• April 6th, 2016

ASU 2014-08

Paper, Order, or Assignment Requirements

You can complete the essay by answering the following questions:

1. Read ASU (Accounting Standard Update) 2014-08.
2. Summarize key points of this update. (30 points)
3. Why did FASB issue this update? (20 points)
4. What is the likely effect of this update on the frequency of reporting discontinued operations? (10 points)
5. What are the expected benefits of this update for financial statement preparers? (10 points)
6. Refer to earnings quality section (p.177) of Chapter 4 of the textbook. How does the textbook define earnings quality? How would you think this update affect earnings quality of income from continuing operations and bottom line net income? (30 points)

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