Proposed Statement of Financial Accounting Concepts, Concepts Statement No. 8, Conceptual Framework for Financial Reporting

1. Summarize the main points of the current exposure draft.

2. Compare/contrast with current theory/standards.

3. Compare and contrast U.S. GAAP and IFRS in respect to the exposure draft topic.

4. Research the need for the new standard/amendment (include pros and cons).

5. Evaluate the exposure drafts provisions in light of the conceptual framework (include qualitative characteristics of useful information).

6. Develop a logical, well-articulated response to the exposure draft (for or against).

7. Propose changes/corrections that you feel are needed.