Assignment1.What information is presented in a balance sheet?2.Why are the personal activities of a business owner excluded from the financial statements of the owner’s business?A financial statementthat reports the assets, liabilities, and equityof an entityat one point in time.3.What’s the significance of money-measurement concept?4.Find a piece of news about FASB.Eternal convergence May 9th 2012, 17:20 by L.G. | NEW YORK HOW is an investor to compare financial statements from companies in two different countries? That was the question asked a decade ago when the International Accounting Standards Board (IASB) began drawing up a new set of International Financial Reporting Standards. At the same time, the IASB set out to harmonise its standards with America’s Financial Accounting Standards Board (FASB). It even seemed possible that if the two boards got close enough with harmonisation that America might adopt the international standards wholesale.At a conference at Baruch College in New York on May 3rd, grandees from the FASB and the Securities and Exchange Commission (which would make the decision to adopt international standards) explained where the project has got to. A wholesale adoption of the international standards now seems off the table. Instead, the talk is of “endorsement”. The FASB, rather than going out of business or becoming America’s local branch of the IASB, would remain America’s standard-setter, and America’s generally accepted accounting principles (known as US GAAP) would not be replaced by international rules.