•  What is the difference between the old reporting standards and the new fair value reporting procedures for trading securities, held-to-maturity, and available-for-sale securities. what are some examples of how the new reporting standards potentially affect the balance sheet and the income statement. what are the fair value standards that were adopted and whether you agree or disagree with the benefits of the new reporting standards. How can someone expect taking an accounting course will help you move forward in your current or future career.