1. What is the accounting issue? Explain it using as simply as possible.
2. What is the potential impact(s) on the financial statements? What statements would be affected and what is the general effect on the reported financial condition (will most companies look better or worse)?
3. What are the arguments for and against the change? If they exist, comment letters are a good source of information.
4. What theory underlies the arguments? Present it in as summarized a form as possible for the presentation.
5. What is the current status of the proposal?
Only need to do question #4