Essay Rules: Write (type) your essays in the spaces provided below the question or essay topic. Your essay is complete with at least one paragraph consisting of at least three sentences.
#1 10 points	Sometimes we are presented a mathematical difference that is recorded as an asset liability or equity (the Cumulative Translation Adjustment Account in Foreign Currency Reporting) or as income (an unrealized Fair Value Gain or Loss) but where this math difference has nothing to do with a cash flow or the accumulation of cash flows onto a balance sheet account. Take one side or another in this debate topic: Mathematical differences can correctly be represented as income items because differences are, by definition, flows and all income items are flows.
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# 2 10 points	When we discussed whether Goodwill is actually an asset, or not, the class was almost evenly split on the question. This is an important topic that deserves more thought. Take one side or another to debate: Goodwill is an Asset.
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#3 5 points	The FASB has created many rules which transformed Disclosures into Recognized Items. Examples include Accounting for Derivatives and Lease Accounting. Often in this regulatory process the motivation for a debit or a credit (such as the Lease Liability) is well grounded, but the support for the balancing debit is not (the Right-of-Use Asset). Take one side or another to debate: Disclosure alone is frequently adequate. Recognition when used to bring a disclosures "on balance sheet" often forces the hand of the reporting entity incorrectly.
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