Accounting

answer the following 8 Accounting,
DISCUSSION 1: “Accounting Standards”
– Go to GASB Website, located at http://www.gasb.org. Under the tab About GASB, read: Mission, Vision, and Core Values; Facts About GASB; and the Full Strategic Plan. Be prepared to discuss.
– Go to http://www.fasb.org. Read the mission statement of FASB and be prepared to discuss.
Then, respond to the following:
• From the e-Activities, assess the role of GASB and its effectiveness with achieving its mission. Explain if the GASB’s oversight of governmental accounting is as effective as the FASB’s over financial standards for-profit entities.
• Discuss the differences between governments, not-for-profits, and for-profit businesses and how those differences affect financial reporting. Provide specific examples to support your response.
DISCUSSION 2: “Government Reporting”
• Determine the difficulties of developing principles that are appropriate for governments within different categories (i.e., cities versus countries), as well as the best way to address those difficulties.
• Discuss possible solutions to the difficulties of establishing principles that enable governments to satisfy all three elements of GASB’s first objective of financial reporting in a single statement of revenue and expenditures or balance sheet.
DISCUSSION 3: “IFRS versus US GAAP”
– Click here to compare and contrast information related to leases for IFRS and US GAAP.
Then, respond to the following:
• Discuss the similarities and differences between the indicators of finance leases under IFRS and the criteria for capitalizing leases under U.S. GAAP.
• Explain which approach you believe most accurately reflects the information on the financial statements.
DISCUSSION 4: “Accounting Irregularities at Xerox”
• Discuss the business environment at Xerox and the factors that may have motivated fraudulent activity.
• Evaluate the alleged accounting errors and the materiality of each. Discuss whether or not you believe that the lease activity at Xerox was fraudulent.
DISCUSSION 5: “Property Taxes and Nonexchange Transactions”
– Go to the GASB Website to read the article titled “Summary of Statement No. 33,” dated December, 1998, located at http://www.gasb.org/cs/ContentServer?c=Pronouncement_C&pagename=GASB%2FPronouncement_C%2FGASBSummaryPage&cid=1176156699347. Be prepared to discuss.
Then, respond to the following:
• Discuss how property taxes are treated differently in the governmental funds statements as opposed to the governmental wide statements? Do you agree with this treatment? Why or why not?
• From the e-Activity, discuss the accounting treatment of nonexchange transactions with a focus on the difference between government-mandated and voluntary nonexchange transactions. Evaluate the potential impact of time restrictions on revenue recognition for nonexchange transactions. Rationalize the difference in time restrictions for mandatory nonexchange reporting and voluntary nonexchange reporting.
DISCUSSION 6: “Revenue Recognition”
– Go to the GASB Website to read the article titled “GASB Establishes Symmetry between Recipients and Providers in Accounting for Certain Shared Revenues”, dated May 5, 2000, located at http://www.gasb.org/cs/ContentServer?c=GASBContent_C&pagename=GASB/GASBContent_C/GASBNewsPage&cid=1176156695461. Be prepared to discuss.
Then, respond to the following:
• From the e-Activity, identify the potential issues resulting if Statement No.36 had not been issued by GASB. Assess whether or not GAAP require similar treatment for revenue recognition for nongovernmental entities and provide a rationale for any differences in treatment.
• Evaluate Statement No. 36 and GAAP revenue recognition requirement. Provide a rationale for the differences in accounting treatment.
DISCUSSION 7: “IFRS vs. GAAP – Earnings per Share”
– Click here to review the information.
Then, respond to the following:
• Discuss the significant differences between the two approaches. Identify which you prefer and state why.
• The convergence process is likely to lead to the acceptance of the IFRS approach. Explain whether or not you agree with this decision.
DISCUSSION 8: “Arby’s Acquires Wendy’s”
• Discuss the concerns the SEC has when requiring 5% or more ownership in a publically traded company to be disclosed.
• Discuss how a company’s board of directors can impact the operational and financial performance of the company.
• Determine whether or not Triarc’s acquisition of Wendy’s through a stock swap was good for either company and state your rationale.
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