answer the following questions:

1.) Why did the FASB and IASB set out on the joint project to issue a new lease standard?

2.) What are some of the criticisms of the old lease standard for both GAAP and IFRS? (Was the main complaint regarding lessor or lessee accounting?)

3.) What is the main difference of the previous GAAP Topic 840/IAS 17 and the new lease guidance Topic 842/IFRS 16? (Note: this new requirement is the same under GAAP and IFRS.)

4.) When will the amendments be effective for a public company using GAAP? Can a public company choose to adopt the new standard early?

5.) While many of the requirements are the same for Topic 842 and IFRS 16, some differences still remain and the standard is not converged. What is the main difference between Topic 842 and IFRS 16?

Good grammar, spelling and punctuation will be considered in grading. You should use paragraph form.