Go to the American Accounting Association (AAA) login page at http://aaahq.org/a

Question

Go to the American Accounting Association (AAA) login page at http://aaahq.org/ascLogin.cfm

Username: AAA52396

Password: ZbS3H3x

You will need to accept their terms to use this site.

Go to “Recently Issued” on the top bar. Then select “one year” for the time frame. Click on the “+” to expand the list of standards updated in the last year. Then expand the list for exposure drafts.

What date did you access the FASB? ______________

For 2018, how many new accounting standard updates have been issued?   ___________

For 2018, how many exposure documents (proposed new standards) have been issued?   __________

Select one of the 2018 accounting standards updates or exposure document (proposed standards) to review and answer the following:

What standard or exposure draft did you select and why did this topic interest you?

Provide a brief discussion of what financial reporting problem this accounting standard update or exposure draft addresses in about 3 to 5 sentences.

In your opinion, does this update address a problem that is broadly applicable to companies or narrow and only applicable to a few companies?

Explanation / Answer

What date did you access the FASB? JULY 20, 2018

For 2018, how many new accounting standard updates have been issued? 10

For 2018, how many exposure documents (proposed new standards) have been issued?  5

Select one of the 2018 accounting standards updates or exposure document (proposed standards) to review and answer the following:

What standard or exposure draft did you select and why did this topic interest you?

I chose Accounting Standards Update 2018-230 because it deals with the latest issues of how to account for the cloud computing expenditure which apparenently has never been dealth by accounting standards and clears the ambiguity revolving around it.

Provide a brief discussion of what financial reporting problem this accounting standard update or exposure draft addresses in about 3 to 5 sentences

It deals with Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract; Disclosures for Implementation Costs Incurred for Internal-Use Software and Cloud Computing Arrangements

In your opinion, does this update address a problem that is broadly applicable to companies or narrow and only applicable to a few companies?

I believe this will help in resolving issues prevailing among various small and medium enterrpises who are newly implementing the cloud computing systems as well as big companies like Apple and Amazon.

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