How can Level 3 valuations of fair value enable earnings management?

Debt Covenants: explain what is meant by a 'fixed GAAP debt covenant.' What are the advantages and disadvantages of a fixed GAAP debt covenant from the perspective of the borrower? What are the advantages and disadvantages from the perspective of the lender?

Executive Compensation:Discuss some of the pros and cons of management compensation plans that are tied to accounting numbers (sales, earnings, earnings per share). What measures have companies taken to try to overcome some of the disadvantages?

Regulated Industries:What are some of the issues that a financial analyst must keep in mind when evaluating a company in a regulated industry? Give some specific examples of ways that financial data and ratios are affected by regulations in specific industries.

Harmonization of US GAAP with IFRS:The International Accounting Standards Board (IASB) is looking for a workable solution to alleviate the existing complexity and confusion created by the global inconsistency and the lack of streamlined accounting standards in financial reporting. The differences between US GAAP and the IFRS can be characterized as a difference in approach to the standards. US GAAP is generally considered to be more rules-based, while the IFRS is a more principles-based approach. In your opinion, what are the advantages and disadvantages of each of these approaches? Which do you believe leads to better financial reporting?