LG. Please see attached
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I. Project 2: Revenue Recognition at TSA, Inc. – A Roller Coaster Ride
In this project, you will research the FASB Codification to make decisions relevant to recognizing revenue according to ASC 606 and ASU 2014-09. The project includes a group component to reflect the collaborative nature of accountants who must work together to determine the timing and proper implementation of new and updated accounting standards.
You did such a great job on Project I that your company’s controller (the professor) now feels confident you can conduct professional accounting research using the FASB Accounting Standards Codification. Specifically, the controller is interested in the revenue recognition accounting at TSA, Inc. The company’s primary focus is on software development and marketing. The controller encourages you to use your critical thinking skills to make effective decisions regarding the recording and reporting of revenue.
Your boss (instructor) will be setting up an online discussion group and assigning you and a few of your colleagues(students) to a group. In your online discussion group, you may discuss the case issues and collaboratively decide how to account for the revenue recognition issues presented in the case. Each person will be required to write and submit his/her own report, but you may share your research and brainstorm the case issues within the discussion group.
Eager to prove you’re a born researcher with the writing skills of Charles Dickens, you begin planning the process you’ll use to impress the controller. You plan to submit a draft of your report to the editing department (graduate writing tutors) before delivering your final work to the Controller.
III. Steps to Completion: Step 1 – Read the case study and review the requirements for Revenue Recognition at TSA, Inc., which is posted in: Content/Course Resources/Projects & Rubrics/Project 2 Case Review.
· Case Citation:
· Chandra, U., Dutta, S., & Marcinko, D. (2018) Revenue Recognition at TSA, Inc. – A Roller Coaster Ride. Issues in Accounting Education: August 2018, Vol. 33, No. 3, pp. 101-116.
Step 2 – Conduct accounting research using the FASB Codification
· Introduce yourself to your colleagues in the Online Study Group Discussion and begin to discuss how you plan to work collaboratively to research the case issues and make decisions, which you will use to write your individual paper. The case is complex and requires students of diverse backgrounds to contribute to making the correct determination.
· Login credentials to the FASB Accounting Standards Codification (ASC) and the link are provided in Course Resources section in the classroom in the FASB’s ASC, GARS and COSO module .
· Research the FASB ASC 606 and ASU 2014-09 for guidance on revenue recognition issues.
· Brainstorm with your colleagues in the Online Study Group Discussions to enhance your final deliverable.
· To deepen your understanding of the FASB ASC topics related to case issues, read the appropriate sections in Wiley GAAP 2018: Interpretation & Application of GAAP.
· Research the UMUC library to find current articles in academic journals related to the case issues.
Step 3 – Complete case requirements
· Complete Case Requirement numbers 1 and 2, which begin on page 6.
Milestone 1: Optional opportunity to receive feedback on Case Requirements 1 and 2, in advance of submitting your final file for a grade.
· Report for your boss
· Use APA style formatting
· Approximate length of the report using APA style is 6 – 8 pages
· Correct spelling is mandatory
· Grammar must be clear, correct, and concise
V. Hints and Tips:
· As your professor, please note that I have very little interest in reading what others in the field have written. It is fine to quote sources to illustrate or support your own thoughts, however, every graded assessment in graduate accounting courses will be based on the content you have thought about and you have written in your own words. To properly guide you, I need to read your thoughts and interpretations and observe you making presentations which demonstrate your comprehension of the learning goals and ability to perform the competencies.
· Read the grading rubric before beginning the project to fully understand the requirements; ask questions about the requirements if needed.
· Review and refresh your memory of APA style formatting 3-4 weeks before the assignment is due. The resources may be helpful:
· Writing a research paper: https://owl.english.purdue.edu/owl/resource/658/01/
· Developing your graduate level writing skills: https://owl.english.purdue.edu/owl/section/1/2/
· What Constitutes Graduate Level Writing; source unknown. In LEO, Content, Course Resources, Project 2.
· Demonstrate through your writing that you have gained a/an:
· deeper understanding of the FASB ASC guidelines for the development of internal-use software to be marketed and sold to external users,
· applied judgment and decision-making skills to the complex scenario described in the case study and have enhanced your professional research skills using the UMUC library, FASB ASC, and other academic resources.
· Prepare a draft version of your report 2 weeks before it is due.
· Ask a classmate, friend, or family member to read your report before submitting it to the Graduate Writing Center.
· Use the Graduate Writing Center:
· Submit your draft to the Graduate Writing Center at least 1 week before the project is due. This FREE resource can be accessed in your LEO classroom.
· Make edits to your report after reviewing feedback from the writing center tutors.
· Note: Failure to submit your document to the Graduate Writing Center and or failure to improve your document based on guidance from the writing tutors, before submitting the final version is unwise.
· Submit the deliverable on or before the due date.
· Ask your professor questions as needed.
You will find the rubric in LEO under Contents>Course Resources>Projects & Rubrics