ACCIG 3.30 Spring 2017 FASB Assignment Requirements 1 . No recent accounting issue better illustrates the debate over the qualitative characteristics of accounting information than the current debate over the use of fair value accounting vs . historical Cost accounting ( discussed in chapter ? ) . * ) Briefly discuss one perceived benefit of historical cost accounting . How does this perceived benefit relate to the hierarchy of accounting qualities covered in Chapter ? ? b ) Briefly discuss one perceived benefit of fair value accounting . How does this perceived benefit relate to the hierarchy of accounting qualities covered in Chapter 2 ?' [ ) Describe a situation in which historical cost accounting may be misleading to users of financial statements . 2 . Financial Accounting Standards Board [ FASB ) Accounting Standards Codification ( AS[ ] are* available by the PDF . a ) What is the ASC topic number dealing with presentation of the income statement ?" b ) Within the ASC topic number identified in part ( a ) , what is the ASC Sub - Topic number for Extraordinary and Unusual Items ?" 3 . Visit fast . org . Look under the " Standards" Lab and access the " Accounting Standard Updates . " Find the Accounting Standards Update ( ASLY ) that eliminates the concept of extraordinary items . Open the document and read the summary provided at the beginning of the document . a ) In what month and year did the FASB issue this ASU! ?! b ) Briefly explain why the FALSE decided to issue this ASU . Include arguments presented to the FASB by stakeholders ( i.e., investors or creditors )