Business Finance
Course Project:Notes to the Financial Statements

Question Description

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Objectives The objective of this project is to give the students an opportunity to learn how to develop notes to the financial statements. This will include determining which items need to be included in the notes, which items need to have additional information provided in the notes, how the notes should be written, and the use of proper grammar in writing the notes. The students will also learn how to write professional and business information in a comfortable, easy manner in which readers can understand what is being written and what is meant by what is written. Description During the course you will be required to develop a Course Project having to do with writing notes for the financial statements of a fictitious Company. Create Income Statement, Retained Earnings Statement and Balance Sheet for a fictitious Company. While creating the financial statements make sure that you include relevant items, to be able to write the disclosure notes for the items detailed below. You will hand in the project at the end of Week 7 .In order to assist you in writing the notes, you may use the notes for Proctor & Gamble, as shown on pages 246–277, or you may use those shown as examples in Chapter 24. Although you may use these as an example, you are not to use their actual notes, or the notes from any other company, because this would be considered plagiarism (and if discovered, would result in a grade of “F,” or zero points for the assignment). Your project should consist of, but not be limited to, the items below. Note 1: Significant Accounting Polices (consisting of at least 10 items) Notes 2–10+: Consisting of at least the items below. Inventory Property, Plant, & Equipment Contingencies and Liabilities Changes in Accounting Principles or Estimates Post Balance Sheet Events Mergers and Acquisitions Lease Obligations EPS Long-Term Debt Employee Pension Obligations If you have any questions, please feel free to contact your instructor. Good luck. Guidelines • • • The notes will include as "Summary of Significant Accounting Principles" as Note 1. The notes will then include detailed information about at least 10 different items that are usually contained in the notes to the financial statements. The student will gain experience in writing business topics and the need to have detailed information provided in the notes to the financial statements. The project for this course is a continuation of the instruction that you received in ACCT550, Intermediate Accounting I. In ACCT550, you developed a comprehensive balance sheet and single-step income statement. These two financial statements are the cornerstone of the financial statements that each company must prepare and have available for investors, creditors, and shareholders to review. As part of the company’s financial statements, each annual report includes an extensive section of notes to the financial statements. The objective of this project is to give the students an opportunity to learn how to develop notes to the financial statements. The project is writing notes for a fictitious annual report. Although you may use the P&G annual report as an example/guide (in Doc Sharing), you are not to use their actual notes, or the notes from any other company, because this would be considered plagiarism (and if discovered, would result in a grade of “F” or zero points for the assignment). Also, this is not a critique of the notes…you are creating these notes from “scratch”. If you feel you need to create financials…keep it simple...round numbers used for illustration purposes only…NO PART of the grade’s points are allocated to the Financial Statements – See grading rubric. Your project should consist of; Note 1: Significant Accounting Polices (consisting of at least 10 items) Notes 2–10+: Consisting of at least the items below (in other words…these are required). Inventory Property, Plant, & Equipment Contingencies and Liabilities Changes in Accounting Principles or Estimates Post Balance Sheet Events Mergers and Acquisitions Lease Obligations EPS Long-Term Debt Employee Pension Obligations [You can add additional items but it is not necessary – but these notes need to be covered and a note stating that “this company does not do this type of transactions” is not acceptable. ] Making proper selection of items to be included in the notes to the financial statements (24 points): Determine what info should be included in Note 1 (24 points): Determine the detail information that should be included in Notes 210+ (60 points): Proper Use of good business writing (12 points): I recommend that you spellcheck and keep it well organized. (I always spellcheck and will take points off your project) We will be using TURNITIN system (please refer to the article titled “Integrated Turn It In for Students” in DocSharing) If the report is other than green you may want to revisit your paper. Further Guidance for the Project (besides my announcement and the project link): ASC 235-10-50-6 Notes to Financial Statements Disclosures: This subtopic recognizes the need for flexibility in matters of format (including the location) of disclosure of accounting policies provided that the entity identifies and describes its significant accounting policies as an integral part of its financial statements in accordance with the provisions of this Subtopic. Disclosure is preferred in a separate summary of significant accounting policies preceding the notes to financial statements, or as the initial note, under the same or a similar title. In other words…try to have fun with it. There are ten required notes (see announcement & project link). I would expect at least a page/page and half for the first note…a couple of paragraphs for notes 2-10. For "The Significant Accounting Policies (Note 1)"...I do not dictate the policies to discuss....but I do suggest just the basics...what has been covered in the book up to now. Also, as this is a fictitious company…there should be a note for each required topic and not just…”this company does not have inventory, PPE or any other topic”. Keep it well organized (as if you are presenting to an investor or banker) and SPELL CHECK. (Spell check is my “pet peeve” and I will spell check every paper…and will deduct points if it stops to check a word). This is a fictitious company.... financial statements are not required (or graded) but if you need numbers...invent them. If you would like a starting point....use the financials created in Intermediate I's project. Please remember this should be your original notes (not a critique of another published annual statement). We will be using TURNITIN system (please refer to the article titled “Integrated Turn It In for Students” in DocSharing) If the report is other than green you may want to revisit your paper. …and try to have fun with it! ...
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