Extra Credit Essay ……….no plagiarismBy completing the essay on the following topic, you can earn up to 2% extra credit. For example, if your grade from all class assignments and exams is 80% and receive full extra credit of 2%, your final grade will be 82% and your letter grade will be determined based on 82%.You can complete the essay by answering the following questions. The essay will be graded out of 100 points. Grading will be based on the completeness and clarity of your write-up. Note that even if you complete the essay, you may not receive any credit if you do it poorly. Read ASU (Accounting Standard Update) 2016-08.Summarize key points of this update. (30 points)Why did FASB issue this update? (20 points)What are the expected benefits of this update for financial statement preparers? (10 points)Refer to earnings quality section of Chapter 4 of the textbook. How does the textbook define earnings quality? How would you think this update affect earnings quality of income from continuing operations? (40 points)Additional Notes:No more than double-spaced 5 pages (1? margin for all sides) excluding cover page, appendix and reference listClearly write last name, first name and ID on cover page12-point Time New RomanSubmit hard copy before class beginsIf you need to provide additional analyses or insights that are not relevant to the essay questions above, provide them in the appendix.You should refer to and/or read other relevant materials and list them in the reference list following your essayThe sequence of your essay should be:Cover pageMain essayAppendixReference listYou should prepare the essay on your own without taking help from any other fellow student or another person.
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