Week Two General Discussion Question

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Reply to the following instructor's general discussion question(s) according to the discussion board guidelines.

Chapter 2 illustrates the importance and structure of the conceptual framework for financial reporting: the "why", the "what", and the "how". Illustration 2.7 on page 2-22 provides a great summary. GAAP is built on this framework. Choose two items from the second or third levels of the inverted pyramid that resonate with you. Do not choose anything from the Elements section. Tell us why they resonate with you.

Textbooks: Kieso, Weygandt, and Warfield (2019) Intermediate Accounting, 17th Edition. John Wiley & Sons, Inc. ISBN-13: 978-1-11957148-3.