Intermidiate Accounting

| August 31, 2017

(1) Identify and then fully discuss the main issues stated by accountants via public comment regarding reclassification of OCI.

(2) Discuss how viewing this Webcast furthered your understanding of the accounting standard-setting process.

(3) Take a position on the following statements and provide your rationale: Is there a true distinction between earnings management and earnings manipulation? Can earnings management lead to earnings manipulation?

(4) Determine the standards that should be adopted to eliminate earning management. State the impact SOX has on earning management. Provide a rationale with your response.

(5) Speculate as to why the SEC ignored Harry Markopolos’ warnings regarding the Bernie Madoff Ponzi scheme. Provide evidence or examples to support your speculation.

(6) Propose one recommendation to the SEC for improving its ability to detect organizational irregularities in the future.

(7) Discuss the environmental factors that are contributing to the explosion of demand for forensic accounting and predict what is likely to happen to demand in the future.

(8) Reflect on whether a career in forensics accounting is a good fit for you. Indicate your reasons in your response.

(9) Compute the following financial ratios for each company you researched: current ratio, asset turnover, rate of return on common stock equity, and book value per share. Based on these ratios, which of the two companies would you invest in and why?

(10) IAS 10 discusses the treatment of events after the balance sheet date. Under IFRS, subsequent events are evaluated through the date that the financial statements are “authorized for issue.” Under U.S. GAAP, subsequent events are evaluated through the date that the financial statements are issued or are available to be issued. This reflects a potential difference between IFRS and GAAP. Assess why this difference exists.

(11) Evaluate the impact of the difference mentioned above on financial reporting under GAAP and IFRS.

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