In 450 words or more discuss the following:

-New lease accounting will be effective very soon. Why do you think they change the lease accounting from capital leases to operating leases (in general).

- What are the differences between defined benefit plan and a defined contribution plan?

- Pension accounting impacts on the balance sheet and income statement.

-What are the differences between temporary differences and permanent differences?

- How do timing differences create deferred tax liability and deferred tax asset?