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This is the paper assignement below is my paper can you help?

Where Do the Rules Come From? Who Impacts Accounting?

Throughout your studies, you have heard of the "big names" of the organizations that impact accounting. But what do they really do? How do you know what the hot topics are? How are they influenced? What do they have to do with the financial reports you have been studying all quarter? How could this impact how financial reports are produced? For example, consider how a change in the way leases are recognized may impact the liabilities on a balance sheet and expenses on an income statement (which would then impact owner's equity).

For this assignment,select twoof the organizations below.

• FASB
• PCAOB
• GASB
• SEC
• COSO
• IFRS
• AICPA
• IMA
• IIA
• FEI

Then, write a 2-3 page paper in which you:

• Briefly explain the mission or focus of thetwoorganizations you selected and citeat least twosources for your information. Note: Wikipedia and similar websites do not qualify as appropriate sources. It is recommended that you refer to the organizations' websites or excerpts from their established publications.
• Select a topic thatoneof the organizations is currently focused on, or one that they consider a pressing issue or "hot topic."
• Summarize what the organization you selected is doing to address the issue you identified.
• Explain how the issue you identified impacts how financial reports are produced.

This is my paper

Where Do the Rules Come From? Who Impacts Accounting?

The two organizations I have chosen to describe their mission statement are Financial Accounting Standards Board (FASB) and Financial Accounting Foundation (FAF).

Financial Accounting Standards Board (FASB)

The Financial Accounting Standards Board (FASB) was formed in 1973, it is a non-profit organization that is embodies a board of seven members. (FASB.org)The primary responsibility of the board members is to create the accounting standards that are used in the United States by both private and public companies also included in this is the not-for-profit organizations which all have adhere to the General Accepted Accounting Principles (GAAP). "The objective of the FASB is to develop and make improvements for financial accounting and reporting standards." (FASB.org)

A topic that was discussed by the FASB 2014 was revenue recognition and expense reporting in all industries.The new revenue recognition and expense reporting changes took effect in 2018.The new guidance was to come up with the new revenue structure that was to unify revenue recognition across the many industries.The model is made up of five steps process."The first step is determining the contract, the second part is identify the obligation associated with the contract, the third part is determine what the return will be, the fourth step determine the transaction price, the fifth step will be is determine when revenue recognition will be met."(FASB.org) The why I can put this process in to my current work is that we are doing the WIP on a monthly basis to determine the revue recognition what is being overbilled with is our deferred revenue and what is unbilled which will be part of our WIP.The financial statement that the revenue recognition plays a part of the income statement.The income statement tells of the companies net income or losses over a certain period-of-time.

Financial Accounting Foundation (FAF)

The Financial Accounting Foundation (FAF) was formed in 1972, the organization embodies trustees and a management team that have primary responsibilities to "oversee the administration financing and appointment for the Financial Accounting Standards Board (FASB)" The FAF has the duty of selecting who will sit on the board of the FASB and the GASB these organizations are made to "improve the financial accounting and reporting standards, known as General Accepted Accounting Principles (GAAP)" (FAF.org)