I'm doing this assignment and I was wondering if someone could look over what i have and let me no if

Yes, what i have is correct for the assignment

or

No, it is wrong

paper on a current accounting topic of interest to you in a professional accounting or business journal. Summarize your paper to cover the following sections:

1. Issue: Describe the issue/purpose of the paper.
2. Rule/Principles: What are the relevant accounting or tax sections of the authoritative literature or statute/regulation(s) that are pertinent from your article.
3. Analysis: Provide analysis of the items covered in your article. Provide analysis as to whether you believe the analysis is complete or begs questions in other accounting areas.
4. Conclusion/Summary: Provide the conclusion or summary from the article that is relevant to future readers.

Issue: There should be a disclosure note for all intents and purposes of prepaid expenses. In most cases, there should be notes for all of these expenses, and they must keep the notes up to date. The company must disclose all accounting policy changes, which are quite important. Accounting policy refers to the principles, rules, and procedures that a corporation follows while preparing financial statements. In addition, they must pay attention to whether they no longer buy insurance for the company. If the company does not regularly update the disclosure statement, it is a violation of accounting standards.

Rule/Principles: FASB 340-10-05-4 - Prepaid expenses are a type of assets that companies normally use up, or they expire throughout an entity's normal working cycle. The phrase comes from the fact that businesses pay them before they use or consume them. 05-5 - Items such as the following are examples of prepaid expenses: a. Insurance; FASB 210-10-45-1 - All of the following are examples of current assets: G. Prepaid expenses, such as insurance, interest, rent, taxes, operating supplies, unused royalties, and paid advertising services that they have not yet received. Additionally, Norwalk, CT, provided the most recent disclosure note update on August 28, 2018. Two revisions to the conceptual framework and two Accounting Standards Updates (ASUs) came about through the Financial Accounting Standards Board (FASB) to increase the relevance of disclosures in financial statement notes. The two revisions to the Conceptual Framework will assist the Board in identifying and evaluating accounting standard disclosure obligations, as well as clarifying the idea of materiality. Similarly, there is a new chapter on disclosure notes in the conceptual framework. The purpose of notes is to describe the type of the relevant material, and constraints in this chapter, which outlines what data should the Board consider including in financial statement notes. It also resolves the Board's concerns about the requirements for interim reporting disclosure.

Analysis: Prepaid expenses are expenses that people pay in advance and hence recognized first as an asset. Common prepaid expenses include rent, insurance, interest, and the cost of obtaining a lease or loan. The most common types are rent and insurance. Prepaid rent is rent paid in advance of the rental period. Prepaid insurance is insurance paid in advance and that has not yet expired on the date of the balance sheet. They include accounting disclosure notes in the footnotes of a company's financial statements. These notes provide information about a company's finances that they do not see elsewhere in the financial statements. These disclosure notes reveal facts and events that they deem noteworthy or relevant, either as a legal necessity or in good faith. Also, when there is a change in accounting policies, companies need to disclose the following: List the name of the standard and the interpretation that results in the policy change. The type of accounting policy will reveal what changes have occurred. Adjustments to the numbers for the current and preceding periods. Calculate the effect of changing each financial component on the total. The reason for a new policy, which, if they willingly adjust, can give more trustworthy and relevant financial information. The impact of the new policy on financial statements for a future period. There must be explanations if a corporation is unable to adopt a new policy retroactively. There are their strategies for dealing with prior changes and assumptions.

Conclusion/Summary: Companies must prepare disclosure notes when their accounting practices change. For all intents and purposes, prepaid spending should include a disclosure. It is a breach of accounting rules if the corporation does not update the disclosure statement on a regular basis. All of these costs should, in most situations, be documented, and the notes must be kept up to date. The goal of notes is to describe the sort of relevant information and limits, as well as to specify what data the Board should consider putting in financial statement notes. These notes give investors information about a company's finances that they wouldn't find in the financial statements.