Module 1 Assignment
FASB Codification
In this assignment, you will examine the materials available at the Financial Accounting Standards Board (FASB) codification website. You will also examine the Generally Accepted Accounting Principles (GAAP) and sources of authoritative and non-authoritative guidance.
Using FASB website and the Internet, research the GAAP and the sources of authoritative and non-authoritative guidance.
Using the materials available at the FASB codification website, respond to the following:
Describe FASB codification in brief, What does it contain? Who provides the material?
How would you best utilize the FASB Accounting Standards Codification in this course? How could these materials be useful in your accounting research? Provide examples from your experiences.
Explain the Generally Accepted Accounting Principles (GAAP) and the sources of authoritative and non-authoritative guidance. How could these materials be useful in your accounting research? Provide examples from your experiences
Describe the elements of the conceptual framework
What is the purpose of FASB?
What is FASB update?
How does Topics 842 and 840 Accounting for leases relate to the effects of the COVID-19 Pandemic?
Give reasons in support of your responses. Be sure to cite any relevant sources.
Write your response in 500 – 700 words. Your response should be thorough and address all components of the assignment questions in detail; Include citations of all sources, where needed, according to APA style and demonstrate accurate spelling, grammar, and punctation. Late submissions will result in reduce points.
Contributing new, relevant information from course readings, websites, or other sources:
Building on the remarks or questions of others or
Sharing practical examples of key concepts from your professional or personal experiences.
Make sure your writing
Is clear, concise, and organized
Demonstrate ethical scholarship in accurate representation and attribution of sources and
Display accurate spelling, grammar, and punctuation.
Grading Criteria Maximum Points
Assignment Components
I
nsightful, original, accurate, and timely 20
Substantive and demonstrated advanced understanding of concepts
Complied/synthesized theories and concepts drawn from a variety of
sources to support statement and conclusions.
Response to the seven questions
Describe FASB codification in brief, What does it contain?
Who provides the material? 10
How would you best utilize the FASB Accounting Standards
Codification in this course? How could these materials be useful in your accounting research? Provide examples from your experiences. 10
Explain the Generally Accepted Accounting Principles (GAAP)
and the sources of authoritative and non-authoritative guidance.
How could these materials be useful in your accounting research?
Provide examples from your experiences 10
Describe the elements of the conceptual framework 10
What is the purpose of FASB? 10
What is FASB update? 10
How does Topics 842 and 840 Accounting for leases relate to
the effects of the COVID-19 Pandemic? 10
Writing:
Wrote in a clear, concise, formal, and organized manner
Responses were error free.
Information from sources, where applicable,
was paraphrased appropriately and accurately cited 10
Total 100
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