Assignment 1: Emerging Issues Task Force
Due Week 8 and worth 280 points
Review the Emerging Issues Task Force (EITF) on the FASB Website, located athttp://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137512. Next, review the Description and Status of Current Issues section, located athttp://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137528, along with the Exposure Drafts and Public Comment Documents, located at http://www.fasb.org/cs/ContentServer?site=FASB&c=Page&pagename=FASB%2FPage%2FSectionPage&cid=1176157086783.
Write a four to five (4-5) page paper in which you:
1. Analyze the primary way in which Emerging Issues Task Force (EITF) influences Generally Accepted Accounting Principles (GAAP). Based on your analysis, recommend one (1) improvement that the EITF could take in order to more effectively influence GAAP.
2. From the Description and Status of Current Issues section of the FASB Website, choose one (1) of the current issues, and analyze the EITF’s conclusion(s). Based on your analysis, make at least two (2) recommendations that would enhance the EITF’s conclusion(s). Provide a rationale to support your recommendation.
3. From the Exposure Drafts and Public Comment Documents section of the FASB Website, choose one (1) public comment on the most recent exposure draft issued by EITF. Analyze the chosen public comment, and give your opinion on whether or not you agree with the commenter. Support your position with at least two (2) examples.
4. Imagine that your company has tasked you with proposing a new agenda item for the EITF to consider. Create a scenario for one (1) accounting issue that you would propose, and support that proposal with a brief statement of the issue(s).
Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
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, your 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:
Analyze the financial principles and concepts related to consolidated financial statements, intercompany transactions, combined financial statements, financial instruments, derivatives, hedging and contingencies, and commitments.
Analyze the financial principles and concepts related to earnings per share, disclosures and reporting, and foreign currency transactions.
Use technology and information resources to research issues in financial accounting and reporting.
Write clearly and concisely about financial accounting and reporting using proper writing mechanics.