Certain company disclosures about its financial reporting practices are required by US GAAP.
1. Select one of the areas studied in this class: Extraordinary and Discontinued Items; Sale leasebacks; Leases; Intangible Assets, Liquidation Basis of Accounting. describe how this topic appears in financial statements under GAAP -- recognition, measurement, and disclosure. describe what investors can learn about a company by attending to company disclosures of its financial reporting practices in the area you selected.
2. Name one improvement in US GAAP financial reporting that you would recommend for the benefit of investors and creditors in one of the five areas studied ( Extraordinary and Discontinued Items; Sale leasebacks; Leases; Intangible Assets, Liquidation Basis of Accounting). Provide a clear description of the improvement and support your recommendation.