SFAS No. 115 (see FASB ASC 320) was issued in response to concerns by regulators and others

Question:

SFAS No. 115 (see FASB ASC 320) was issued in response to concerns by regulators and others regarding the recognition and measurement of investments in debt securities. For the following debate, you may consider tying your arguments to theories of capital maintenance and or the conceptual framework.

Team Debate:
Team 1: Present arguments supporting the provisions of SFAS No.115 , now contained in FASB ASC 320.
Team 2: Present arguments describing the deficiencies of SFAS No.115, now contained in FASB ASC 320.