Case Equity Securities: GAAP versus IASB Standards SFAS No. 115 prescribes the accounting treatment for investments in equity securities having readily determined fair values for which the equity method and consolidation do not apply. IAS No. 39 prescribes international accounting practice for similar securities. Required: (LO#5) A). Compare and contrast U.S. GAAP for investments in equity securities under SFAS No. 115 with the provisions of IAS No. 39. B). Discuss whether U.S. GAAP under SFAS No. 115 or the requirements of IAS No. 25 are more consistent with the following concepts: i. Conservatism ii. Comparability iii. Relevance iv. Neutrality v. Representational faithfulness vi. Physical capital maintenance C) SFAS No. 115 (see FASB ASC 320) was issued in response to concerns by regulators and others regarding the recognition and measurement of investments in debt securities. For the following debate, you may consider tying your arguments to theories of capital maintenance and/or the conceptual framework. Team Debate: Team 1: Present arguments supporting the provisions of SFAS No. 115, now contained in FASB ASC 320. Team 2: Present arguments describing the deficiencies of SFAS No. 115, now contained in FASB ASC 320. Case Equity Securities: GAAP versus IASB Standards SFAS No. 115 prescribes the accounting treatment for investments in equity securities having readily determined fair values for which the equity method and consolidation do not apply. IAS No. 39 prescribes international accounting practice for similar securities. Required: (LO#5) A). Compare and contrast U.S. GAAP for investments in equity securities under SFAS No. 115 with the provisions of IAS No. 39. B). Discuss whether U.S. GAAP under SFAS No. 115 or the requirements of IAS No. 25 are more consistent with the following concepts: i. Conservatism ii. Comparability iii. Relevance iv. Neutrality v. Representational faithfulness vi. Physical capital maintenance C) SFAS No. 115 (see FASB ASC 320) was issued in response to concerns by regulators and others regarding the recognition and measurement of investments in debt securities. For the following debate, you may consider tying your arguments to theories of capital maintenance and/or the conceptual framework. Team Debate: Team 1: Present arguments supporting the provisions of SFAS No. 115, now contained in FASB ASC 320. Team 2: Present arguments describing the deficiencies of SFAS No. 115, now contained in FASB ASC 320