Sunday, May 17, 2020

Essay on Financial Accounting Theory and Analysis” Text...

Financial Accounting Theory and Analysis† Text and Cases Case 1-2 Accounting Ethics a. What, if any, ethical issue is involved in this case? Legally the financial vice president is not obligated to move to the new standard; however, I do see an ethical issue with this decision. The ethical decision lies in the fact that the vice president is knowingly presenting financial statements that do not reflect the true condition of the company. This is a great example of the line between ethics and law. Technically, if one is not breaking a law, then one is not creating fraud; however, this does not imply that the actions are not controversial, particularly if they impact employees’ well beings. As CPA and auditors, it is not our job†¦show more content†¦Hoger may not see the immediate impact in her career for her actions, but the world of accounting is an industry where good praise will spread quickly and go far. Her unconventional forwardness and emphasis on credibility and dependability is seen by the vice president and all involved. She is a true professional. If the vice president’s final decis ion is followed through, then hopefully she’ll be permitted to make a note in the financial statements or speak to her point when the deceitfulness of the statements is brought to the surface. I also like to think that she’ll sleep better at night. d. Who might be affected by the decision against early implementation? Those currently invested in the company, potential investors, lenders, and other creditors will be impacted. Information that is decision-useful to capital investors is also used by managers and executives to make important, impactful determinations about business operations. Ironically, by pretending the problem is not present, the vice president is creating a huge revenue-impacting nightmare for his company and setting-up for his own downfall. He is presenting phony information that will cause poor business decisions to be made by managers and executives of the company. The (unknown to be poor at the time) poor decisions can snowball into excess expenses, horrendous operational and production process changes, and lay-offs. This will all fall on the viceShow MoreRelatedCct 300B. Intermediate Accounting . Course Information1686 Words   |  7 PagesCCT 300B INTERMEDIATE ACCOUNTING Course Information and Policies Spring 2017 Instructor: Hyeesoo (Sally) Chung, Ph.D. Office: CBA-411 Phone: (562) 985-5908 Email: hyeesoo.chung@csulb.edu Office Hours: TTH,12pm – 1:30pm; or by appointment. 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