FASB - ASU 2016-01answer the following questions

UseFASB-ASU No. 2016-01to address the following questions.Suggested reading includesSummary, dissenters' arguments (pages 176-184), and Basis for Conclusions starting on page 185.

1.Describe the eight main provisions of ASU 2016-01.

2.Do the following foreach of the first fiveprovisions.Each group member must do some provision(s) if you split the work.ALL first five provisions must be addressed.

2.1Provide right below each provision your own reflection, thought or question as you read each one.

2.2Use "Basis for Conclusions" (BC-starting on page 185) to determine why the FASB makes such provision.Please provide BC number when you copy & paste relevant BC contents.

2.3For provision #2, describe the impairment assessment of equity investments without readily determinable fair values.Also determine whether reversal of previously recognized impairment is permitted.

3.Why did the FASB make only targeted improvements instead of adopting its 2013 proposed update that is similar to IFRS 9?Which areas does ASU 2016-01guidanceconverge with IFRS 9?Discuss whether applying IFRS 9 vs. U.S. GAAP will result in similar classification and measurementoutcomes.

4.Determine the method(s) for measuring and/or presenting the income statement effects of debt securities (e.g., investment in bonds), loans and long-term receivables, and financial liabilities (e.g., bonds payable).