Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

Topic is Proposed Accounting Standards Update—Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (fasb.org)

Requirements

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The FASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing FASB project after visiting the Technical Plan and Project Updates sections of the FASB Web site.

Proposed Accounting Standards Update—Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (fasb.org)

In a five – to seven-page report, with section headings, you should describe the project, its history (briefly), and the project’s status. The final section of your report should describe the implications of the project’s adoption. For example, a report might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures.

Specifically:

  • Familiarize yourself with the project, including information on the history and background of the project and its status.
  • Using resources at www.fasb.org (including free access to U.S. GAAP codification if you register at the Web site as explained), identify the relevant GAAP and current standards involved. Discuss the proposed change (i.e., what will be different?) and the reasons for the change.
  • Using at least three different databases in the library, find at least five sources of information on this FASB project. As you conduct research, identify an actual case that may have provided the impetus for this proposed change, or that would have been influenced by the proposed change. At least two sources should be from scholarly or professional journals. Document your research progress in the research log. A research log template (sample research tracker) and sample research trackers are included in these project instructions. You should explore Library resources and Accounting Toolbox as well as the resources of major accounting firms and organizations.
  • Frequently the large Accounting Firms have extensive analyses of FASB topics. It is strongly recommended to become familiar with these websites. Occasionally they will also offer free webinars on FASB topics.
    • The Big Four is the nickname used to refer collectively to the four largest professional services networks in the world, consisting of the global accounting networks Deloitte, Ernst & Young, KPMG and PwC
  • Prepare an annotated bibliography.
  • Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).

Deliverables

Write a five- to seven-page report (APA format, single spaced, standard report size, one-inch margins, and 12-pointfont) presenting the results of your work. Submit your report, research log, and annotated bibliography by the due date, or as otherwise instructed.  Cover pages, abstract/ executive summary, table of content if you chose to include or bibliography / reference lists do not count toward page count. 

Your topic and research plan must be approved in advance by your professor in the discussion for FASB project. The topic should not be a repeat of your prior work.

Format 

Submit your report and annotated bibliography as a Word document. The research tracker can be in either Word or Excel.

The annotated bibliography is graded separately from the research tracker.

Sample Research Tracker

The research tracker should be a columnar document. Omit the word “sample” in your actual submission. Examples are provided below.

(1)

No.DateQuestion Pursuing, Information Sought, Rationale for Search Tool or Source Used Concepts or Keywords, Terms, PhrasesSearch StrategyResultsDecision, Action, Next Step
       
        
        
        
        

(2) Another example of a sample research tracker:

Topic/Key ConceptsSources ConsultedSearch Terms UsedResults/Comments/Notes
Example: Distance learning and adults
Distance education, distance learning, adult students
Library catalogDistance AND (education OR learning) AND adultsE-World: virtual learning, collaborative environments, and future technologies; edited by Doris Christopher, National Business Education Association, 2004
Checked out; requested via catalog 7/25
    
    

(3) Finally, a “filled-in” sample research tracker:

#DateQuestion Pursuing, Information Sought, Rationale for Search Tool or Source Used Concepts or Keywords, Terms, PhrasesSearch StrategyResultsDecision, Action, Next Step
10/23Background informationGeneral encyclopedias (library reference
section)
television,
violence
 Found mostly general information on “television.” Found one small article in Encyclopedia Americana on “Violence in Television.”Need more background info? Will check other reference books.
10/23More background informationLooked in Encyclopedia of Television
(REF PN 1992.18 .E53 1997)
violence Found a small article on “Violence in Television” (page 1769 – volume 3). Described correlation between television violence and later behavior.Have decided to focus on relationship between television violence and human behavior. Will check for books in online catalog. 
10/23Description of human behaviorLooked in Delhi Online Cataloghuman behaviorKeyword searchFound a lot of good general books on human behavior, including The Winning Edge by Andrew J. DuBrin.Will focus more. Will try “television” and “violence.”
10/23 Delhi Online CatalogLooked under “television” and “violence.” Found a very good book titled “Violence in the Media” by James D. Torr (CIRC P96.V5 V563 2001).
 
Will take notes from books.
10/27Need to narrow focus even more with magazine or journal articles.Used InfoTracTried “television and human behavior.”Keyword searchDidn’t find much.Will try other, broader keywords.
10/27 Used InfoTracTried “television and behavior.”Keyword searchFound way too many irrelevant articles!Will try another keyword: “violence.”
10/27 Used InfoTracTried “television violence and behavior.”Keyword searchFound several very good recent articles, including “Aggressive response to TV violence tracks to adulthood.” Sally Koch Kubetin. Pediatric News, May 2003, v37 i5 p23.Will print out and review articles, and take notes.
11/03Try to find good Web sites to supplement other information.Used GoogleTried “television violence and behavior.”Basic searchFound several Web sites that looked good. The first one was titled “Violence on television,”www.apa.org/pubinfo/violence.html. This Web site is published by the American Psychological Association.Will examine other Web sites and list findings.

Grading Rubric: Communication Assessment Tool for ACCT

Project Components Being AssessedMeets ExpectationsMinimally Meets ExpectationsDoes Not Meet ExpectationsAssessment
and Comments
Assignment ManagementThe report addresses the assignment in a creative/ innovative way. There is a clear purpose and sense of audience; the report successfully accommodates the audience.The report fulfills the assignment. There is an attempt at audience accommodation (in at least three places in the text).The report does not fulfill the assignment. There is no sense of audience. 
Organization and StructureThe report develops a clear, strong thesis and presents clear topic sentences. There is clear organization at both the macro (overall report—thesis, body, conclusion) and micro (within paragraphs—topic sentences, evidence, analysis) levels. The writer shows obvious control of the argument and has planned the order and method of providing information to the reader.The report does a sufficient job of developing and following the thesis. There are at least two topic sentences. There is a slight problem in organization at either the macro or micro level; however, the reader can still follow the argument, and paragraphs are unified around a central idea. At times, the argument does not appear to have a clear path.The report lacks organizational structure. There are few topic sentences, and paragraphs do not always center on one controlling idea. The order of evidence appears random, and evidence is not presented to the reader in a logical fashion. It is difficult to follow the argument. 
Evidence/
Arguments
The report contains a clear, specific, and arguable thesis. The evidence presented is logically sound, contextualized, and appropriately researched and supported, and is synthesized with the writer’s own argument. The analysis is sophisticated and considers other perspectives. All outside information is correctly attributed; documentation styles are applied accurately and consistently for in-text and bibliographic references.The report contains a controlling idea, although not a clearly articulated thesis. Evidence is presented, but may be predictable. There is indication of research, but that research may not be fully synthesized within the argument, or the report may lack full analysis of evidence and full consideration of alternative perspectives. In-text and bibliographic references are provided, and documentation styles are applied, but not accurately or consistently.The report does not contain a thesis. The report contains several (at least three) logical fallacies. The report contains irrelevant support, and there is insufficient analysis and/or depth of analysis. The report does not contain research and/or does not adequately cite that research. 
Readability, Style, MechanicsThe tone and style are appropriate for the audience. There are no proofreading or grammatical errors. Sentence structure and diction are effective and diverse.For the most part, tone and style are appropriate for the audience. There are proofreading and/or grammatical errors; however, the errors do not detract from the readability of the report. Sentence structure may be rigid and unvarying.Tone and/or style are not appropriate for the audience. Proofreading and/or grammatical errors detract from the readability of the report. There are major problems in sentence structure (run-ons, fragments). 
PresentationYour presentation should be neat and professional in appearance, doing justice to your concepts and content.At least one of the requirements is not addressed in the presentation.More than one of the requirements is not addressed in the presentation. 
 Total Assessment   

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