Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume that you work for an accounting firm, Glotzer and Associates LLC. The firm takes pride in being regarded by the profession as the firm

Assume that you work for an accounting firm, Glotzer and Associates LLC.  The firm takes pride in being regarded by the profession as the firm that is out in front and shaping the future of accounting.  To that end, Glotzer and Associates LLC expects all employees, as part of their duties, to stay current with recently issued accounting standards to better help clients with their accounting and reporting needs.  One way the firm keeps current is by the firm's Chief Training Officer (CTO) getting summaries from employees about recently issued Accounting Standards Updates (ASU).  The CTO then creates education sessions to inform the entire staff about those recently issued standards.  You have been assigned to read a recently issued ASU and prepare a memorandum according to the following instructions.

 

You are to write a memo in your own words to the CTO describing why the FASB deemed it necessary to change accounting standards, the main provisions of the new ASU, how it differs from current GAAP, where changes are made to the Codification (which Topics, not every paragraph within the Topics), and when it will be effective as well as the transition guidance. If the ASU indicates that there are dissents by FASB members, your summary should discuss the dissents to include a brief description of the reasoning behind the dissenting opinions.

 

The memorandum should:

 (i) Identify the reason(s) for issuing the ASU

 (ii) Briefly describe the provisions including what entities are covered, specific disclosure requirements (if any), effective dates, and transition guidance.

 (iii) Which Topics in the Codification are changed by the ASU (not every paragraph).

 (iv) How it differs from current GAAP.

 (v) A brief summary of any dissents including who dissented and why.  

Step by Step Solution

3.44 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

Memorandum To Chief Training Officer CTO From Your Name Date Date Subject Summary of Recently Issued Accounting Standards Update ASU Dear CTO I have r... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Information Systems

Authors: Ralph M. Stair, George W. Reynolds

9th edition

978-1337097536, 1337097535, 978-1337515634, 1337515639, 978-0324665284

More Books

Students also viewed these Accounting questions

Question

W hat do you know about judicial discretion in sentencing?

Answered: 1 week ago

Question

How valid are popular beliefs about children as eyewitnesses?

Answered: 1 week ago