ACCT 495 Assignment 5-1: Issue and Rule Research - BAM Year 2

To assess your ability to research accounting issues and rules related to a start-up company.

This assignment will form the basis for the preparation of corrected financial statements in the Year Two Group Paper. This present assignment is necessary to form the "I" (Issues) and "R" (Research) needed for preparation of the "A" (Analysis) and "C" (Conclusion) that combine to form the IRAC methodology.

Action Items

1. Reflect upon each of the issues identified in Week 1 Auditor’s Questions with your group.
2. Research all identified issues except start-up costs since this is covered in 3-1: Year One Group Paper with your group members.
3. Assign an issue or issues to each member of your group to research.
4. Develop a 1 – 2 page, double-spaced paper for each issue that does the following:
   1. States the identified accounting issue
   2. Identifies the accounting rule(s) that pertain to the issue
   3. Explains in your own words the accounting rule(s) and treatment of the issue
5. Each group member will submit their 1-2 page paper(s) to the group designated leader for this assignment. The group leader will combine the individual papers into one complete paper and confirm that the names of all members are on the combined paper.
6. The group leader will send the combined papers to each member of the group.

Notes:

1. Instructions to access the RIA Checkpoint and the FASB Accounting Standards Codification databases. Accounting research data can be accessed either through the:
   1. RIA Checkpoint database – Practice Area: Accounting, Audit and Corporate Finance located on the Franklin library website or through the
   2. American Accounting Association (AAA) FASB Codification student login. Login information for the AAA website can be obtained from your professor.
2. Review the six (6) steps utilized in applied accounting research.

• Each member of the group is to submit the combined paper using the Submit tool in the toolbox.
• Each group member will bring one copy of the combined paper to the meet session for an activity.