Please help me with the assignment, thank you very much.

1 Chapter 5 Case - Financial Instruments (OK to copy and paste your answers as long as you provide appropriate citation.) Part 1: FASB - ASU 2016-01 (Each group member must do some of Part 1) Use FASB-ASU No. 2016-01 to address the following questions. Suggested reading includes Summary, dissenters' arguments (pages 176-184), and Basis for Conclusions starting on page 185. 1. Describe the eight main provisions of ASU 2016-01. 2. Do the following for each of the first five provisions. Each group member must do some provision(s) if you split the work. ALL first five provisions must be addressed. 2.1 Provide right below each provision your own reflection, thought or question as you read each one. 3. Why did the FASB make only targeted improvements instead of adopting its 2013 proposed update that is similar to IFRS 9? Which areas does ASU 2016-01 guidance converge with IFRS 9? Discuss whether applying IFRS 9 vs. U.S. GAAP will result in similar classification and measurement outcomes. Part 2: IFRS 9 and U.S GAAP on Financial Instruments IFRS 9 is in the pdf file on Canvas. The FASB-ASC log-in credentials are in the syllabus. The first two questions are from IFRS 9, Chapter 4-Classification. Please refer to its Appendix A for terminology. 1. How shall an entity subsequently measure financial assets? Besides Section 4.1, be sure to explain \"business model\" in reasonable details using relevant part of Appendix B: Application Guidance. Also discuss fair value option for financial assets. 3. Use FASB Accounting Standards Update (ASU) No. 2016-13 and the link to IFRS-9-ProjectSummary above to answer all of the following questions about measurement of credit losses on financial assets. Each group member must answer some question(s) below if you split the work. A. Why did both boards revise measurement of credit losses on financial assets? B. Discuss the IASB impairment model in IFRS 9. Be sure to discuss the three stages