ch2 solutions - Gibson, Financial Reporting & Analysis,...

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Unformatted text preview: Gibson, Financial Reporting & Analysis, 11e Chapter 2 Introduction to Financial Statements and Other Financial Reporting Topics TO THE NET 1. Carol and Lawrence Zicklin Center for Business Ethics Research. Mission Statement Our mission is to sponsor and disseminate leading edge research on critical topics of business ethics. Each student will select an academic journal and an article from that journal. 2. Each student selects a company to summarize that companys code of conduct. 3. Each student selects a company to summarize a corporate scandal. 4. a. The IASB structure has the following main features: the IASC Foundation is an independent organization having two main bodies, the Trustees and the IASB, as well as a Standards Advisory Council and the International Financial Reporting Interpretations Committee. The IASC Foundation Trustees appoint the IASB members, exercise oversight and raise the funds needed, but the IASB has sole responsibility for setting accounting standards. b. Parts of the news release 2-27-06 was used for this example answer: The U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) today published a Memorandum of Understanding (MOU) that reaffirms the boards shared objective of developing high quality, common accounting standards for use in the worlds capital markets. Both boards believe that a common set of high quality accounting standards will enhance the consistency, comparability and efficiency of financial statements enabling global markets to move with less function. c. The adoption is by county summarized by domestic listed companies, and domestic unlisted companies. For example, the country Dominican Republic domestic listed companies, IFRSs required for all. For unlisted companies, IFRSs required for all. d. Selected IFRS 8 Reported here is a small part of the summary IFRS 8 requires an entity to report financial and descriptive information about its reportable segments. Reportable segments are operating segments or aggregations of operating segments that meat specified criteria. 24 Gibson, Financial Reporting & Analysis, 11e e. These model financial statements for the year ended 31 December 2006 illustrate the application of the presentation and disclosure requirements of international financial reporting standards (IFRSs) by an entity that is not a first-time adopter of IFRSs. They also contain additional disclosures that are considered to be best practice, particularly where such disclosures are included in illustrative examples provided with a specific standard. 5. COSO was originally formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private sector initiative which studied the casual factors that can lead to fraudulent financial reporting and developed recommendations for public companies and their independent auditors, for the SEC and other regulators, and for educational institutions.institutions....
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This note was uploaded on 03/05/2010 for the course ACCT 2 taught by Professor 2 during the Spring '10 term at École Normale Supérieure.

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ch2 solutions - Gibson, Financial Reporting & Analysis,...

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