Choose one of the newly issued or updated financial accounting and reporting standards by FASB.

Your choice of accounting standard or regulation should be made after the year 2010 and you are required to discuss the following.

- Critically summarize major changes and compare them with the situation before the new standard or regulation was made. Your answers must include the intentions/goals of the new standard or the regulation and your opinion on the new standard or the regulation (e.g., Do you agree with the direction of the new rule? Do you think the new rule has been achieving the intended goals or will achieve the goals? Are there any obstacles to overcome to achieve the goals? etc. (you may include more subjects if you think they are suitable and necessary))

- How does the new standard or the regulation affect accounting professionals such as i) financial statement preparers, ii) auditors, iii) investors/creditors, and iv) regulators?

Requirements: 3 pages single-spaced
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