Accounting History and FASB Codification. Need 2-5

Accounting History and FASB Codification 1. Why accounting students should know something about the history and development of accounting standards? Explain. 2. Is the accounting profession responded in a timely, comprehensive and effective manner to stakeholders and business current challenges? Explain I 3. Explain some of the major challenges financial accountants are facing today. Can these challenges have an effect in the accounting professionals' ethical decisions? 4. This fist unit of the course illustrates the dynamics of the standard setting process in the United States with many groups and individuals voicing their opinions of proposed standards. a. Is this voicing of opinions desirable? b. Is there a point where it becomes desirable? How do you think the standard-setting process can be expedited but still allow interested individuals to give input? C. 5. Why it is important that national accounting standards converge to a common global standard