1. Discuss how to identify an income of a company. Introduce what are the recognition and measurement requirements of incomes used by the chosen company.
2. Explain why GAAP is crucial for financial reporting and business practices in general.
3. Provide one example to illustrate the implementation of GAAP in the financial reporting of your chosen company, and explain.
4. Give one example when GAAP is not used by your chosen company. Explain how this will impact on the performance and valuation of the companies from the perspective of investors.