Gloria Deal AC 501 Unit 4 Assignments AIA14
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Gloria Deal AC 501 Unit 4 Assignments AIA14

Course Number: AC 501, Spring 2012

College/University: Kaplan University

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Gloria Deal AC501: Financial Accounting and Reporting Unit 4 Assignment AIA AIA 14-10 (Fair Value) Addison Manufacturing holds a large portfolio of debt and equity securities as an investment. The fair value of the portfolio is greater than its original cost, even though some securities have decreased in value. Ted Abernathy, the financial vice president, and Donna Nottebart, the controller, are near year-end in...

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Deal AC501: Gloria Financial Accounting and Reporting Unit 4 Assignment AIA AIA 14-10 (Fair Value) Addison Manufacturing holds a large portfolio of debt and equity securities as an investment. The fair value of the portfolio is greater than its original cost, even though some securities have decreased in value. Ted Abernathy, the financial vice president, and Donna Nottebart, the controller, are near year-end in the process of classifying for the first time this securities portfolio in accordance with FASB Statement No. 115. Abernathy wants to classify those securities that have increased in value during the period as trading securities in order to increase net income this year. He wants to classify all the securities that have decreased in value as available-for-sale (the equity securities) and as held to maturity (the debt securities). Nottebart disagrees. She wants to classify those securities that have decreased in value as trading securities and those that have increased in value as available-for-sale (equity) and as held-tomaturity (debt). She contends that the company is having a good year and that recognizing the losses will help to smooth the income this year. As a result, the company will have built-in gains for future periods when the company may not be as profitable. Instructions Answer the following questions. (a) What classifying the portfolio as each proposes actually have the effect on earnings that each says it will? (b) Is there anything unethical in what each of them proposes? Who are the stakeholders affected by their proposals? (c) Assume that Abernathy and Nottebart properly classify the entries portfolio into trading, available-for-sale, and held-to-maturity categories. But then each proposes to sell just before year-end the securities with gains or with losses, as the case maybe, to accomplish their effect on earnings. Is this unethical? Answer: (a) When you are classifying the securities as propose they will indeed have the effect on net income that they say it will. When classifying all the gains as trading securities will cause all the gains to flow through the companys income statement this year and classifying the losses as available-for-sale and held-to-maturity will defer the losses from this years companys income statement. When classifying the companys gains and losses just the opposite will have the opposite effect. (b) Since it is knowingly not in accordance with the GAAP what each proposes is unethical. The companys financial statements are fraudulently, not fairly, stated. The companys affected stakeholders are other members of the companys directors and officers, the independent auditors, company employees, the stockholders, and the prospective investors. (c) The act of selling certain securities (those with gains or those with losses) is the managements choice and is not unethical. However generally accepted accounting principles allow the sale of selected securities so long as the inventory method of assigning cost adopted by is consistently applied. If the companys officer acts in the best interest of the company as well as its stakeholders, and in accordance with the GAAP, and not in their own self-interest, their behavior is more than likely ethical. By one knowingly engaging in unsound and poor business and accounting practices that waste assets or that misstates financial statements is behavior that is unethical. Excellent work on the case discussion! It was well thought out and extremely well written! You certainly seemed to have understood what you read and were able to apply it. Great job! If you have any questions please do not hesitate to let me know. You have met all of the grading rubric requirements for full credit! Chad Answered questions with appropriate details 40 Points Spelling and grammar structure proper 20 Points Proper APA formatting and source uses 10 Points

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