Question 1:

Research the process for how the FASB Standards were set. Do you agree or disagree with the way the US sets financial accounting standards.

Question 2:

Using the FASB Codification as your source, search on the time value of money then identify one of the topics that discusses the use of time value of money. Assume your manager says that the time value of money concept is a waste of time for the topic you selected and to just book the entry. What would you do in this situation? Be sure to note the code section (ASC xxx-xx-xx-x) that you use.

Grading Rubric: Criteria Thorough nesslTim eHness Conceptu al Accuracy IApplicati on Criticall'c reative Thinking Writing Description Thoroughness: All posts are substantial (4-5 sentences). Timeliness: Initial posts are made by the assigned due date and other posts are submitted on 3 different days. Discussions apply concepts from the textbook, literature andlor other authoritative sources (minimum number of required sources for each topic from the KU library). Terminology is used precisely and accurately. Discussions demonstrate critical or creative thinking such as examples or application of the topic or topics presented. Student offers original ideas or thoughts based on the information presented (roughly 80% of the material is original and 20% is taken from cited sources). Student writes at the university level. Errorfree writing is clearly organized. Appropriate APA reference and citations are included