The project: The FASB Accounting Standards Codification
Read the following excerpt from the Journal of Accountancy:
"Accounting research has changed dramatically, shifting CPAs to an online tool for searching and referencing U.S. GAAP. On July 1, the FASB Accounting Standards Codification (ASC) became the single source of authoritative U.S. accounting and reporting standards for nongovernmental entities, in addition to guidance issued by the SEC. The ASC disassembled and repackaged thousands of pronouncements (including guidance from FASB, FASB's Emerging Issues Task Force and the AICPA Accounting Standards Executive Committee) to organize them under roughly 90 topics."
For the project:
1. Go to the Journal of Accountancy GAAP Codification Resource Page at:
https://www.journalofaccountancy.com/Web/Codification.htm
2. Learn about the new codification. What is it? Who does it affect? How is it used? How will it change the profession? The video is a good place to begin to get an overview of the codification. Then, watch the power point presentation and read any articles that look helpful.
3. Discuss the codification.
Response give the student an outline to use to write a paper, including ideas about how to personalize their efforts.