Florida International University Accounting Standard Issues Discussion

Part 1

Find a proposed standard or accounting standard update from the current (2020) or prior (2019) year that is related to this course (asset-type transactions only) in the FASB Codification System. Prepare a 2-3 page summary of the FASB proposal or update highlighting what changed, why, and the potential impact on the financial statements and disclosures.

Part 2

Find a company’s financial statements, using the EDGAR database. Use Excel to create an applicable supporting schedule and financial statement(s) that would provide an example of the application of the proposed standard you selected for the company you selected. Ex. if the standard you found included a different method to calculate inventory you would create a worksheet using that proposed inventory method and then show how that change would affected the financial statements of the company you selected from EDGAR. Submit Excel schedule and corresponding financial statement(s).