the FASB is the current accounting standard setters in the U.S. as they are empowered by the SEC. Visit the FASB website at www.fasb.org and answer the following questions.

What is the FASB mission?

Who are the current FASB Board members? Write a short paragraph briefly describing the general backgrounds of the board members.

According to the FASB website, what is the three part strategy the FASB has implemented to seek greater comparability with accounting standards internationally?

Look up the Accounting Standard Update No. 2016-18.

What is the topic and subtopic?

Under Background Information and Basis for Conclusions, BC5-7, read and summarize in your own words the Boards decision and reasoning.

Discuss in detail information that you discovered on this website that interested you or that you were not previously aware of?

The FASB Codification is updated when the FASB issues an Accounting Standards Update. On the FASB website under standards, you will note a link to the Accounting Standards Updates. When was the last Accountants Standard update issued and what was the number and topic? (Not a proposed update or a maintenance update)

Access the FASB Codification using the information above and answer the following questions. Identify which series each of the following accounting topics would be located.

Your answers must come from the following list:

Use the following list for your answers:

General Principles 100 series Revenues 600 series

Presentation 200 series Expenses 700 series

Assets 300 series Broad Trans. 800 series

Liabilities 400 series Industry 900 series

Equities 500 series

Accountings Topics Codification Location

Accounting Changes and Error Corrections ________________

Goodwill ________________

Deferred Revenue ________________

Cost of Sales and Services ________________

Foreign Currency Matters ________________

Statement of Cash Flows ________________

Property, Plant, & Equipment ________________

Earnings Per Share ________________

Access the FASB Codification using the information above and answer the following questions. Provide specific codification references for your responses. You may copy and paste from the FASB Codification, but you should only include relevant information for each question

1. Identify the section that addresses depreciation. The number must be formatted as: XXX-XX-XX (Hint: Property, Plant and Equipment)

2. How does the website define depreciation accounting?

3. According to the website, what is GAAPs policy regarding depreciating a long-lived asset while it is classified as held for sale?

4.Which topic (give the number and name) in the FASB ASC covers asset retirement obligations? The number must be formatted as: XXX-XX

5. How does the glossary define an asset retirement obligation?

6. Read about asset retirement obligations in your textbook and list four examples.

7. According to 410-20-25-Recognition, what must an entity do upon initial recognition of a liability for an asset retirement obligation?

8. According to 410-20-25-Recognition, under what three conditions does an entity have sufficient information to reasonably estimate the fair value of an asset retirement obligation?

9. According to 410-20-35-Subsequent Measurement, how is the cost of the retirement obligation treated over the life of the asset?