31. Which of the following is not a significant challenge related to valuation issues for audits of

merger and acquisition transactions?

a. Valuing the assets upon acquisition.

b. Valuing the liabilities upon acquisition.

c. Measuring restructuring charges.

d. Measuring the qualifications of personnel from the acquired company.

26. The FASB standard on accounting for leases issued in 2016 requires most leases to be reported

on the lessees balance sheet, which is a significant change from the previous accounting

requirements.

a. True

b. False