1. Discuss the two distinct approaches to financial statement analysis, and the three ways corporations can use financial reporting as a means to enhance value.

2. Discuss the new SEC rules that went into effect in the early 2000s, and its effect on Interpublics financial reporting.

3. Explain the term impairment, and explain the various ways a company may value debt securities in their balance sheets.

4. From the example in the case of Lehman Brothers, discuss how internally inconsistent valuations can affect the balance sheet of an enterprise.

5. a) How can firms value their financial assets that are not continuously quoted prices determined in deep, liquid markets under Fair Value Accounting?'

(b) Why should the analysts maintain an attitude of skepticism bordering on distrust?