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Use FASB-ASU No. 2016-01 to address the following questions: Q1: What is the percentage of ASU 2016-01 dissenters to a total number of FASB members?

Use FASB-ASU No. 2016-01 to address the following questions:

Q1: What is the percentage of ASU 2016-01 dissenters to a total number of FASB members? What does this percentage imply to you about the quality of this ASU?

Q2: Discuss the reasons why Messrs. Linsmeier and Siegel dissented. Be sure to discuss why the ASU 2016-01 fails to meet the three objectives of the financial instrument project.

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