three (3) recommendations that would have a positive impact on the differences between treatments.

6- Thoroughly predicted the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.