1. What are rules-based and principles-based standards and how do they differ in application across the four attributes of Conceptual framework, professional judgement, level of detailed guidance and amount of industry specific guidance?

2. Why do some critics use the Lehman case as a critique of the U.S. GAAP approach to standard setting?

3. Why do some critics use the reliance on judgment as a critique of the IFRS approach to standard setting?

4. How do U.S. GAAP and IFRS differ in their implementation of accrual accounting?

5. How does the IFRS balance sheet approach to revenue recognition differ for the U.S. GAAP approach?