The purpose of the case is to research and evaluate the accounting issues discussed in the audit memo and provide your opinion regarding the significance and accuracy of the issues presented and potential alternatives.
There are a number of FASB pronouncements that may be involved, e.g., FASB Statement #48, #57, #95 and #159 to mention several. For the purposes of this case assignment, it is not necessary to identify every possible FASB that may be involved – it is more important to select, in your opinion, the most significant and applicable ones and address the issues accordingly.
I will e-mail a example paper and thea actual case. It will be the “its close enough Inc” case that needs to be used for the paper.