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QUESTION

 

All posts, both initial (about 700 word or more) must be substantial and must be supported by 3 peer-reviewed ()/authoritative sources, not including the textbook, cited properly in APA format.

 

List and post a summary of 3 – 4 objectives related to your topic (Topic1). What does the topic hope to solve, revise, replace, and so on based on the research objectives.

How would you look things up in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) system to assist you in addressing your selected current accounting issue? For example, if you were asked to “…research and develop potential solutions to a current accounting issues” (wording from the course objectives in the course syllabus) at work by your supervisor, wanted to comment on an exposure draft or other reasons discuss how you would use the FASB ASC system? What other sources might you use?

Peer-reviewed secondary publications are a great way to explore other peoples’ interpretations, summaries and opinions about primary publications. Primary publications are to be used for your research report. You are to interpret, summarize plus provide your analysis, conclusions and recommendations yourself. The primary publications are those issued by organizations such as the FASB, IASB, GASB, IRS, SEC plus research reports by various organizations such as the Big 4 CPA firms, ACFE, AICPA, and Associations related to your specific topic.

Peer-reviewed secondary publications are publications that summarize and/or interpret and/or comment on the peer-reviewed primary publications.

SOLUTION

Confused about where to start this assignment? Follow this guide to complete your assignment with ease!

Guide to Writing and Structuring Your Paper:
Not sure where to start with your paper? Follow these step-by-step instructions to make the process easier and more manageable.

1. Start by Getting Familiar with the Topic and Assignment Requirements
Read the Instructions Carefully: Make sure you understand what the assignment demands. For example, you need to give 3-4 goals with regard to your topic and discuss how the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) system can help you solve your selected accounting issue.

Research Focus: The purpose of the topic is to identify a modern-day accounting issue and research potential solutions, thus your essay should focus on that issue and solution.

2. Define Your Research Objectives
In the Introduction, briefly state the problem or issue you are investigating. It could be, for example, “current accounting issues with financial reporting,” or a more focused one, for example, “how to account for a type of financial transaction or disclosure.“

Set Out Your Research Aims: List 3-4 aims of your research. For example:

Specify current issues in financial accounting.

Consider potential solutions to such issues.

Evaluate how FASB, IASB, or other relevant standards may influence the issue.

Provide recommendations to accounting professionals or companies based on your findings.

Sample Objective Summary: The aim is to analyze a chronic issue in financial accounting, consolidate relevant literature, and evaluate potential solutions with authoritative references.

3. Research Based on Authoritative References
Primary Sources: They are publications of bodies like:

The FASB

IASB

GASB

IRS

SEC

Research studies by firms like the Big 4 CPA firms, AICPA, etc.

Secondary Sources: Find peer-reviewed articles that interpret and synthesize primary articles. These secondary sources will give you expert opinion and analysis that you can use to better understand the primary research.

Tip: Make sure all your sources are peer-reviewed and authoritative so that you can ensure academic rigor.

4. Applying the FASB ASC System
FASB ASC System: To locate a solution to an accounting issue, you’ll need to use the FASB Accounting Standards Codification (ASC) system. The system is a comprehensive database of all of the accounting standards formatted and made available.

How to Use the FASB ASC System:

Go to the FASB website and look for the accounting issue.

Use the search function to find specific guidance related to the problem you are solving. For example, if you are working with revenue recognition, search in the “Revenue Recognition“ topic of the ASC system.

Review any exposure drafts or proposed standard changes that apply.

Other Resources: In addition to FASB, you may also use the IASB (International Accounting Standards Board) and GASB (Governmental Accounting Standards Board) for global perspectives, or SEC guidelines if you are reporting for public entities.

5. Organize Your Paper: A Step-by-Step Guide
Introduction: Start by introducing your topic and summarizing your research objectives.

Literature Review: Summarize relevant research and findings from peer-reviewed sources. Provide a critique of existing research to establish a foundation for your own work.

Discussion/Analysis: Analyze your findings, referring back to your research objectives. Discuss how the FASB ASC system or other authoritative sources can help solve the accounting issue you’ve selected.

Conclusion: Summarize your results, and include your own analysis and suggestions. This is where you synthesize your research and present the most useful findings.

References: Cite all sources used in your paper in APA format. Include at least 3-4 peer-reviewed sources, and make sure you properly cite all primary and secondary publications.

6. Cite Sources Appropriately (APA Format)
In-Text Citations: When you are citing a source in your essay, make sure that you are using proper in-text citations. For example:

As Smith (2020) has noted, FASB plays an important role in resolving accounting issues.

References Page: At the end of your essay, include a references page in APA style. Make sure that all the sources are listed alphabetically.

Example:

Smith, J. (2020). Understanding the FASB ASC system. Journal of Accounting, 45(3), 123-130.

7. Final Checks
Review and Edit: After writing your paper, review it for clarity and accuracy. Check for spelling, grammar, and APA formatting errors.

Proofreading: Ask a classmate or tutor to read through your paper to ensure everything is well-organized and makes sense.

Plagiarism Check: Use a plagiarism checker to ensure your work is original and properly cited.

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