Problem:
Chapter emphasizes the importance of staying current not only with recently issued ASU's, but FASB's projects on emerging changes to guidance. Accounting guidance has changed significantly even from 5 years ago. Think about the impact of the revenue recognition changes embodied in topic 606 and leasing guidance in topic 842. As a professional, you should be aware of emerging issues in order to give your clients or companies a heads up about changes coming their way. Another significant reporting change is looming. FASB began discussion of more detailed disaggregation of expenses at a board meeting in September 20, 2017. After many deliberations and much research, a proposed ASU was issued on 7/31/23, with comments due by 10/30/23. The purpose of this assignment is to make you aware of the resources available related to emerging guidance and to make you aware of the upcoming changes for the disaggregation of expenses reported