how do we report income and how should it be reported under the accountants/economists perspective. Is the current income statement informative enough for users? What should be the influence/impact of conservatism, judgment (revenue recognition), measurement, and other comprehensive income within the financial statements?

Would the income statement of the joint IASB/FASB project be preferable? Or should we move closer to Vatter or a greater consideration of human information processing?

think about all of the various balance sheet measurements; cost, NRV, LCM, current values, fair values, etc. Is this approach appropriate and informative? What would be some alternatives? While fair value measures are becoming more prevalent, which measure should be used (exit, entrance/replacement, discounted cash flows; see Ch.5)?

The income statement is the focus of wall street. Should it be? Would it be more appropriate to focus on the statement of cash flows?