“The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting reporting for the guidance and education of the public, including issuers, auditors, and users of financial information.” ( http://www.fasb.org )
Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.
The FASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should base your FASB project on the selected project ( https://www.fasb.org/jsp/FASB/FASBContent_C/ProjectUpdateExpandPage&cid=1176173478457) which is Joint Venture Formations.
In a five – to seven-page report, with section headings, you should describe the project, its history (briefly), and the project’s status. The final section of your report should describe the implications of the project’s adoption. For example, a report might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures.
· Familiarize yourself with the project, including information on the history and background of the project and its status.
· Using resources at www.fasb.org (including free access to U.S. GAAP codification if you register at the Web site as explained), identify the relevant GAAP and current standards involved. Discuss the proposed change (i.e., what will be different?) and the reasons for the change.
· Using at least three different databases in the UMUC library, find at least five sources of information on this FASB project. As you conduct research, identify an actual case that may have provided the impetus for this proposed change, or that would have been influenced by the proposed change. At least two sources should be from scholarly or professional journals. Document your research progress in the research log. A research log template (sample research tracker) and sample research trackers are included in these project instructions. You should explore UMUC Library resources and our LEO Classroom Accounting Toolbox as well as the resources of major accounting firms and organizations.
· Frequently the large Accounting Firms have extensive analyses of FASB topics. It is strongly recommended to become familiar with these websites. Occasionally they will also offer free webinars on FASB topics.
· Prepare an annotated bibliography.
· Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).
Write a five- to seven-page report (APA format, single spaced, standard report size, one-inch margins, and 12-pointfont) presenting the results of your work. Submit your report, research log, and annotated bibliography by the due date, or as otherwise instructed. Cover pages, abstract/ executive summary, table of content if you chose to include or bibliography / reference lists do not count toward page count.
Your topic and research plan must be on the Joint Venture Formations project on FASB ( Joint Venture Formations (fasb.org))
Submit your report and annotated bibliography as a Word document. The research tracker can be in either Word or Excel.
The written communication aspect of this assignment is weighted at 50 percent of the total assignment. Allocated equally in the following areas:
· assignment management
· organization and structure
· evidence and arguments
· readability, style, and mechanics
· information literacy and research
The annotated bibliography is graded separately from the research tracker.
Sample Research Tracker
The research tracker should be a columnar document. Omit the word “sample” in your actual submission. Examples are provided below.
|No.||Date||Question Pursuing, Information Sought, Rationale for Search||Tool or Source Used||Concepts or Keywords, Terms, Phrases||Search Strategy||Results||Decision, Action, Next Step|
(2) Another example of a sample research tracker:
|Topic/Key Concepts||Sources Consulted||Search Terms Used||Results/Comments/Notes|
|Example: Distance learning and adults Distance education, distance learning, adult students||Library catalog||Distance AND (education OR learning) AND adults||E-World: virtual learning, collaborative environments, and future technologies; edited by Doris Christopher, National Business Education Association, 2004 Checked out; requested via catalog 7/25|
(3) Finally, a “filled-in” sample research tracker:
|#||Date||Question Pursuing, Information Sought, Rationale for Search||Tool or Source Used||Concepts or Keywords, Terms, Phrases||Search Strategy||Results||Decision, Action, Next Step|
|1||10/23||Background information||General encyclopedias (library reference section)||television, violence||Found mostly general information on “television.” Found one small article in Encyclopedia Americana on “Violence in Television.”||Need more background info? Will check other reference books.|
|2||10/23||More background information||Looked in Encyclopedia of Television (REF PN 1992.18 .E53 1997)||violence||Found a small article on “Violence in Television” (page 1769 – volume 3). Described correlation between television violence and later behavior.||Have decided to focus on relationship between television violence and human behavior. Will check for books in online catalog.|
|3||10/23||Description of human behavior||Looked in Delhi Online Catalog||human behavior||Keyword search||Found a lot of good general books on human behavior, including The Winning Edge by Andrew J. DuBrin.||Will focus more. Will try “television” and “violence.”|
|4||10/23||Delhi Online Catalog||Looked under “television” and “violence.”||Found a very good book titled “Violence in the Media” by James D. Torr (CIRC P96.V5 V563 2001).||Will take notes from books.|
|5||10/27||Need to narrow focus even more with magazine or journal articles.||Used InfoTrac||Tried “television and human behavior.”||Keyword search||Didn’t find much.||Will try other, broader keywords.|
|6||10/27||Used InfoTrac||Tried “television and behavior.”||Keyword search||Found way too many irrelevant articles!||Will try another keyword: “violence.”|
|7||10/27||Used InfoTrac||Tried “television violence and behavior.”||Keyword search||Found several very good recent articles, including “Aggressive response to TV violence tracks to adulthood.” Sally Koch Kubetin. Pediatric News, May 2003, v37 i5 p23.||Will print out and review articles, and take notes.|
|8||11/03||Try to find good Web sites to supplement other information.||Used Google||Tried “television violence and behavior.”||Basic search||Found several Web sites that looked good. The first one was titled “Violence on television,” www.apa.org/pubinfo/violence.html . This Web site is published by the American Psychological Association.||Will examine other Web sites and list findings.|
Grading Rubric: Communication Assessment Tool for ACCT
|Project Components Being Assessed||Meets Expectations||Minimally Meets Expectations||Does Not Meet Expectations||Assessment and Comments|
|Assignment Management||The report addresses the assignment in a creative/ innovative way. There is a clear purpose and sense of audience; the report successfully accommodates the audience.||The report fulfills the assignment. There is an attempt at audience accommodation (in at least three places in the text).||The report does not fulfill the assignment. There is no sense of audience.|
|Organization and Structure||The report develops a clear, strong thesis and presents clear topic sentences. There is clear organization at both the macro (overall report—thesis, body, conclusion) and micro (within paragraphs—topic sentences, evidence, analysis) levels. The writer shows obvious control of the argument and has planned the order and method of providing information to the reader.||The report does a sufficient job of developing and following the thesis. There are at least two topic sentences. There is a slight problem in organization at either the macro or micro level; however, the reader can still follow the argument, and paragraphs are unified around a central idea. At times, the argument does not appear to have a clear path.||The report lacks organizational structure. There are few topic sentences, and paragraphs do not always center on one controlling idea. The order of evidence appears random, and evidence is not presented to the reader in a logical fashion. It is difficult to follow the argument.|
|Evidence/ Arguments||The report contains a clear, specific, and arguable thesis. The evidence presented is logically sound, contextualized, and appropriately researched and supported, and is synthesized with the writer’s own argument. The analysis is sophisticated and considers other perspectives. All outside information is correctly attributed; documentation styles are applied accurately and consistently for in-text and bibliographic references.||The report contains a controlling idea, although not a clearly articulated thesis. Evidence is presented, but may be predictable. There is indication of research, but that research may not be fully synthesized within the argument, or the report may lack full analysis of evidence and full consideration of alternative perspectives. In-text and bibliographic references are provided, and documentation styles are applied, but not accurately or consistently.||The report does not contain a thesis. The report contains several (at least three) logical fallacies. The report contains irrelevant support, and there is insufficient analysis and/or depth of analysis. The report does not contain research and/or does not adequately cite that research.|
|Readability, Style, Mechanics||The tone and style are appropriate for the audience. There are no proofreading or grammatical errors. Sentence structure and diction are effective and diverse.||For the most part, tone and style are appropriate for the audience. There are proofreading and/or grammatical errors; however, the errors do not detract from the readability of the report. Sentence structure may be rigid and unvarying.||Tone and/or style are not appropriate for the audience. Proofreading and/or grammatical errors detract from the readability of the report. There are major problems in sentence structure (run-ons, fragments).|
|Presentation||Your presentation should be neat and professional in appearance, doing justice to your concepts and content.||At least one of the requirements is not addressed in the presentation.||More than one of the requirements is not addressed in the presentation.|
Program Outcomes – Research —Information Literacy
In addition to assessing your performance in this course, this assignment will be used to assess the accounting program’s achievement of program outcomes for the Information Literacy and Research learning areas as described in the university’s Program Assessment Plan.
Information Literacy and Research is defined as follows: demonstrate an ability to use libraries and other information resources to effectively locate, select, and evaluate needed information. The accounting program outcomes are defined as the ability to research accounting information to solve business problems and improve decision making.
Learning Objective: Demonstrate the ability to use academic and professional databases to research and support recommendations on emerging accounting issues.
Grading Rubric for FASB Ongoing Project: ACCT Research Assessment Tool
|Project Components Being Assessed||Meets Expectations||Minimally Meets Expectations||Does Not Meet Expectations||Final Student Assessment|
|Research Log||Assessment and Comments|
|Your research log must be completed using the Sample Research Tracker. Requirements: Log uses at least three different databases in the UMUC library; consults at least five different sources, at least two from scholarly or trade journals; provides evidence of effective use of research techniques; comments show analysis in evaluation of resources.||The research log substantially meets all of the requirements listed.||At least one of the requirements included on the list is not addressed in the research log.||More than one of the requirements is not addressed in the research log.|
|Annotated Bibliography||Meets Expectations||Minimally Meets Expectations||Does Not Meet Expectations||Final Student Assessment|
|Your annotated bibliography must be complete and prepared in good form. Requirements: Sources are cited in appropriate (MLA or APA, as directed by instructor) style; annotation includes useful comments on the credentials of authors and reliability of sources; sources cited are relevant to the research project and are included in your research log.||The annotated bibliography substantially meets all of the requirements listed.||At least one of the requirements included on the list is not addressed in the annotated bibliography.||The annotated bibliography is missing more than one of the criteria listed.|
|Report||Meets Expectations||Minimally Meets Expectations||Does Not Meet Expectations||Final Student Assessment|
|Your report should present the results of your research. Requirements: Report is college-level writing, with appropriate format (font, margins, etc.), accurate grammar and punctuation, coherent and well-structured sentences and paragraphs, and appropriate use of accounting terminology; content includes a discussion of the proposed change, an actual case and the impact of the proposed change on that case, and stakeholder analysis.||The report substantially meets all of the requirements listed.||The report contains some grammar and/or punctuation errors, and/or some awkward structure; content addresses each requirement, but analysis is weak.||The report contains several grammar and/or punctuation errors and/or is frequently awkward in sentence and paragraph structure; content does not address each requirement, and/or there is little to no analysis.|
|Total Assessment and Comments|
Grading Rubric: Critical Thinking Assessment Tool for ACCT
|Project Components Being Assessed||Meets Expectations||Minimally Meets Expectations||Does Not Meet Expectations||Assessment and Comments|
|Assignment Management||The report addresses the assignment in a creative/innovative way.||The report fulfills the assignment.||The report does not fulfill the assignment.|
|Analysis and Synthesis of Ideas||The report demonstrates sophisticated use of analysis/synthesis of ideas and evidence.||The report shows evidence of analytic/synthetic reasoning and/or evaluation of ideas as appropriate.||The report uncritically accepts ideas and evidence.|
|Proper Identification of Problems to Be Solved
|The report shows understanding of the nature of the problem or issue to be proven.||The report identifies the problem or issue to be discussed or proven.||The report does not properly identify the problem or issue to be discussed or proven.|
|Assessment of Correctness (Truth or Falsity) of a Proposition, Idea, or Concept||The report persuasively demonstrates the truth or falsity of propositions, ideas, or concepts.||The report attempts to ascertain the correctness of propositions, ideas, or concepts by offering justification, evidence, or proof.||The report takes propositions, ideas, or concepts at face value without justification, evidence, or proof.|
|Marshalling Evidence and/or Argumentation to Support That View||The report conclusively argues/documents a point of view.||The report supports opinions with argument, evidence, or proof.||The report offers unsupported or irrelevant opinions.|
|Consideration and Evaluation of Alternatives||The report considers alternatives and shows how and why they should/should not be accepted.||The report considers alternatives but does not eliminate them.||The report does not consider alternatives.|
|Arrival at a Supported Conclusion||The report states a clear conclusion (and alternatives if justified).||The report demonstrates awareness of a conclusion to be drawn regarding the issue at hand.||The report fails to draw or state a conclusion regarding the issue at hand.|
|Presentation and Responses Meet Expectations for Communication in Form, Style, and Grammar||The report substantially meets all requirements.||The report minimally meets most requirements.||The report does not meet expectations in more than one of the requirements.|
Total Assessment and Comments
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