Review the Emerging Issues Task Force (EITF) on the FASB Website. Next, review the Description and Status of Current Issues section, along with the Exposure Drafts and Public Comment Documents.
Write a four to five (4-5) page paper in which you:
1. Analyze the primary way in which Emerging Issues Task Force (EITF) influences Generally Accepted Accounting Principles (GAAP). Based on your analysis, recommend one (1) improvement that the EITF could take in order to more effectively influence GAAP.
2. From the Description and Status of Current Issues section of the FASB Website, choose one (1) of the current issues, and analyze the EITF's conclusion(s). Based on your analysis, make at least two (2) recommendations that would enhance the EITF's conclusion(s). Provide a rationale to support your recommendation.
3. From the Exposure Drafts and Public Comment Documents section of the FASB Website, choose one (1) public comment on the most recent exposure draft issued by EITF. Analyze the chosen public comment, and give your opinion on whether or not you agree with the commenter. Support your position with at least two (2) examples.
4. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
The specific course learning outcomes associated with this assignment are:
- Examine the accounting framework and governing boards, both domestic and international.
- Analyze the financial principles and concepts related to consolidated financial statements, intercompany transactions, combined financial statements, financial instruments, derivatives, hedging and contingencies, and commitments.
- Analyze the financial principles and concepts related to earnings per share, disclosures and reporting, and foreign currency transactions.
- Use technology and information resources to research issues in financial accounting and reporting.
- Write clearly and concisely about financial accounting and reporting using proper writing mechanics.