Discussion Questions
(1) Discuss how you would respond or comment to the Exposure Draft that you researched.
(2) Discuss whether or not you believe that Exposure Drafts add value to the accounting pronouncement development process.
(3) Determine the contents of an accounting course that will prepare students for challenges they will face in the constant changing and technological environment. Identify at least three chapters of materials you would include, state what these chapters contain, and state your rationale for the content.
(4) Discuss the FASB accomplishments in the first stage of the joint FASB / IASB Conceptual Framework project by the issuance of Concept Statement 8: Framework for Financial Reporting. Then predict the likely response of companies when required to adopt the new process.
(5) The IASB and FASB recently completed the first stage in the new conceptual framework with the publication of Statement of Financial Accounting Concepts No. 8. The author refers to the new conceptual framework as a bridge to nowhere. Take a position for or against the author's point of view and justify your position.
(6) Discuss whether the needs of non-primary users such as creditors should be considered when determining policies for the preparation and presentation of the primary financial statements (e.g., balance sheet, income statement, statement of cash flows.) Provide a rationale with your response.
(7) The Sarbanes-Oxley Act of 2002 includes a provision requiring public companies to generate an internal control report stating the person responsible for and the overall effectiveness of the company's internal control. Explain how this requirement might impact the development and marketing of accounting information system software.
(8) Evaluate the effectiveness of Sarbanes-Oxley on improving internal controls within an organization.
(9) Identify and discuss controls under each area that can be used to reduce errors in the closing process that will improve accuracy.
(10) Determine whether it is possible for a company to have an error-free closeout. Provide a rationale with your response.