Essay on Financial Accounting Theory and Analysis” Text...

Financial Accounting Theory and Analysis† Text and Cases Case 1-2 Accounting Ethics a. What, if any, ethical issue is involved in this case? Legally the financial vice president is not obligated to move to the new standard; however, I do see an ethical issue with this decision. The ethical decision lies in the fact that the vice president is knowingly presenting financial statements that do not reflect the true condition of the company. This is a great example of the line between ethics and law. Technically, if one is not breaking a law, then one is not creating fraud; however, this does not imply that the actions are not controversial, particularly if they impact employees’ well beings. As CPA and auditors, it is not our job†¦show more content†¦Hoger may not see the immediate impact in her career for her actions, but the world of accounting is an industry where good praise will spread quickly and go far. Her unconventional forwardness and emphasis on credibility and dependability is seen by the vice president and all involved. She is a true professional. If the vice president’s final decis ion is followed through, then hopefully she’ll be permitted to make a note in the financial statements or speak to her point when the deceitfulness of the statements is brought to the surface. I also like to think that she’ll sleep better at night. d. Who might be affected by the decision against early implementation? Those currently invested in the company, potential investors, lenders, and other creditors will be impacted. Information that is decision-useful to capital investors is also used by managers and executives to make important, impactful determinations about business operations. Ironically, by pretending the problem is not present, the vice president is creating a huge revenue-impacting nightmare for his company and setting-up for his own downfall. He is presenting phony information that will cause poor business decisions to be made by managers and executives of the company. The (unknown to be poor at the time) poor decisions can snowball into excess expenses, horrendous operational and production process changes, and lay-offs. This will all fall on the viceShow MoreRelatedCct 300B. Intermediate Accounting . Course Information1686 Words   |  7 PagesCCT 300B INTERMEDIATE ACCOUNTING Course Information and Policies Spring 2017 Instructor: Hyeesoo (Sally) Chung, Ph.D. Office: CBA-411 Phone: (562) 985-5908 Email: hyeesoo.chung@csulb.edu Office Hours: TTH,12pm – 1:30pm; or by appointment. Class: TTH, 10am – 11:50am, Section 03, Call #6682, CBA-227 TTH, 2pm – 3:50pm, Section 04, Call #6683, CBA-218 Course Description: Accounting theory including recording, valuation, and statement presentation of assets, liabilities, capital, and earningsRead Moreintermediate accounting 2 test bank Essay8318 Words   |  34 PagesIntermediate Accounting Kieso 15th Edition Test Bank Click here to download the solutions manual / test bank INSTANTLY!!! http://www.solutionsmanualtestbanks.com/2013/05/intermediate-acc ounting-kieso-15th-edition-test-bank.html Intermediate Intermediate Intermediate Intermediate Accounting Accounting Accounting Accounting Kieso Kieso Kieso Kieso 15th Edition Test Bank 15th Edition Test Bank Weygandt Warfield 15th Edition Test Bank Weygandt Warfield 15th Edition Test Bank Read MoreThe Cap Issue Accounting Standards1001 Words   |  5 Pages1 a. In order to develop a comprehensive set of accounting standards, The Committee on Accounting Procedure (CAP) was formed by the American Institute of Certified Public Accountants(AICPA) in 1939. However, the CAP issue accounting standards case-by case without overall accounting theories. In addition, CAP requires all members be AICPA members, ignoring financial execs, academics and investors. In 1959, CAP was replaced by the Accounting Principles Board (APB). The board members of APB were fromRead MoreWorldcom Failure1194 Words   |  5 Pages2001, the company’s financial condition began to decline due to the slowing telecommunications industry, which eventually put pressure on the company’s executive officers to increase profits (Jonesington, 2007, p. 1). Unfortunately, the executive officers made decisions to commit accounting fraud by falsifying documents to reflect a positive cash flow rather than a negative one. All the individuals involved pleaded guilty to f raud and conspiracy charges (Jonesington, 2007, p. 1). The reason forRead MoreEbooks Solution Manuals and Test Banks for Text Books19223 Words   |  77 PagesEmeritus,Patricia Ketcham 12 Test Bank Accounting and Auditing Research Tools and Strategies by Weirich, Pearson, Churyk 7 Cases Solutions Accounting and Auditing Research Tools and Strategies by Weirich, Pearson, Churyk 7 Solution Manual Accounting by Carl S. Warren, James M. Reeve 24 Instructor’s Manual Accounting by Carl S. Warren, James M. Reeve 24 Test Bank Accounting Concepts and Applications by Albrecht, Stice, Stice, Swain 11 Instructor’s Manual Accounting Concepts and Applications by AlbrechtRead MoreAcct 3708 Lecture Pdf1701 Words   |  7 PagesUniversity of New South Wales School of Accounting Auditing and Assurance Services 2013 LECTURE 1 Introduction to the Audit Function Assurance Framework Australian Corporate Audits Auditing Standards Lecture Overview †¢ Announcements †¢ Overview course requirements †¢ Introduction to the course – Assurance – Auditing – Legal requirements – Auditing standards Announcements †¢ 1. Tutorial Allocation – Once classes are full no more will be admitted – No new classes will be scheduled Read MoreAssignment 1 Research Of Emerging Accou1725 Words   |  7 Pagesï » ¿ Assignment 1: Research of Emerging Accounting Issues Abstract This paper I’ll research the most important impact that the mission of the Emerging Issues Task Force (EITF) exerts upon the Financial Accounting Standards Board (FASB); analyze the EITF’s effectiveness with finding resolutions to emerging accounting issues by research the issues from the EITF’s â€Å"Description and Status of Current Issues† such as 9/11 and analyze at least the primary mannerRead MoreAccounting 541: Audit of Share-Based Payment and Special Purpose Entities1665 Words   |  7 Pages(SPE) Reporting This executive memo is a summary and analysis of our audit findings for the client, a publicly traded company, and its financial practices. Please review this correspondence in accordance with your request. We look forward to meeting in person for further discussion and to make an informed recommendation about if this client’s policies are consistent with GAAP. Share-Based Payment Reporting In 2004 the Financial Accounting Standards Board (FASB) released Statement No. 123 thatRead MoreThe Evolution Of The Accounting Profession1134 Words   |  5 PagesDiscussion Board 1: Case 1-5: The Evolution of the Accounting Profession Throughout history the accounting profession has seen continuous growth. It has even been discovered that an elaborate accounting system was utilized as early as 8000 to 3000 B.C. (Schroeder, Clark, Cathey, 2014). Humans have deemed it necessary for centuries to account for money and inventory items. In the nineteenth century, the accounting profession took another major step forward when the joint ventures evolved into corporationsRead MoreThe Relationship Between Fasb and Iasb1490 Words   |  6 PagesMarch 14, 2011 Delphine L. Agnor Wolsker The Relationship Between FASB and IASB Introduction The International Accounting Standards Board (IASB) was created after the Financial Accounting Standards Board (FASB) to establish a single set of accounting procedures and standards for both boards. The process has not always been an easy one, but the goal of merging the accounting standards globally overrides the disagreements. Overcoming impediments, such as language, culture, economic and political