a. Locate the definition of a Discussion Memorandum. (This can be found by researching
on the Internet. Try the FASB web site.) Cut and paste the definition into the space
b. Using the FARS research database, review Statements of Financial Accounting
Concepts No. 1(SFAC No. 1). Prepare a memo to Angeles Ochoa that includes the
1) Identify the three objectives of financial reporting as presented in Statements of
Financial Accounting Concepts No. 1(SFAC No. 1)
2) Describe the level of sophistication expected of the users of financial information
by SFAC No. 1.