1. What are the advantages and disadvantages of valuing assets and liabilities at historical cost? At market value?
2. How did accounting standard-setters react to the derivatives-related failures of the 1990s?
3. What is the IASB? Over which national accounting organizations does it have jurisdiction?
4. What is a hedge? Why is it difficult to distinguish a hedge from a speculative position? How does a hedge qualify for the hedge accounting rules under FAS #133?
