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Chapter 1, Problems 1.5: Researching the FASB Website Go to the website of the Financial Accounting Standards Board (www.fasb.org). Identify the most recently issued financial

Chapter 1, Problems 1.5: Researching the FASB Website

Go to the website of the Financial Accounting Standards Board (www.fasb.org). Identify the most recently issued financial reporting standard and summarize briefly (in one paragraph) its principal provisions. Also search under Project Activities to identify the reporting issue with the most recent update. Describe the issue briefly and the nature of the action taken by the FASB.

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