Chapter $14-$ Staying Current with Emerging Accounting Guidance $($exercises $6,7,9,11,$ and $15$ in your text$)$

Exercises

FASB$/$EITF

$6.$ What is one of the topics currently being addressed by the EITF? Why do you suppose that the EITF, and not the FASB, is addressing this issue?

$7.$ Locate the most recently issued Accounting Standards Update $($ASU$).$ Starting with the ASU's Summary pages, respond to the following:

a$.$ What was the Board's reason for addressing this issue?

b$.$ What are some of the key changes this standard will make?

c$.$ What Codification topics will this "ASU" amend?

d$.$ Locate the section of the ASU where it shows changes to the Codification. Does this ASU add to$,$ or replace existing Codification content? Explain.

IASB

$9.$ Locate an agenda from an upcoming IASB meeting and list two or three of the topics the Board plans to discuss. Which of these topics do you think may be the most closely watched by the IASB's constituents? Explain.

PCAOB$/$ AICPA

$11.$ Navigate to the AICPA website. Locate information regarding activities of the Auditing Standards Board $($perform a keyword search for Auditing Standards Board from the homepage$).$ What is one issue that this Board is currently addressing or plans to address at an upcoming meeting?

GASB

$15.$ Locate the GASB's technical agenda $($you$\text{'}$ll find this under Projects, then Current Projects on gasb.org$)$ and describe two current projects being undertaken. What is the purpose of these projects, and what changes might result from them?