Project 2:Where do the rules come from? Who Impacts Accounting? (Essay Sample)
or Project 2, select two (2) of the organizations below and write a 2-3 page paper in which you:
Briefly explain the mission or focus of the two (2) 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 (1) 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.
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.
FASB and COSO
Financial Accounting Standards Board (FASB) is an independent body, based in Connecticut, which creates financial accounting and reporting principles for both private and public firms that do not follow Generally Accepted Accounting Principles (GAAP). It creates and makes available financial accounting principles via a transparent and all-encompassing procedure envisioned to promote financial reporting that provides useful information to investors and other parties that use financial reports. On the other hand, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a common effort aimed at fighting fraud in the corporate world.
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