On your own, create a fictitious fact pattern (accounting problem / business issue) to which you can apply the accounting research process. If you can, use a fact pattern based on a real situation that you've encountered professionally. Alternatively, the following sources may help you generate ideas: (1) The Codification: browse for guidance, then "back into" a fact pattern; (2) recent business news articles (e.g., from the Wall Street Journal); (3) discussions with small-business owners; or (4) corporate annual reports.
Required:
Describe the fact pattern.
Identify at least 1 researchable question for this fact pattern.
Brainstorm the likely answer to the question.
Locate the applicable Codification reference. Describe the requirements, plus any alternatives available.
Briefly describe your conclusion.
(Look up big 4 guides on any accounting topic (revenue recognition, leases, business combinations, etc) and search through for a few illustrative examples.)
a. Sometimes possible to refine the search further, depending on
the nature of the research question
b. Check the applicability of cross-references to be certain that
you have done a thorough search of the literature
c. Search for various terms within the Codification using the
search engine
Take the time to read it thoroughly, keeping in mind that much of the language used is highly technical and complex
Decide on the best financial reporting treatment
Accountants use judgment to work down the levels of the hierarchy
and sometimes have to utilize a similar transaction that is covered
in the authoritative literature
Accountants compare various treatments and identify the alternative
that will result in the most faithful representation of the
economic event
Accountants will document and communicate the results of the
research process, such as, a memo to the file or a client
letter.
Include documentation from all the proceeding steps:
1. Facts of the business transaction
2. Research question
3. Analysis of the issue
4. Recommendation
write clearly and concisely to address the research question and
communicate all relevant information
Be organized and methodical in the decision-making process
Generate alternatives, even when you think you have already arrived
at the correct answer
Document your rationale about the alternatives
Delay your final judgment until you have gathered all of the facts
and information and have considered all of the alternatives
New standards should provide better and more transparent
financial information that will assist users in making more
effective investment and credit decisions
Allow management discretion in selecting accounting methods,
applying those methods, and changing methods or estimates which
can:
i. Reduce comparability between firms
ii. Result in differences with a firm over time
Tendency to use data that are most readily available
Be more confident than your abilities and experience level would objectively warrant
Decision makers underweight information that is not consistent
Members of group avoid conflict
Decision maker focuses on one piece of information
In need of information to determine the appropriate reporting
treatment for a business transaction
For when the analysis and interpretation of an economic even or
account standard is not clear and thus requires judgment
Analysts use reported information to provide guidance to
individuals and other entities in making investment and credit
decisions
Release earnings forecasts
On your own, create a fictitious fact pattern (accounting problem / business issue) to which you...
Create a fictitious fact pattern (accounting problem/ business issue) to which you can apply the accounting research process. Use the codification to generate ideas (Browse for guidance, then "back into" a fact pattern)
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