1. (TCO 1) What do you think is the most important event in the history of international accounting standards?
2. (TCO 2) What is the difference between a rules-based accounting standard and a principles-based accounting standard?
3. (TCO 3) Why was the FASB Codification Project initiated?
4. (TCO 4) How do you hedge foreign exchange risk? What is the risk in hedging this risk?
5. (TCO 5) Why is it difficult to analyze foreign financial statements? Describe one of the potential problems in analyzing foreign financial statements.
6. (TCO 6) What factors are considered in the treatment of foreign source income? Which factor do you think is the most important?
7. (TCO 7) Describe three transfer pricing methods. Why is it important to accurately determine the transfer price for goods and services?