Project link: Accounting for and Disclosure of Software Costs The goal of this research is to study the FASB’s proposed changes regarding accounting for and disclosing software costs. The research will explore: The key elements of the proposed updates and their implications. The cause behind the revisions, particularly how they address stakeholde
Project title: Accounting for and Disclosure of Software Costs
Project link: Accounting for and Disclosure of Software Costs
The goal of this research is to study the FASB’s proposed changes regarding accounting for and disclosing software costs. The research will explore: The key elements of the proposed updates and their implications. The cause behind the revisions, particularly how they address stakeholder feedback. Comparing the current and proposed standards to assess the practical and financial reporting implications and Potential challenges or benefits.
Sources for Research I intend to use
Primary Resources: FASB’s exposure draft, related project updates, and meeting minutes are also available on the FASB website.
Public Commentary: there are responses submitted to the FASB during the exposure drafts.
Accounting Firms: Publications and reviews from firms, which usually provide detailed interpretations and implications of FASB updates.
Scholarly Articles: Academic papers and journals on software cost accounting and financial disclosures.
REQUIREMENTS
Familiarize yourself with the project, including information on the history and background of the project and its status.
Frequently the large Accounting Firms have extensive analyses of FASB topics. It is strongly recommended to become familiar with these websites. Occasionally they will also offer free webinars on FASB topics.
Using at least three different databases in the UMGC library, find at least five sources of information on this FASB project. At least two sources should be from scholarly or professional journals. Document your research progress in the research log. A research log template (sample research tracker) and sample research trackers are included in these project instructions. You should explore UMGC Library resources and our LEO Classroom Accounting Toolkit as well as the resources of major accounting firms and organizations. Submit milestone research tracker in the assignment folder week 4 documenting in-process research, and a final research tracker with the final report in week 6.
Prepare your report following these requirements:
In a four – to seven-page report, (single-spaced) with section headings, you should describe the project, its history (briefly), and the project’s status. The final section of your report should describe the implications of the project’s adoption. For example, a report might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures. The final report will include an annotated bibliography.
Using resources at www.fasb.org, identify the relevant GAAP and current standards involved.
Discuss the proposed change (i.e., what will be different?) and the reasons for the change.
Consider SEC 10-K comments in place on changes to accounting regulations. How will this affect reporting requirements? Provide examples.
As you conduct research, identify an actual case that may have provided the impetus for this proposed change, or that would have been influenced by the proposed change.
Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).
Prepare an annotated bibliography. UMGC provides training on this topic: https://libguides.umgc.edu/apa-annotated-bibliography
