(doc) Current Developments In Accounting Thought
Added on 2021-06-16
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Finance
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Running head: CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTCurrent Development in Accounting ThoughtName of the Student: Name of the University: Author’s Note:
1CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTTable of ContentsAnswer to Question No 2................................................................................................................2Executive Summary.....................................................................................................................2Comment Letters.........................................................................................................................3Introduction..................................................................................................................................3Assessment of exposure draft being helpful in developing the interests of the public................3Comments provided by the letter of the companies....................................................................5Proposal significance...................................................................................................................7Conclusion...................................................................................................................................7Reference List..................................................................................................................................8Appendix........................................................................................................................................10
2CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTAnswer to Question No 2 Executive Summary The concerned assignment is related to gaining knowledge about the proposals that areprovided by the “Financial Accounting Standards Board (FASB)” with regards to the changes inthe accounting standards. The FASB allows the proposals open for comments so that differentcompanies can provide their views and accordingly changes can be made in the draft. The draftthat has been propose by FASB is with regards to the “updates in the income statement and thedisclosure of the comprehensive income”. After the proposal of the draft, the draft has been keptfor comments so that views and ideas of different companies can be gathered and accordingly therejection and the acceptance of the proposal can be attained and in certain circumstancesamendments in the draft is possible with the help of which a better draft proposal is possible. Theassignment in order to have certain knowledge comments that have been provided a total of fourorganizations who have given their comments have been selected and all the four organizationsare from four different sectors in order to have a comparative view of what all the sectors have aview on the proposal. The acceptance and the rejection of the proposal by the companies wouldbe helpful in determining the fact that whether the proposal can be put into use or would berejected.
3CURRENT DEVELOPMENT IN ACCOUNTING THOUGHTComment Letters The construction of the draft proposal has led to the draft being open for comments. Theletters that have been forwarded by the selected four companies have been listed in the Appendixsection below. The proposal has been constructed based on the available accounting standardswith respect to the income statement and comprehensive income with the help of which a basefor the updates with respect to the disclosure of the comprehensive income and upgradation onthe income statement would be understood in a better way. Introduction The regulations and the related standards of accounting have been the base on which thecurrent exposure draft has been generated. The draft is based on creating an understanding on thedevelopments that can be made in the income statement and thereafter a better reporting of thecomprehensive income is possible. The improvements in the accounting standards are possiblewith the help of which regulations on the financial transactions are possible and monitoring andconstruction of the income statement is possible in an effective manner (Anderson et al., 2016).These updates are helpful in discovering the errors that are present and accordingly undertakesteps so that these errors can be minimised. Assessment of exposure draft being helpful in developing the interests of the publicThis assignment looks to create an understanding of the views and the comments thathave been given out the four companies that have been chosen and these letters are seen in theFASB website and therefore assistance from the website has been taken in order to take care ofthese issues (Conner, 2016). This assignment therefore undertakes a decisive evaluation of all thecomments provided by the four organizations and thereafter understands their views with thehelp of which conclusive results can be obtained so that the new accounting standards would be
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