1. FASB is a work in process at any given time.They are always considering how to ensure accurate financial statements and protect all end users in the search fortransparency.What process doestheboarduses torecognize financial reporting issues or complications based on requests of shareholders or stakeholders or by other means?
2. Time value on investments is important and you can see the result in the Florida Lottery.As a recipientof a lottery winning, one can choose a lump sum or annuity payments.What is the difference between them? How will it show on the financial statements of the state of Florida?