****2 DISCUSSION ACCOUTING QUESTIONS!!! ****

In your own words, how does unearned revenue arise? Why can it be classified properly as a current liability? Please provide several examples of business activities that result in unearned revenues. In your opinion, how are gains and losses from extinguishment of debt classified in the income statement? What disclosures are required of such transactions? Also, address the current roadmap towards the convergence of one agreed upon global accounting standard. Identify specific reporting differences between the standards. Identify which resource best meets the goals of reporting companies in a given country. Also identify which standard provides the most useful information to decision makers