Question: Explain the difference between the old reporting standards and the new fair value reporting procedures for trading securities, held-to-maturity, and available-for-sale securities. Provide an example

Explain the difference between the old reporting standards and the new fair value reporting procedures for trading securities, held-to-maturity, and available-for-sale securities. Provide an example of how the new reporting standards potentially affect the balance sheet and the income statement. Discuss why the fair value standards were adopted and whether you agree or disagree with the benefits of the new reporting standards.

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