Accounting 1. Getting up to Speed on a Current FASB Project Required: Choose an emerging guidance topic from the FASB's project page. (Instructor: You may choose to expand this to include current PCAOB, IFRS, AICPA projects, and so on.) In one page, summarize what the project is (how will it change GAAP?), why it's being undertaken, and the timing of completion or next steps in the project. Try to really capture the essence of this project and include information that gets to the heait of the issues. To be successful in this assignment, you need to really understand the project; don't just reiterate the summary from the project page. Firm resources (such as on PwC's CFO Direct page), and "FASB In Focus" summaries can be helpful in explaining projects in plain English. Finally, be prepared to present your summary in class.

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The Current Financial Reporting standard are moving towards Fair value Accounti... View the full answer