Consider the list of current and classic issues in accounting presented below (or others specified by your instructor). With your instructor’s help and guidance, form a team of students to investigate one of the issues. Use the Steps for Better Thinking to analyze the issue and prepare a short oral report for the class.
a. What are the obstacles associated with adopting International Financial Reporting Standards?
b. Should the provisions of the Sarbanes-Oxley Act be extended to nonpublic corporations?
c. Will principles-based accounting become the norm for U.S. GAAP?
d. Has the 150-hour requirement for becoming a CPA been a success?
e. What systems documentation techniques should be taught in AIS courses?
f. Has the conceptual framework of accounting fulfilled its purpose?
g. What issues should managers consider with regard to corporate governance?
h. Should social and environmental reporting be mandatory?
i. How, if at all, should fair-value accounting be implemented?

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