Questions 1. How did the 2. In what ways does the 3. What is the weakne 4. Do you think that the Accounting Concepts (lik How did the APB pave the way for the FASB? avs does the FASB differ most markedly from its two predecessors? is the weakness of Grady's approach in arriving at principles in ARS 7? ou think that the nonbinding status of the FASB's Statements of Financial inting Concepts (like that of APB Statement 4) is a good idea or not? 5 Discuss the significance of the SEC's ASR 150. has been the SEC's role in the evolution of the rule-making process? How has that role changed since the passage of SOX? What were the politics that led to the demise of both the CAP and the APB? & The FASB's standard-setting procedure is a fairly narrow, cut-and-dried approach to developing accounting standards. Evaluate this statement. 9. Should constituents have input into the FASB decisions, or should the FASB neutrally and independently set standards? 10. Explain how the role and form of research used by the APB and FASB differ. 11. What is the importance of the FAF and FASAC to the success of the FASB? 12. The three attempts at standard setting in the private sector (CAP, APB, and FASB) have all dealt with the need for a theoretical foundation. Why were the CAP and the APB unsuccessful at this endeavor? 13. Can any overall trend be detected in FASB pronouncements? Explain and cite examples to substantiate your opinion. 14. In terms of financial reporting in the future, do you expect greater refinement of measurements appearing in the body of the financial statements or increasing disclosure with less effort directed toward refinement of measurements? 15. How has Sarbanes-Oxley affected FASB's jurisdiction and independence? the Crime Bill ng by auditors mendment were From an agency 16. In the late 1990s, the "Wyden Amendment" was stricken from the Crie passed by Congress. The amendment would have required reporting by au on internal controls. Letters sent by FEI members opposing the amendmen instrumental in its defeat. The AICPA supported the amendment. From an theory perspective, why do you think the AICPA supported the amendment the FEI was against it? Explain. 17. Since the FASB is independent from the AICPA, the latter is no longer conce with standard setting and related issues. Evaluate this statement. 18. What is the relationship between the National Commission on Fraudulent Financial Reporting and the Private Securities Litigation Reform Act of 1995? 19. What is the difference between joint and several liability and proportionate liability