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Visit GASBs website and locate Documents for Public Comment and select a recent Exposure Draft...

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Accounting

Visit GASBs website and locate Documents for Public Comment and select a recent Exposure Draft (ED). Prepare an evaluation report on the new ED, including your opinion regarding how it could improve the quality of financial reporting. Be sure your report addresses the following:

  1. Include the EDs title, issue date, effective date, and the comments due date.
  2. Describe the ED requirements.
  3. Does the ED amend an existing accounting standard? If yes, provide a summary of this accounting standard and how the ED will change it.
  4. Does the ED require additional notes to the financial statements? If yes, describe these notes.
  5. Does the ED require supplementary information? If yes, describe these requirements.
  6. How will the ED improve financial reporting?
  7. Explain why GASB included this project on its agenda.
  8. Offer a brief explanation of GASBs basis for the conclusion.
  9. Include your opinion on the proposed accounting standard, including your suggestions for improvement.

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