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Use FASB-ASU No. 2016-01 to address the following questions.      What is the percentage of ASU 2016-01 dissenters to the total number of FASB members?  What does this percentage imply to you about the quality of this ASU?     Discuss the reasons why Messrs. Linsmeier and Siegel dissented.  Be sure to discuss why the ASU 2016-01 fails to meet the three objectives of the financial instrument project.

Question

Use FASB-ASU No. 2016-01 to address the following questions.  

  1.     What is the percentage of ASU 2016-01 dissenters to the total number of FASB members?  What does this percentage imply to you about the quality of this ASU?
  2.     Discuss the reasons why Messrs. Linsmeier and Siegel dissented.  Be sure to discuss why the ASU 2016-01 fails to meet the three objectives of the financial instrument project.
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