Used a 150 words each

 

 

 

The Importance of Financial Statements”

·         Public companies are required to publish annual financial statements. Suggest the major benefits of companies making financial statement information available to employees. As an employee, discuss what financial information would be of value to you. Provide at least two (2) specific examples on why the information is important.

·         Briefly explain generally accepted accounting principles (GAAP), and describe why it is important that public companies follow GAAP when preparing financial statements. Also, give your opinion on whether private companies should be required to follow GAAP. Provide a rationale for your opinion.  

 

 

“Capital Leases and Operating Leases”

·         The new leasing standard accounting Standards Update (ASU) 842 will require lessees to recognize the assets and liabilities on the balance sheet created by the leases. This standard update will eliminate the primary form of off-balance sheet accounting and require additional disclosures on leasing transactions. Use the Internet or Strayer Library to research the provisions of (ASU) 842 applicable to the lessee. Identify two (2) material differences in lease reporting under the new standard and assess the impact on financial reporting. Speculate on the future impact the implementation of the new standard will have on investors.

 

 

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Each should be 150 word each, no cover page

Accounting for Income Taxes and Losses”

·         A deferred tax asset exists when there is an increase in future tax refunds as a result of deductible temporary differences at the end of the current period. A deferred tax liability in comparison is the result of a taxable temporary difference for the current period that is payable in future years.  Imagine you are the controller of a growth company with deferred tax assets and deferred tax liabilities. The chief financial officer has requested justification for establishing a full valuation allowance for its deferred tax assets. The deferred tax asset account primarily results from accumulated net operating losses, bad debts, and warranties. The company also has deferred tax liabilities resulting from depreciation. The company is expecting to become profitable in the next year. What factors should the company consider in determining the need for a valuation allowance? Create an argument for or against a full valuation allowance for its deferred tax assets. Provide examples to support your recommendation. 

Note: Go to FASB Codification at http://aaahq.org/ascLogin.cfm for assistance with your response. (Note: A login and password are required to access this site and are available from your Professor.)

 

“Pension Plans”

·         According to the textbook, the defined contribution plan and defined benefit plan are the most popular pension plans used by employers. Employers have changed from traditional defined benefit plans to defined contribution plans with no major company establishing a traditional pension plan in the past decade. Differentiate between the defined contribution pension plan and the defined benefit plan. What are the major differences in accounting for defined contribution plans and defined benefit plans? Assess the most likely reasons this trend has occurred and the future impact on accounting for pensions.   

 

 

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