These are discussions that must be answered in own words. 1. Primary goals of the codification The
Question:
These are discussions that must be answered in own words.
1. Primary goals of the codification The FASB had three primary goals for developing the codification. Choose one and share what you think that goal has or has not been met. Explain your answer.
2. Input into Regulations Do you feel that FASB has enough input into regulations? Why or why not? What is the process FASB follows in seeking public input?
3. Codification structure The Codification structure is fairly simple, do you think it is easy to use and follow? Why or why not?
4. Topic Disagreement What accounting topics have the FASB and the IASB had trouble agreeing on? Why? Be specific.
5. FASB Project Go to http://www.fasb.org and click on the "Projects" tab at the top of the page. Describe one of the projects that they are working on.
6. Updating the Codification What is the process for updating the codification? Do you think it is effective? Why or why not?
Expert Answer:
1 FASB Accounting standard codification is a source which is usually accepted and well known by the FASB and its used by the nongovernmental entities Therefore FASB normally has three primary goals in ... View the full answer
