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a. Describe the “Subprime financial crisis” (1. the history, 2. what are the potential causes of the crisis? etc.)
b. Explain the “Fair value accounting” from the FASB Accounting Standards Codification. What are the strengths and weaknesses of the fair value accounting? Compare the Fair value accounting with Historical cost accounting and discuss strengths and weaknesses of each method.
c. Do you agree with the argument that the fair value accounting contributed to and exacerbated the subprime financial crisis? Explain why or why not.
d. Should the FASB reconsider its move towards the fair-value accounting?