Briefly discuss some major challenges facing the accounting profession… please summarize the 5 problems with financial reporting thanks…. Nonfinancial measurements: Items such as customer satisfaction, backlog information, and rejection rates on goods purchased are excluded Forward-looking information not included Soft assets: intangibles such as market dominance, expertise in supply chain management, and brand image are excluded. Timeliness, including real-time financial statement information, is missing. Understandability of Financial reports