Search the Financial Accounting Standards Board (FASB) website listed in the topic resources and identify a recently issued financial reporting standard. Write a one-paragraph summary of and its principal provisions. Search “Project Activities” to identify the reporting issue with the most recent update. Briefly describe the issue and the action taken by the FASB. Discuss the accounting implications of this action as it would apply to three different industries. Do not select a standard already addressed by your peers. In replies to peers, provide additional industry examples.
