Acc 577 Assignment 1: Emerging Issues Task Force

ACC 577 Assignment 1: Emerging Issues Task Force

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ACC 577 Assignment 1: Emerging Issues Task Force

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 at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137512. Next, review the Description and Status of Current Issues section, located at http://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).

5. Use at least three (3) quality academic resources in this...