The research assignments must be completed by using the FASB Codification.

FASB RESEARCH PROJECT FASB RESEARCH PROJECT The research assignments must be completed by using the FASB Codification. For the access to the FASB Codification database, please log in at http://www2.aaahq.org/ascLogin.cfm using the following: User ID: AAA52079 Password: jA76FVr 1. SELECT FROM ONE OF THE FOLLOWING TOPICS TO DO RESEARCH ON a. Investments b. IFRS standard 28 \"Investment in associates\" c. IRFS standard process, interpretation process 2. ACCESS THE FASB CODIFICATION AND FIND THE GUIDANCE/ STANDARDS a. List the steps you went through to reach the standards b. Restate the standards and guidance to include any note disclosure requirements 3. Provide your answers using complete statements and proper grammar; 4. Provide proper references from FASB Codification in proper form such as ASC 350-20-35-3 or ASC450-20-25-2. 5. IAS 10, para. 6 Note: The references must be specific to the paragraphs; 6. ANSWER THE FOLLOWING QUESTIONS a. What are the purpose/ objective of the standard? b. Does in the standard provide useful information in your opinion? FASB RESEARCH PROJECT c. Did the standard achieve its objective in your opinion? Why or Why not. d. What problems do you see companies might have in implementing this standard if any? e. How might the standards be more effective? GENERAL QUESTIONS 1. The FASB operates in a political environment and sometimes the individual standard setters have their own opinion about how the standards should be implemented. a. Do you think this is a problem or can it have a positive influence on the outcome? Why or why not? b. Using you answer to A above; should the FASB continue to have a comment period where companies and other stakeholders can tell them what they think of the standard? c. Should the FASB members take those comments into consideration or just use their own judgements? Why or Why not. IFRS PROCESS Comment on the IFRS standard setting and interpretation process. . Is the process easy or hard to understand. .Are there recommendations that you would make to improve the process. Link to IFRS site: http://www.ifrs.org/How-we-developInterpretations/Pages/The-IASB-and-an-Interpretation.aspx