Explain any accounting standards that have changes and consider any contemporary issues, theories and empirical evidence that supported it. Discuss the strength and limitation of the standard changes.

Students are required to include the following in their report:

1. Introduction: The title of accounting standard. Summarize the standard. Area of changes.
2. Background: Reasons of changes in accounting standards.
3. Content: Discuss any accounting theories, empirical evidence and accounting issues related to the standards.