Problem
1. Would changing the asset definition in the conceptual framework to one concerned with property rights have any other ramifications? Discuss.
2. Is capital maintenance oriented toward proprietary theory or entity theory?
3. Do you see any inconsistency in snc No. 1, which sees financial statements as general purpose but geared primarily toward investors and creditors? 20. Do you see any inconsistency between the present value of assets and liabilities in SFAC Na 7since the latter is based on a firm-specific discount rate and the former does not use a firm-specific rate? Discuss.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.