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Select a converged, revised, or new accounting standard from the Financial Accou
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Select a converged, revised, or new accounting standard from the Financial Accounting Board (FASB) or the International Accounting Standard Board (IASB) that has been issued within the last three years.Refer to the PwC Accounting and Reporting website (https://viewpoint.pwc.com/us/en.html). This provides a listing of the most recent accounting standards and financial reporting-related developments and updates.Do the following:Prepare an annotation of the accounting standard chosen. (An annotation is a summary of the main points of the converged, revised, or new accounting standard. It must be organized and formatted according to APA style.)Include the following points in your annotation:
Problem: What was the accounting theoretical or financial reporting issue addressed by the standard?
Results: What was the result or conclusion noted or what is expected to occur after companies implement the standard?
Application: How might practitioners or students apply this standard in resolving specific accounting or financial-reporting issues?