1.Describe the eight main provisions of ASU 2016-01. 2.Why did the FASB make only...
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Accounting
1.Describe the eight main provisions of ASU 2016-01.
2.Why did the FASB make only targeted improvements instead of adopting its 2013 proposed update that is similar to IFRS 9? Which areas does ASU 2016-01 guidance converge with IFRS 9? Discuss whether applying IFRS 9 vs. U.S. GAAP will result in similar classification and measurement outcomes.
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