Consistency in Accounting and Financial Reporting [WLOs: 1, 2] [CLOs: 1, 3, 4, 6]

Prior to beginning work on this discussion forum, read Chapters 1, 2, and 3 in the text, and review the various concept statements as described below.

Organizational standards require that there should be some sort of conceptual consideration to ensure consistency. To explore this idea, go to the Governmental Accounting Standards Board (Links to an external site.) website, key in the keywords concept statement in the search field, and hit enter. Then select one of the six GASB concept statements summaries, review the information, and then summarize this information in your own words. While no specific number of words is required, ensure you adequately cover the material for the class. Assume several paragraphs will likely be needed to summarize this material properly. For details on how to best summarize, review the Writing Center’s guide Quoting, Paraphrasing, & Summarizing (Links to an external site.).

Guided Response: Later, come back to this discussion, read your peers’ summaries, and select at least two of these to comment on. Your comments should focus on the content of the concept statement, and you should explore one or more points of the information in detail, perhaps asking a question or two for clarification, or expanding on the concept presented to add to and generate additional discussion on the concept statement.