Go to the SEC Website (www.sec.gov) and:

1. 1. Access Press Releases. Select and summarize a recent press release.
2. The SEC does not always agree with, and other times adds clarity to, the FASB's standards. Go to the Staff Accounting Bulletins. In those bulletins, how does the SEC clarify the definition of "other than temporary" decline in value as used in SFAS No. 115? Is this clarification helpful? Why, or why not? Does this add clarity to the definition proposed by the FASB? Note: Staff Accounting Bulletins can be found under Regulation, and then Staff Interpretations.

Website Source: Source: US Securities and Exchange Commission: Retrieved fromhttp://www.sec.gov/

1. 2. Access the Kaplan Library and read, "FAS 168 Changing How CPAs View, Research, Evaluate GAAP" by Michael J. McPartlan, which appeared in theCalifornia CPA, September 2009, Vol. 78, Issue 3, pages 16-17. In that article, the author states that the FASB Codification should save accountants time and energy researching accounting topics. Do you agree with that statement? Why, or why not? From your exposure to date on the FASB Codification, do you find it easy to navigate and apply? Why, or why not? Do you think it would be useful in your day-to-day professional career? Why or why not?

Journal Article: McPartlan, M. (2009). FAS 168 Changing How CPAs View, Research, Evaluate GAAP. California CPA, 78(3), 16-17