Financial information should be taken out from EDGAR (http://www.sec.gov/edgar.shtml)
and need to at least have as a reference the FASB codification system. Need to research a company’s financial statements and to research a proposed accounting standard for the current or prior year (liability and equity-type transactions only)
Please divide the paper in the following sections:
Part 1-Find a proposed standard from the current or prior year that is related to this course (liability and equity-type transactions only) in the FASB Codification system. Prepare a 2-3 page summary of the FASB proposal highlighting what changed, why, and the potential impact on the financial statements and disclosures
Part 2-Find a company’s financial statements, using the EDGAR database. Use Excel to create an applicable supporting schedule and financial statement(s) that would provide an example of the application of the proposed standard you selected for the company you selected. Ex. if the standard you found included a different method to recognize revenue you would create a worksheet using that proposed change to revenue recognition and then show how that change would affected the financial statements of the company you selected from EDGAR.
Part 3-Prepare a 2-3 page analysis discussing if you think this FASB proposal is a good idea now that you have seen the impact on the financial statements or if you think there is a potential for misleading financial statements as a result of this proposal.