Verizon Communications.docx - Running head VERIZON COMMUNICATIONS Verizon Communications Name Institution 1 VERIZON COMMUNICATIONS 2 Verizon

Verizon Communications.docx - Running head VERIZON...

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Running head: VERIZON COMMUNICATIONS 1 Verizon Communications Name Institution
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VERIZON COMMUNICATIONS 2 Verizon Communications Inc. Verizon Communications Inc. is a telecommunications corporations that provides communication, information and entertainment services to consumers –government agencies, businesses and members of different households –through wireless and wireline segments in the United States. Currently, Verizon Wireless is dominating in cell phone service provision in the United States. It has more than 140vmillion subscribers and it is famous for quality services as well as wide coverage within the strongest LTE Network (Verizon Communications Inc. 2019). This paper will focus on the disclosure requirement on accounting policies, analysis of types of auditor’s reports, segmented information, and importance of management analysis and discussion in annual report. Disclosure requirement on accounting policies When talking of accounting disclosure, it implies the requirements needed in recognizing the financial policies of a company. Such policies are the accounting strategies that the company incorporates in reporting its financial information ( Leuz & Wysocki, 2016). It indicates the expenses and profits over a time. Disclosure of accounting policies and statements is useful for both existing and potential investors. This disclosure comprises financial statements such as the statement of financial position, statement of comprehensive income, the statement of cash flow, and the statement of changes in stockholder’s equity. Fundamentally, disclosure of accounting policies discloses any affair or situations that have influence on financial statements of the company (Leuz & Wysocki, 2016). Companies incorporate in their system legal systems which require every company to disclose its accounting policies. As a result, various countries have established laws and
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VERIZON COMMUNICATIONS 3 regulations on when and how accounting disclosures should be made (Leuz & Wysocki, 2016). The disclosures are presented in annual reports and other forms such as company publications. Currently, the law requires companies to disclose their accounting policies to shareholders and investors as well other the parties interested in the company to avoid misrepresentation and fraudulent investments ( Leuz & Wysocki, 2016). This helps investors to make right and informed investment decisions. Verizon Communications, as a public corporation is required to make disclosures in different areas of its financial reports. Two of the areas of disclosures include disclosure of Consolidation of financial statements and Revenues recognition. The consolidated financial statements of the company include controlled subsidiaries and variable interest entities (VIE) in which they are deemed the primary beneficiary (Verizon Communications Inc. 2019). The method of accounting in consolidation of financial statements includes assessment of all
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