Overview The Financial Accounting Standards Board (Fasb) And Accounting Standards Update (Asu) Sites Provide Important

Overview

The Financial Accounting Standards Board (FASB) and Accounting Standards Update (ASU) sites provide important information for the accounting field. In this activity you will practice locating information in the Financial Accounting Standards Board (FASB) and Accounting Standards Update (ASU) sites. This activity will also ask that you cite your sources (which have been provided) in order to help prepare you for the Week 8 assignment in which you will develop a research paper and cite references using Strayer Writing Standards (SWS).

Instructions

For this activity you will write a 1-2 page paper in which you discuss both the Accounting Standards Update and a Concepts Statement found on the Financial Accounting Standards Board (FASB) website. Follow the steps below to complete the activity:

Accounting Standards Update

• Access the Financial Accounting Standards Board (FASB)Links to an external site. website and click on Standards in the banner toward the top of the webpage.
• Select one of the Accounting Standards Update (ASU) that was issued within the last 12 months.
• Read the information presented in the Accounting Standards Update.

1. Discuss the information presented in the standard and how accessing this information supports accountants working in the profession. Be sure to provide specific examples.

Concepts Statement

• Click on Standards in the banner again and select Concepts Statement.
• Download Concepts Statement Number 8 as amended 9/10.
• Read the Concepts Statement Number 8 document.

1. Discuss how the ASU reflects the purpose of financial accounting as presented in Concepts Statement Number 8.
2. Specific and direct connections are made between Concepts Statement Number 8 and the purpose of financial accounting.

Use two sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the Strayer Library or review library guides.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all supports. Check with your professor for any additional instructions.