Task 1: Please address the following questions in your discussion: Remember to prepare and post your answers before your class every week. This is part of your Inter-teaching Discussion Preparation. Complete the questions below before attending your class. You should note any areas of confusion or difficulty for further discussion during your class. The questions are derived from Topic Notes therefore discussions should be within that context.

Discussion Questions

1. What is fair value accounting and what is its main advantage?
2. Why do we differentiate current and non-current liabilities?
3. How useful is the balance sheet in reporting information about intangible assets?
4. What are contingent liabilites? Where is information about contingent liabilities disclosed, and why?