Selected current exposure draft for group research project: FASB exposure draft Not-for-Profit Entities (Topic 958) "Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.

It is a group research project and the sections I have are to "Compare/contrast with current theory/standards" and "Compare and contrast U.S. GAAP and IFRS in respect to the exposure draft topic". Each section should be 1.5 - 2pages for a total of 3 - 4pages with at least 2 references used.

Just additional information, the other sections of the group paper are but I am only responsible for 2 and 3.

1.Summarize the main points of the current exposure draft.

2.Compare/contrast with current theory/standards.

3.Compare and contrast U.S. GAAP and IFRS in respect to the exposure draft topic.

4.Research the need for the new standard/amendment (include pros and cons).

5.Evaluate the exposure draft's provisions in light of the conceptual framework (include qualitative characteristics of useful information).

6.Develop a logical, well-articulated response to the exposure draft (for or against). Propose changes/corrections that you feel are needed.