1. What are some of the reasons that a financial statement preparer would need to stay current with emerging and recently issued guidance?
2. At what level should you, as a professional, begin to monitor emerging guidance? Why?
3. List three reasons why accounting standards might require change over time. 5.
4. Briefly, describe a typical standard-setting “due process.”
5. Name four organizations who regularly engage in standard-setting, and who apply some variation of the due process described in this chapter
6. Name two sources that provide comprehensive weekly updates on standard setters.
. Describe what steps you currently take to stay current. Include, for example, newspapers you regularly consult, as well as accounting resources.FASB/EITF
7. Look at the FASB’s current technical agenda. a. Are any final standards set to be issued this quarter? b. Are any exposure drafts (“proposed ASUs”) currently out for comment, or expected this quarter?
8. Select one of the FASB’s current projects and describe some of the considerations that led the Board to address this issue
9. Selecting and Subscribing to a Resource This chapter covered numerous resources that offer email subscriptions. Research a few options, then select one subscription for yourself. Actually, subscribe to it. In an email to your professor, approximately two paragraphs, explain the resources you considered and why you selected this particular subscription.
10.You are delivering a presentation, and the subject matter concerns whether a company should report revenues on a gross or net basis. Thinking beyond the case facts, list four other considerations you should be prepared to address (such as during Q&A) or background understanding you should gain before presenting.
11. You are delivering a presentation, and the subject matter concerns whether a company should report convertible debt simply as a liability, or whether embedded features (like the conversion option) in the debt should be separately accounted for as derivatives. Thinking beyond the case facts, list four other considerations you should be prepared to address (such as during Q&A) or background understanding you should gain before presenting