Reflection on New FASB Lease Accounting Standards

Academic Level: Bachelor Paper details v The FASB issued new rules related to lease accounting and reporting. Please research/review the PASS changes and provide a reflection on changes- Good sources of information include: the Journal of Accounting, (Intermediate Accounting text book, 7th edition, Spiceland, Sepe, Nelson), the FASB's ASC, articles in other accounting publication, and business articles reported in the popular press. Reflect on the changes and write a short paper (2-3 pages: 1.5 spaced typed) addressing the following: (1) What are the majors lease accounting and reporting changes issued by the PASS? (2) How does the FASB's proposal differ from current US GAAP? Do these changes provide reporting that is closer to the approach taken under IFRS? (3) Why do you think the PASS made these changes? (4) what were the major objections to the FASB's changes? (5) do you think that the FASB's changes are a good idea? note: you can find free e-book of your source for 14 days.