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FASB_Database_Assignment_Handout_Fall09 - ACCT 305 FALL...

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ACCT 305 FALL 2009 FASB ACCOUNTING STANDARDS CODIFICATION REPORTING SYSTEM ASSIGNMENT DUE DECEMBER 10 , 21 31, 2009 In this assignment, you will (1) develop an awareness of how the Financial Accounting Standards Board (FASB) has changed the way the accounting profession accesses and uses U.S. GAAP to answer accounting research questions; and (2) see first hand how accounting is a large, sophisticated framework that shapes the way numbers appear in financial statements. Its way more than just numbers – it’s lot of critical thinking and analysis! As we have learned through the chapters reviewed thus far and the study of the conceptual framework, Generally Accepted Accounting Principles (GAAP) guides our actions in financial accounting. During the semester, we will discuss many different types of transactions in which assumptions, principles and rules of GAAP are implicit. However, the business environment is complex and always changing and new issues often arise; the proper treatment of a transaction or event must frequently be researched by accounting professionals to ascertain how it should be treated. Until now, accounting research has been done by searching thousands of GAAP standards and other guidance issued by different standard setters. It was a complicated system. Now a new process is in place, called the FASB ACCOUNTING STANDARDS CODIFICATION REPORTING SYSTEM. This new system brings together many different standards into a searchable online and real time database environment.
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