Go to the American Accounting Association AAA login page at

Go to the American Accounting Association (AAA) login page at http://aaahq.org/ascLogin.cfm

Username: AAA52396

Password: ZbS3H3x

You will need to accept their terms to use this site.

Go to “Recently Issued” on the top bar. Then select “one year” for the time frame. Click on the “+” to expand the list of standards updated in the last year. Then expand the list for exposure drafts.

What date did you access the FASB? ______________

For 2018, how many new accounting standard updates have been issued?   ___________

For 2018, how many exposure documents (proposed new standards) have been issued?   __________

Select one of the 2018 accounting standards updates or exposure document (proposed standards) to review and answer the following:

What standard or exposure draft did you select and why did this topic interest you?

Provide a brief discussion of what financial reporting problem this accounting standard update or exposure draft addresses in about 3 to 5 sentences.

In your opinion, does this update address a problem that is broadly applicable to companies or narrow and only applicable to a few companies?

Solution

1. Date of access : 18-07-2018

2. For 2018, Nine new accounting standard updates have been issued.

3. For 2018, Five exposure documents have been issued.

4. I selected accounting standard update no. 2018-09 - Codification Improvements because I feel that codification might have undertaken some changes which enables users to comprehend appropriately.

5. This update represents the following:

a. Minor improvements to codification

b. Correct unitended appliaction of guidance

c. Clarifies the codification.

These ammendments make the understanding of codification very much easier by eliminating inconsistencies.

This also improves presentation of guidance in the codification.

6. In my opinion this update address problem that is applicable to all companies as every should follow the accounting standards codification and they should be aware of any changes to codification.