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Assignment 1: Research of Emerging Accounting Issues
Due Week 4 and worth 200 points

For this assignment, go to the “Description and Status of Current Issues” page of the Financial Accounting Standards Board’s (FASB) Emerging Issues Task Force (EITF) Website, located at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137528. Select a current issue that interests you, and identify it for the assignment.

Write a six to eight (6-8) page paper in which you:

  1. Research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Analyze the EITF’s effectiveness with finding resolutions to emerging accounting issues, and make at least two (2) recommendations as to how they could improve their effectiveness. Justify your recommendations.
  2. Research the issue you selected from the EITF’s “Description and Status of Current Issues” page, and analyze at least two (2) key areas being addressed by the EITF.
  3. Analyze the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue, and make at least two (2) recommendations as to the manner in which the EITF could improve a company’s accounting and financial reporting.
  4. Create an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Provide support for your argument.
  5. Analyze the different accounting treatments between GAAP and IFRS for the issue that you have selected, and make at least two (2) recommendations that would have a positive impact on the differences between treatments.
  6. Predict the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.
  7. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

  • Analyze the development process of accounting in the United States including the role of ethics in the profession and the movement toward international accounting standards.
  • Examine the conceptual framework for accounting including principle and rule-based accounting standards and the convergence process for the two different methods.
  • Examine research methodology and theories on the uses of accounting information including the relationship among research, education, and practice.
  • Use technology and information resources to research issues in advanced accounting theory.
  • Write clearly and concisely about advanced accounting theory using proper writing mechanics.

Click here to view the grading rubric.

Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.


Points: 200

Assignment 1: Research of Emerging Accounting Issues

Criteria

Unacceptable
Below 70% F

Fair
70-79% C

Proficient
80-89% B

Exemplary
90-100% A

1. Research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Analyze the EITF’s effectiveness with finding resolutions to emerging accounting issues, and make at least two (2) recommendations as to how they could improve their effectiveness. Justify your recommendations.
Weight: 10%

Did not submit or incompletely researched the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Did not submit or incompletely analyzed the EITF’s effectiveness with finding resolutions to emerging accounting issues; did not submit or incompletely made at least two (2) recommendations as to how they could improve their effectiveness. Did not submit or incompletely justified your recommendations.

Partially researched the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Partially analyzed the EITF’s effectiveness with finding resolutions to emerging accounting issues; partially made at least two (2) recommendations as to how they could improve their effectiveness. Partially justified your recommendations.

Satisfactorily researched the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Satisfactorily analyzed the EITF’s effectiveness with finding resolutions to emerging accounting issues; satisfactorily made at least two (2) recommendations as to how they could improve their effectiveness. Satisfactorily justified your recommendations.

Thoroughly researched the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Thoroughly analyzed the EITF’s effectiveness with finding resolutions to emerging accounting issues; thoroughly made at least two (2) recommendations as to how they could improve their effectiveness. Thoroughly justified your recommendations.

2. Research the issue you selected from the EITF’s “Description and Status of Current Issues” page, and analyze at least two (2) key areas being addressed by the EITF.
Weight: 10%

Did not submit or incompletely researched the issue you selected from the EITF’s “Description and Status of Current Issues” page; did not submit or incompletely analyzed at least two (2) key areas being addressed by the EITF.

Partially researched the issue you selected from the EITF’s “Description and Status of Current Issues” page; partially analyzed at least two (2) key areas being addressed by the EITF.

Satisfactorily researched the issue you selected from the EITF’s “Description and Status of Current Issues” page; satisfactorily analyzed at least two (2) key areas being addressed by the EITF.

Thoroughly researched the issue you selected from the EITF’s “Description and Status of Current Issues” page; thoroughly analyzed at least two (2) key areas being addressed by the EITF.

3. Analyze the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue, and make at least two (2) recommendations as to the manner in which the EITF could improve a company’s accounting and financial reporting.
Weight: 15%

Did not submit or incompletely analyzed the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue; did not submit or incompletely made at least two (2) recommendations as to the manner in which the EITF could improve a company’s accounting and financial reporting.

Partially analyzed the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue; partially made at least two (2) recommendations as to the manner in which the EITF could improve a company’s accounting and financial reporting.

Satisfactorily analyzed the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue; satisfactorily made at least two (2) recommendations as to the manner in which the EITF could improve a company’s accounting and financial reporting.

Thoroughly analyzed the primary manner in which a company’s accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue; thoroughly made at least two (2) recommendations as to the manner in which the EITF could improve a company’s accounting and financial reporting.

4. Create an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Provide support for your argument.
Weight: 15%

Did not submit or incompletely created an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Did not submit or incompletely provided support for your argument.

Partially created an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Partially provided support for your argument.

Satisfactorily created an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Satisfactorily provided support for your argument.

Thoroughly created an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Thoroughly provided support for your argument.

5. Analyze the different accounting treatments between GAAP and IFRS for the issue that you have selected, and make at least two (2) recommendations that would have a positive impact on the differences between treatments.
Weight: 15%

Did not submit or incompletely analyzed the different accounting treatments between GAAP and IFRS for the issue that you have selected; did not submit or incompletely made at least two (2) recommendations that would have a positive impact on the differences between treatments.

Partially analyzed the different accounting treatments between GAAP and IFRS for the issue that you have selected; partially made at least two (2) recommendations that would have a positive impact on the differences between treatments.

Satisfactorily analyzed the different accounting treatments between GAAP and IFRS for the issue that you have selected; satisfactorily made at least two (2) recommendations that would have a positive impact on the differences between treatments.

Thoroughly analyzed the different accounting treatments between GAAP and IFRS for the issue that you have selected; thoroughly made at least two (2) recommendations that would have a positive impact on the differences between treatments.

6. Predict the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.
Weight: 10%

Did not submit or incompletely predicted the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.

Partially predicted the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.

Satisfactorily predicted the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.

Thoroughly predicted the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.

7. 3 references (or number in the assignment)
Weight: 5%

No references provided

Does not meet the required number of references; some or all references poor quality choices.

Meets number of required references; all references high quality choices.

Exceeds number of required references; all references high quality choices.

8. Writing Mechanics, Grammar, and Formatting
Weight: 5%

Serious and persistent errors in grammar, spelling, punctuation, or formatting.

Partially free of errors in grammar, spelling, punctuation, or formatting.

Mostly free of errors in grammar, spelling, punctuation, or formatting.

Error free or almost error free grammar, spelling, punctuation, or formatting.

9. Appropriate use of APA in-text citations and  reference section
Weight: 5%

Lack of in-text citations and / or lack of reference section.

In-text citations and references are provided, but they are only partially formatted correctly in APA style.

 

In-text citations and references are error free or almost error free and consistently formatted correctly in APA style.

10. Information Literacy/Integration of Sources
Weight: 5%

Serious errors in the integration of sources, such as intentional or accidental plagiarism, or failure to use in-text citations.

 

Sources are mostly integrated using effective techniques of quoting, paraphrasing, and summarizing.

Sources are consistently integrated using effective techniques of quoting, paraphrasing, and summarizing.

11. Clarity and Coherence of Writing
Weight: 5%

Information is confusing to the reader and fails to include reasons and evidence that logically support ideas

Information is partially clear with minimal reasons and evidence that logically support ideas

   

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