Project Assignment: Intermediate Accounting
Length: 4 to 5 pages.
o Part 1: Find a proposed standard from the current or prior year that is related to this course (asset-type transactions only) in the FASB Codification system. Prepare a 2 to 3 pages summary of the FASB proposal highlighting what changed, why, and the potential impact on the financial statements and disclosures
o Part 2: Find a company's financial statements, using the EDGAR database. Use Excel to create an applicable supporting schedule and financial statement(s) that would provide an example of the application of the proposed standard you selected for the company you selected. Ex. if the standard you found included a different method to calculate inventory you would create a worksheet using that proposed inventory method and then show how that change would affected the financial statements of the company you selected from EDGAR.
o Part 3: Prepare a 2 to 3 pages analysis discussing if you think this FASB proposal is a good idea now that you have seen the impact on the financial statements or if you think there is a potential for misleading financial statements as a result of this proposal.
o Part 4: Present your project to the class for discussion
Format your assignment according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.