Assignment 1: Impact of Financial Accounting Standards Board (FASB) Accounting Standards Update ASU 2016-02 LeasesDue Week 8 and worth 250 pointsAccounting is the language of business, and it is not a dead language! The FASB is responsible for ensuring that all relevant and material financial information is properly codified in Generally Accepted Accounting Principles (GAAP).The use of off balance sheet leases to distort the real liabilities of companies is a topic of long-lived concern. ASU 2016-02, Leases, is the most recent action of FASB to address this issue.For this assignment you will select a company of your choice or use one (1) of the companies you researched in your weekly discussions to write a six to eight (6-8) page report in which you:Summarize the impact of ASU 2016-02, Leases on the recording of leases.Discuss at least three (3) elements featured in the current information reported by your chosen company for its leases.Analyze the impact of thenew standard on the reporting of your chosen companys leases.Compare and contrast the impact that ASU 2016-02, Leases will have on the financial ratios of your chosen company.Determine the impact of the changes to accounting for leases on the recommendations of stock analysts for your chosen company.Use at least four (4) quality academic resources in this assignment. Note: Wikipedia and other websites do not qualify as academic resources. Your assignment must follow these formatting requirementsBe typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. The coverpage and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:Examine accounting principles and concepts used in businesses.Prepare and record financial transactions in the accounting cycle according to Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) accounting methodology.Prepare and analyze financial statements including the balance sheet, income statement, and statement of cash flow according to GAAP and IFRS.Examine inventory costing and valuation according to GAAP and IFRS.Analyze how GAAP is applied to asset valuation and liabilities.Determine how to value investments and how to report them based on that valuation.Analyze the accounting for corporation requirements related to stock valuation, dividends, and retained earnings.Calculate financial ratios, interpret results, and draw conclusions.Use technology and information resources to research issues in financial accounting.Write clearly and concisely about financial accounting using proper writing mechanics.