Ethics, PPE, Financial Statements and Disclosure,

1. The accounting profession is characterized by uncertainties that can create ethical dilemmas. According to Loeb, what are the major ethical issues or dilemmas that might confront individual accountants and accounting firms? Also discuss the reasons that the accounting profession revised its code of professional conduct.
2. How is fair value defined in SFAS No. 157 (FASB ASC 820)? Additionally, describe the fair value hierarchy.
3. List and discuss the types of information commonly disclosed in the footnotes to corporate financial statements.
4. Discuss the three approaches to allocating fixed overhead to a self-construction project. Which one do you prefer, why?
5. What are accounting changes and why is it an issue. List and define the three types of accounting changes.