Review the Accountiing Standards document attached Accounting Standards Update 2021-02.pdf https://keiseruniversity.blackboard.com/sessions/E5/E5B9FE7FD6D12EF5150140D0CE6324DD/7e050c65a4c14a7bb46d340293ca3e2b/Accounting Standards Update 2021-02.pdf
which is also available at https://fasb.org/jsp/FASB/Page/SectionPage https://fasb.org/jsp/FASB/Page/SectionPage
Review the amendments in this Update. What are your views on this FASB amendment and its impact on financial reporting? Be sure to provide specific examples to back up your opinion.
Sample solution
Dante Alighieri played a critical role in the literature world through his poem Divine Comedy that was written in the 14th century. The poem contains Inferno, Purgatorio, and Paradiso. The Inferno is a description of the nine circles of torment that are found on the earth. It depicts the realms of the people that have gone against the spiritual values and who, instead, have chosen bestial appetite, violence, or fraud and malice. The nine circles of hell are limbo, lust, gluttony, greed and wrath. Others are heresy, violence, fraud, and treachery. The purpose of this paper is to examine the Dante’s Inferno in the perspective of its portrayal of God’s image and the justification of hell.
In this epic poem, God is portrayed as a super being guilty of multiple weaknesses including being egotistic, unjust, and hypocritical. Dante, in this poem, depicts God as being more human than divine by challenging God’s omnipotence. Additionally, the manner in which Dante describes Hell is in full contradiction to the morals of God as written in the Bible. When god arranges Hell to flatter Himself, He commits egotism, a sin that is common among human beings (Cheney, 2016). The weakness is depicted in Limbo and on the Gate of Hell where, for instance, God sends those who do not worship Him to Hell. This implies that failure to worship Him is a sin.
God is also depicted as lacking justice in His actions thus removing the godly image. The injustice is portrayed by the manner in which the sodomites and opportunists are treated. The opportunists are subjected to banner chasing in their lives after death followed by being stung by insects and maggots. They are known to having done neither good nor bad during their lifetimes and, therefore, justice could have demanded that they be granted a neutral punishment having lived a neutral life. The sodomites are also punished unfairly by God when Brunetto Lattini is condemned to hell despite being a good leader (Babor, T. F., McGovern, T., & Robaina, K. (2017). While he commited sodomy, God chooses to ignore all the other good deeds that Brunetto did.
Finally, God is also portrayed as being hypocritical in His actions, a sin that further diminishes His godliness and makes Him more human. A case in point is when God condemns the sin of egotism and goes ahead to commit it repeatedly. Proverbs 29:23 states that “arrogance will bring your downfall, but if you are humble, you will be respected.” When Slattery condemns Dante’s human state as being weak, doubtful, and limited, he is proving God’s hypocrisy because He is also human (Verdicchio, 2015). The actions of God in Hell as portrayed by Dante are inconsistent with the Biblical literature. Both Dante and God are prone to making mistakes, something common among human beings thus making God more human.
To wrap it up, Dante portrays God is more human since He commits the same sins that humans commit: egotism, hypocrisy, and injustice. Hell is justified as being a destination for victims of the mistakes committed by God. The Hell is presented as being a totally different place as compared to what is written about it in the Bible. As a result, reading through the text gives an image of God who is prone to the very mistakes common to humans thus ripping Him off His lofty status of divine and, instead, making Him a mere human. Whether or not Dante did it intentionally is subject to debate but one thing is clear in the poem: the misconstrued notion of God is revealed to future generations.
References
Babor, T. F., McGovern, T., & Robaina, K. (2017). Dante’s inferno: Seven deadly sins in scientific publishing and how to avoid them. Addiction Science: A Guide for the Perplexed, 267.
Cheney, L. D. G. (2016). Illustrations for Dante’s Inferno: A Comparative Study of Sandro Botticelli, Giovanni Stradano, and Federico Zuccaro. Cultural and Religious Studies, 4(8), 487.
Verdicchio, M. (2015). Irony and Desire in Dante’s” Inferno” 27. Italica, 285-297.
Sample Answer
Sample Answer
Review of FASB Accounting Standards Update 2021-02
The Financial Accounting Standards Board (FASB) recently released the Accounting Standards Update 2021-02, which includes amendments to the accounting standards. This update focuses on specific changes that are crucial for financial reporting. In this review, we will analyze the key amendments in the FASB update and discuss their impact on financial reporting.
Key Amendments in FASB Accounting Standards Update 2021-02
1. Leases:
– The update provides clarification on how to account for lease concessions related to the COVID-19 pandemic.
– It allows entities to elect not to assess whether certain rent concessions that result from the pandemic are lease modifications.
2. Revenue Recognition:
– The update addresses various implementation issues related to contracts with customers under Topic 606.
– It provides guidance on determining whether certain sales-based or usage-based royalties should be considered sales-based royalties.
3. Financial Instruments:
– The amendments provide relief for certain entities in determining fair value for investments without readily determinable fair values.
– It simplifies the accounting for some financial instruments with characteristics of liabilities and equity.
Impact on Financial Reporting
The FASB Accounting Standards Update 2021-02 plays a significant role in enhancing the transparency and comparability of financial reporting. The amendments introduced in this update aim to provide much-needed clarity on complex accounting issues and streamline the reporting process for entities.
One of the notable impacts of this update is on lease accounting. By allowing entities to elect not to assess lease modifications due to the pandemic, it reduces the administrative burden and provides relief to businesses during challenging times. For example, a retail company that had to renegotiate lease terms with its landlords due to the pandemic can now account for these concessions more efficiently.
In terms of revenue recognition, the guidance on sales-based royalties can help entities better align their revenue recognition practices with the underlying economics of their contracts. For instance, a software company that receives sales-based royalties can now more accurately reflect the revenue earned from these royalties in their financial statements.
Moreover, the amendments related to financial instruments simplify the accounting treatment for certain instruments, making it easier for entities to classify and measure these financial assets and liabilities. This can lead to more consistent and reliable financial reporting across different entities.
In conclusion, the FASB Accounting Standards Update 2021-02 is a positive development in the realm of financial reporting. The amendments introduced in this update not only address current challenges faced by businesses but also pave the way for more accurate and transparent financial reporting practices.
By incorporating these changes into their accounting processes, entities can ensure compliance with the latest standards and provide stakeholders with meaningful information for decision-making purposes.
