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My research project was based on Accounting Standards Update

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My research project was based on Accounting Standards Update No…. My research project was based on Accounting Standards Update No. 2016-02, Leases (Topic 842). This standard is designed for organizations with leasing assets to recognize almost all leases as assets and liabilities, whether they are classified as operating leases or finance leases (FASB, 2016). Similarly, this research allowed me to acquire a greater knowledge and learning about the impact that this new standard had in various areas of accounting, such as managerial, tax, financial, international, forensic, governmental, auditing and ethics, as well as assess through a survey the knowledge that other industry professionals have on Topic 842. Furthermore, in my experience as a researcher, I believe that the research process can be divided into several steps. The first being the selection of research or picking a topic. As we study and learn about topics that interest us we become aware of questions that rise or attract us about the subject. This first step can be the tricky part of the research process because not having a firm grasp on what exactly it is that we are looking for causes us to have a lot of confusion in gathering up the relevant literature. There are two ways in which we can come about information the first being, “everyday observation, curiosity, and inquisitiveness, and the second being familiarity with scholarly debates, theory, and research in a particular field (including general awareness of the kinds of study, research and data collection which get funded in a particular field)” (Hansen & Machin, 2013, p. 15). Once we have established what our subject is going to be we can begin the process of gathering the information. It can be overwhelming if you have a lot of source material to go through. However, it is crucial for us to remove any material that is not relevant to the questions that we are asking, otherwise, we can lose sight of the narrative we are putting forward. Different research methodologies will deliver different levels of success in the information that they will garner as well as varying levels of reception. We have to be able to sift through more content and while a lot of it may seem credible being able to decipher between academically sound work and citizen journalism is essential to garnering credibility for your work. Once the appropriate methodology has been established for gathering information We can move on to the next step in the research process which is data collection. Data collection is much easier to organize and acquire when we have zeroed in on the appropriate materials that will highlight our research questions or hypothesis. the way that we go about analyzing our research is first identifying weather it is primarily quantitative, qualitative or a combination of the two. Research analysis entails summarizing and identifying the patterns and relationships that we see in the data. In quantitative data, we engage in a more statistical analysis showing both individual variables as long as distributive ones. The final step in the research process it’s the take all of our information and write up a full presentation. the presentation of our information is incredibly important because we want to make sure that we highlight and showcase our work. Another important element is the ethics of research for several reasons. These include the following:Research ethics helps in promoting the aims of the research such as the expansion knowledge. This is because the data is collected from an environment which represents the entire population.Research ethics support the values that are required for the collaborative work. These values include fairness and mutual respect. The sample where data is collected from should be treated with respect and fairness in order for them to contribute to the data collection. ?On the other hand, I would like to do some more research on the accounting impact of the 2016-02 Accounting Standards Update, Leases (ASC 842) through the business challenges caused by the COVID-19 pandemic. The current economic landscape is prompting companies to make important decisions regarding their costs and leases. For some companies, the reduction in general leases is due to the transition from the workplace to more remote work; For others, the decline in real estate leases comes as a result of physical store closures and a lack of customers due to social distancing guidelines. The FASB ruled that it is acceptable for entities to treat any lease change made due to the pandemic as a lease concession rather than a lease modification. This election is available for concessions related to the effects of COVID-19 that do not result in a substantial increase in the rights of the landlord or the obligations of the tenant (Bauer, Kim, Johnson, Loyd & Winkler, 2020).the following questions in relation to the post above: You make a good point that as a researcher you do need to sift through a lot of data to ensure you are looking at only relevant material for your subject.? agree at times this may be challenging do keep focused on your topic when there is so much information.?ou also have an interesting future research topic related to leases and COVID.?s you pointed out more employees are working remote so what impact do you see that having on companies with very long term leases for buildings or equipment???ORIGINAL ANSWER, PLEASEAccountingBusinessFinancial AccountingACCOUNTING 000

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