Open EITF Issues
For this assignment, go to the Description and Status of Current Issues page of the Financial Accounting Standards Boards (FASB) Emerging Issues Task Force (EITF) Website, located at http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1218220137528. Select a current issue that interests you, and identify it for the assignment.
Open EITF Issues
19-B: Revenue RecognitionContract Modifications of Licenses of Intellectual Property
19-C: Warrant Modifications: Issuers Accounting for Modifications of Equity Classified Freestanding Call Options That Are Not within the Scope of Topic 718 or Topic 815
Write a six to eight (6-8) page paper in which you:
1. Research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB). Analyze the EITFs effectiveness with finding resolutions to emerging accounting issues, and make at least two (2) recommendations as to how they could improve their effectiveness. Justify your recommendations.
2. Research the issue you selected from the EITFs Description and Status of Current Issues page, and analyze at least two (2) key areas being addressed by the EITF.
3. Analyze the primary manner in which a companys accounting and financial reporting is likely to be impacted by the work being done by the EITF on the chosen issue, and make at least two (2) recommendations as to the manner in which the EITF could improve a companys accounting and financial reporting.
4. Create an argument either in favor or against the EITF recommendation(s) on the issue that you have selected. Provide support for your argument.
5. Analyze the different accounting treatments between GAAP and IFRS for the issue that you have selected, and make at least two (2) recommendations that would have a positive impact on the differences between treatments.
6. Predict the roles that the EITF and FASB would play, should the accounting profession adopt one (1) global set of accounting standards.
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