Accounting Research paper FASB GAAP study research

Big/Little GAAP Study

Premise of the study

For a number of years there has been noise in the accounting community about the applicability of GAAP for small and closely held businesses. Many opine that the FASB promulgates GAAP with the large, publicly traded business in mind and that this form of GAAP often does not apply to small and closely held businesses as it just does not make sense.

In the last few years the Private Company council (PC) has been formed to address the need for a modification or other form of GAAP for small businesses.

This assignment

The purpose of this assignment is to find articles, or other literature, that address the tension between Big and Little GAAP and the formation, purpose, and accomplishments of the PCC.

Method

Scour the literature for these articles. Submit a coy of the article with a summary of the article that should not exceed a page. In the summary discuss:

What issue is the article trying to address
What method are they using to address the issue e.g. research, theoretical model, op/ed
What are the conclusions of the article
Sources of information

There are numerous sources of information. Below are some examples. This is not a definitive or exhaustive list.

Research literature/journals including but not limited to:
The Journal of Accounting Research
Contemporary Issues in Accounting
Journal of Accounting Auditing & Finance
Accounting Research Network (ARN) – and on-line resource
Professional Literature, including but not limited to
CPA Journal
Journal of Accountancy
Accounting Today
Submission Guidelines

Submissions should be via BB. An assignment space will be set up
Please submit a copy of the article and your summary
Your summary should start with your name at the top, then a citation in APA format, and then your summary