Accounting Financial Statements
Communication of financial information can take many forms. One of management’s responsibilities, with the assistance of the financial team of the organization, is to comply with generally accepted accounting principles in the US and SEC reporting requirements. Yet many external users of the company’s financial statements may not always understand what that means or why it is necessary. This is sometimes exacerbated by the media as well – frequently the focus is on meeting earning expectations rather than following ethical and regulatory requirements.
The case this week involves all of those considerations. It is important to understand what US GAAP requires and then what are the judgmental parameters within which management can act. The case is C1-6 on page 55 and 56 of your text.Read the case and prepare your summary of ONE major issue the company faces and your recommendation.
Your initial post is due by Wednesday, Oct. 23. You are to respond to a MINIMUM of THREE posts of your classmates by Friday, Oct. 25. Responses should be thoughtful, relevant and provide new information and/or ideas. Feel free to attach any related readings or information you found so that everyone can access the information. Be sure and review the Guidelines for DiscussionPreview the documentView in a new window prior to posting. The discussion closes on Sunday, Oct. 27.
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