Week 9 Discussion 1
"Internal Controls" Please respond to the following:
- From the e-Activity, examine the importance of the audit committee oversight related to the quality of the internal controls of an organization. Analyze the audit committee’s responsibilities regarding risk assessment and internal control monitoring. Indicate whether or not the audit committee is the best to perform the function.
- Contrast the opinion provided by the independent auditor concerning management’s assessment of internal controls over the financial reporting system with the audit opinion on the financial statements in general. Argue for providing both a qualified opinion over the financial reporting system and an unqualified opinion on the financial statements.
Week 9 Discussion 2
"Apple, Inc." Please respond to the following:
- From the case study, in 2009, the FASB issued a ruling related to income recognition from multiple element sales involving software to various stakeholder groups. Evaluate the impact of Apple’s retrospective restatement of its financial statements resulting from FASB’s ruling. Provide support for your rationale.
- From the case study, examine the influence of both Apple’s reported deferred revenue and the lobbying by Apple executives on FASB’s ruling. Indicate your agreement or disagreement with Apple’s attempt to influence FASB’s ruling.
Week 10 Discussion 1
"Taxes" Please respond to the following:
- From the e-Activity, create a scenario reflecting the differences between GAAP and international accounting standards for taxes. Determine which reporting standard best reflects financial reporting for taxes, and support your position.
- Examine the impact of FIN 48 (Accounting for the Uncertainty in income taxes) on GAAP reporting. Identify the benefits of the requirements on financial reporting. Assess whether FIN 48 was necessary, and support your position.
Week 10 Discussion 2
"Bethlehem Steel Corporation's Deferred Taxes"Please respond to the following:
- From the case study, evaluate Bethlehem Steel’s valuation allowance in relation to the company’s ability to use deferred tax benefits in the future. Justify the position taken by Bethlehem Steel in the financial statements.
- From the case study, clarify the temporary differences identified in the tax footnote to Bethlehem Steel’s 2000 10-K due to employee benefits, depreciable assets, and the tax loss carried forward. Indicate what a user of the financial statement information can glean from reading the tax footnote to Bethlehem Steel’s 2000 10-K.