Please answer the following Questions which requires originality, well written and at least 150per answer.

1) Discuss the contributions of Paton and Canning to the development of accounting theory.

2) Discuss the use of the fair value option originally described in SFAS No. 159 now contained at FASB ASC 825-10

3) Discuss the economic consequences of financial reporting.

4) Discuss the factors that have contributed to the need for new approaches to international standard setting

5) Discuss the evolution of the three private sector accenting standard setting organizations.

6) Discuss the direct vs. indirect methods of preparing the statement of cash flows. Define and discuss the three major sections of the statement of cash flows.