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. 1. Read ASU (Accounting Standard Update) 2015-11. 2. Summarize main provisions of this update. (20 points) 3. Why did FASB issue this update? (20 points) 4. How is this update different from the previous standards? (20 points) 5. What are the expected benefits of this update for financial statement preparers? (10 points) 6. Why are LIFO and retail inventory methods excluded from this update? (10 points) 7. Refer to earnings quality section (p.177) 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 and bottom line net income? (20 points) Additional Notes: (1) No more than double-spaced 5 pages (1″ margin for all sides) excluding cover page, appendix and reference list (2) Clearly write last name, first name and ID on cover page (3) 12-point Time New Roman (4) Due November 29 (Tuesday): Submit hard copy (only) before class begins (No e-mail) (5) If you need to provide additional analyses or insights that are not relevant to the essay questions above, provide them in the appendix. (6) You should refer to and/or read other relevant materials and list them in the reference list following your essay (7) The sequence of your essay should be: ①. Cover page ②. Main essay ③. Appendix ④. Reference list (8) You should prepare the essay on your own without taking help from any other fellow students or another people.