ACCTG 330 Spring 2016 FASB AssignmentNo recent accounting issue better illustrates the debate over the qualitative characteristics of accounting information than the current debate over the use of fair value accounting vs. historical cost accounting (discussed in chapter 2).a. Briefly discuss one perceived benefit of historical cost accounting. How does this perceived benefit relate to the hierarchy of accounting qualities covered in Chapter 2?Briefly discuss one perceived benefit of fair value accounting. How does this perceived benefit relate to the hierarchy of accounting qualities covered in Chapter 2?Describe a situation in which historical cost accounting may be misleading to users of financial statements.Visit fasb.org. Look under the “Standards” tab and access the “Accounting Standard Updates.” Find the Accounting Standards Update (ASU) that eliminates the concept of extraordinary items. Open the document and read the summary provided at the beginning of the document.a. In what month and year did the FASB issue this ASU?b. Briefly explain why the FASB decided to issue this ASU. Include arguments presentedto the FASB by stakeholders (i.e., investors or creditors).Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) are available by visitinghttp://aaahq.org/ascLogin.cfm. The WSU student username is AAA51176. The password is G4j7ZzY.a. What is the ASC topic number dealing with presentation of the income statement?b. Within the ASC topic number identified in part (a), what is the ASC Sub-Topic numberfor Extraordinary and Unusual Items?This is an individual assignment. Feel free to discuss this assignment with other students, but I expect everyone to independently work on their own write-up. I will be looking for write-ups containing the exact same material as other students’ write-ups with just a few words changed.Please provide a header that includes your name, the course number (ACCTG 330) and section, your student ID, and the title of the assignment.Please use single spaced format. Please number and letter your answers according to the requirements above. There is no minimum required length. However, do not go over one full page (single sided) in length.Grammar and formatting will count towards your grade.