Many people say these 3 topics are the most difficult subjects in accounting, and I tend to agree with them. In 450 words or more discuss the following;

1. Please discuss the lease accounting and reporting for lessees.

2. 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).

3. What are the differences between defined benefit plan (accounting for Module 10) and defined contribution plan?

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

5. What are the differences between temporary differences and permanent differences?

6. How do timing differences create deferred tax liability and deferred tax asset?