Accounting for art collection （ just 7slides ppt）

Class project

There will be one class project this semester. Accounting standards are constantly changing and even after you complete your degree, you will take continuing education courses toremain current on evolving standards. To get some practice obtaininginformation about emerging standards, you will research an accounting issue under consideration by the FASB.

Working as a team of 4-5 people, pick an accounting issue under consideration by the FASB (list of topics @ www.fasb.org under projects – technical agenda-all projects). Your project will consist of:

a. A written report of about 5pages. The report should include a reference list.

b. A short (10 minutes) presentation in class on the last two days of the semester.

The format of your report and presentation is flexible, but at a minimum, you should explain:

1. What is the accounting issue? Explain it using as simply as possible.

2. What is the potential impact(s) on the financial statements? What statements would be affected and what is the general effect on the reported financial condition (will most companies look better or worse)?

3. What are the arguments for and against the change? If they exist, comment letters are a good source of information.

4. What theory underlies the arguments? Present it in as summarized a form as possible for the presentation.

5. What is the current status of the proposal?

Your presentation should summarize the findings of your written report. You should use some kind of visual aid (e.g.Powerpoint) and provide handouts for your classmates.

Any references used should be cited in the report, and any direct quotes should be in quotation marks and attributed to the source.