Assignment: LASA: Standards Appraisal
In this assignment, you will research current financial accounting standards, both U.S. and international, on goodwill impairment. You will write a report that analyzes the final decisions reached by each standard setter and contrast those decisions with comment letters or peer-reviewed articles.
Description of LASA:
For this assignment, you must formulate, analyze, and appraise the following:
1. Current financial accounting standards from the Financial Accounting Standards Board or FASB Codification (US Standards)
2. International Accounting Standards Board (International Standards)
3. Securities and Exchange Commission
4. Current peer-reviewed research articles
5. Any associated comment letters written in the last five years and submitted to either the IASB or FASB on the topic of goodwill impairment after an acquisition
Instructions:
1. By now you would have completed your reading and research on the following peer-reviewed articles:
a. Khurana, I. K., &Michas, P. N. (2011). Mandatory IFRS adoption and the U.S. home bias. Accounting Horizons, 25(4), 729-753. http://www.thecampuscommon.com/library/ezproxy/ticketdemocs.asp?
sch=auo&turl=http://search.proquest.com/docview/913380702
b. Kirsch, R. J. (2012). The evolution of the relationship between the US financial accounting standards board and the international accounting standard setters: 1973-2008. The Accounting Historians Journal, 39(1), 1-51. http://www.thecampuscommon.com/library/ezproxy/ticketdemocs.asp?
sch=auo&turl=http://search.proquest.com/docview/1282583590
c. Kushniroff, M. C. (2012). An analysis of the obstacles of culture, government, and lack of support for international financial accounting standards. Academy of Accounting and Financial Studies Journal, 16, 35-53. http://www.thecampuscommon.com/library/ezproxy/ticketdemocs.asp?
sch=auo&turl=http://search.proquest.com/docview/1081980067
d. Swanson, Z. L., Singer, R., & Downs, A. (2013). Goodwill impairment: A comparative country analysis. Academy of Accounting and Financial Studies Journal, 17(1), 25-46. http://www.thecampuscommon.com/library/ezproxy/ticketdemocs.asp?
sch=auo&turl=http://search.proquest.com/docview/1368593667
2. Using the University online library resources and the Internet, search for at least four (4) other relevant peer-reviewed articles for use in this assignment.
3. For each of the FASB, IASB, and SEC accounting references (subtopic, FARS, FAS, etc.), review that associated standard or other reference material from the host website.
4. Review 4-6 prior comment letters since 2009 on any of the accounting reference items found in the journal articles. For example, goodwill is generally covered in the FASB Codification under Section 350. Find comment letters and associated project materials on goodwill at www.fasb.org. Then review the IASB for similar documents.
5. Analyze the final decisions reached by each standard setter on the topic of goodwill impairment and contrast those decisions with comment letters or peer-reviewed articles.
6. Organize all your research into topics as presented in the FASB/IASB project documents.
Next, prepare a research paper that includes the following:
1. Describe the history of goodwill impairment.
2. Explain the US Accounting Standard on goodwill impairment as provided in the Codification.
3. Explain the International Accounting Standard on goodwill impairment.
4. Describe any position taken by the SEC in regards to goodwill impairment.
5. Compare the differences between US and international financial accounting standards on the application of goodwill impairment.
6. Analyze peer-reviewed research using the assigned and additional articles.
7. Summarize your findings.
8. Draft an appendix that includes a comment letter, authored by you and written to either the IASB or FASB, which could be submitted to that standard setter as part of their Due Process Open Project on goodwill impairment.
Your final deliverable will be a Microsoft Word document, approximately 10 pages in length (not including cover page, table of contents, or reference page), and utilize at least four (4) scholarly sources in your research different from your course readings. Your paper should be written in a clear, concise, and organized manner; demonstrate ethical scholarship in accurate representation and attribution of sources; and display accurate spelling, grammar, and punctuation.