1) Under the new lease standard, why does the FASB call the leased asset for the lessee as Right-of-Use Asset? Also, why does it call the expense as Amortization Expense, instead of Depreciation Expense?

2) Based on what you learnt in ACCT 4101 and ACCT 4102, cite four examples where the accounting is not black and white, but gray?

What I mean by this is that managers have a choice with respect to accounting methods or do the accounting based on estimates or assumptions.

3) Starting with the July 2021 CPA Exam, there will be no questions on pension accounting. Why do you think the AICPA did that?

4) The FASB is thinking about requiring the amortization of Goodwill. What is your opinion on this issue and give your reasons?

About twenty years ago, US GAAP required that goodwill be amortized over 40 years. But they got rid of that requirement and now goodwill only has to be tested for impairment. Now they want to revisit amortizing goodwill.