Current Accounting Issues: Analysis, Regulations, and Theories

This report analyzes current issues in accounting, focusing on the extension of Private Company Accounting Alternatives by FASB to not-for-profit entities, particularly concerning goodwill and intangible assets. The report discusses the role of FASB, the application of accounting alternatives, and the impact of AAS 18. It also examines an exposure draft by the IASB regarding changes in accounting policies and addresses issues related to agreements, disagreements, and comments on the regulations. The analysis includes interpretations of comment letters through public interest, private interest, and capture theories. The report covers the implications of these issues and provides a comprehensive overview of the current accounting landscape.