Write a response paper on what you’ve learned from the course in which you read the following topics:

The role and importance of key change factors in accounting and the different outputs of the FASB.

The linkage between standard setting and theory formulation in accounting

The importance of the preparation of the statement of cash flows and its effect on an entity’s financial position

The global taxation and how the U.S system of taxation impacts doing with other countries.

The pending change from US Generally Acceptable Accounting Principles (GAAP) to International Financial Reporting (IFRS).