ACC 301 Module 1 Assignment

ACC 301 Module 1 Assignment - Zhunquadreat Hill September...

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Zhunquadreat Hill September 4 , 2011 Module 1 Assignment CA 1-14 (a) Describe the process by which a topic is selected or identified as appropriate for study by the Financial Accounting Standards Board. • Problems or issues come to the attention of the FASB from – the Emerging Issues Task Force which may identify significant emerging accounting issues that it feels the FASB should address. – the Financial Accounting Standards Advisory Council which addresses the FASB on the priority of problems and encourages the FASB to undertake new projects. – the Research and Technical Activities Staff of the FASB, which monitors business periodicals for stories concerning unusual transactions or events and may detect an emerging problem. – the close contact it maintains with various business, industry, government, professional financial groups, and the SEC. – its staff which may learn of emerging problems as it responds to technical inquiries received from preparers and auditors. • Topics are then placed on the FASB agenda. • The plan for major technical agenda projects is given prompt public notice in the FASB’s newsletter status report. • A task force of experts from various sectors is assembled to define problems, issues, and alternatives related to the topic. • The task force inputs are submitted to the FASB’s Technical Activities Division for research and analysis. (b) Once a topic is considered appropriate for consideration by the FASB, a series of steps is followed before a Statement of Financial Accounting Standards is issued. Describe the major steps in the process leading to the issuance of a standard. Research and analysis is conducted by the FASB Technical staff. A discussion memorandum is drafted and released for written comments. Written comments are submitted and a public hearing is held for 60 days after the memorandum is released. The Board analyzes and evaluates the responses from the public. The Board then deliberates on the issue and prepares an exposure draft which is released for public comment. The Board evaluates all comments received after a 30-day exposure period (which is the minimum) and possible public hearings from industry groups.
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A committee then studies the exposure draft in relation to the public responses, reevaluates its position, and revises the draft if necessary. The full Board gives the revised final draft consideration and votes on the issuance of a
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ACC 301 Module 1 Assignment - Zhunquadreat Hill September...

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