The FASB exposure draft on accounting for business combinations and intangible assets: an instructional assignment |
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Authors: | Michael P. Schoderbek Michael D. Slaubaugh |
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Affiliation: | a Department of Accounting and Information Systems, School of Business, Janice Levin Building, Rutgers University, New Brunswick, Piscataway, NJ 08854, USA;b Indiana University, Purdue University, Fort Wayne, IN 46805, USA |
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Abstract: | Accounting standards are constantly evolving to meet the needs of a rapidly changing business environment and changes in accounting theory. Accounting students need to be familiar with the content of Exposure Drafts, since these documents reflect the Financial Accounting Standards Board's (FASB) position on current financial reporting issues. Students are generally not well versed on the standard setting process and how contextual factors affect this process. The purpose of this instructional assignment is to enhance students' understanding of how contextual factors affect the standard setting process within the context of the Exposure Draft on “Business Combinations and Intangible Assets.” The assignment requires that students examine the Exposure Draft and answer questions designed to elicit responses as to why the FASB is considering a new standard and the impact the standard would have on current accounting procedures and financial statements. |
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Keywords: | Business combinations Pooling of interests Intangible assets Goodwill Exposure draft |
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