FIN331 George Mason University Framework for Financial Reporting Paper

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pu2015

Writing

FIN331

George Mason University

Description

Accounting 331– Writing Assignment

Topic/Case:

In our study of the Conceptual Framework for Financial Reporting (Chapter 2), we noted that Faithful Representation was one of the key qualitative characteristics.

In your report,

  • Explain the importance of this characteristic,
  • List the elements that make up Faithful Representation and explain their relevance to today’s accounting environment within a business’ operations.
  • Explain how it relates to the overall objective of the Conceptual Framework for financial reporting
  • With respect to the Enron fraud, give one example where this characteristic was violated.

Format: The assignment length should be 2 to 3 pages, excluding cover page and references, with double spacing.

Please use the following page formatting for the assignment:

  • One-inch margins
  • Double-spacing
  • Size 12 Times New Roman font

Your write up should have the following sections:

  • Cover Page
  • Executive summary (a one or two paragraph condensed description of the issue and your suggested solution)
  • Analysis:
  • Conclusion
  • References (can also be included in the footnotes).
  • Name
  • Class title and section number
  • Due date
  • Description of the issue (facts)
  • Analysis of facts

Unformatted Attachment Preview

Accounting 331– Writing Assignment Summer Session 2019 Due by: Friday, June 21, 2019 (you may submit anytime before the due by date) You must submit the case in class in printed format and electronically through the Writing Assignment tab on Blackboard When writing up your case assignment, you must appropriately cite accounting guidance which support your arguments. Your memo should be substantive in nature and to the point. However, the discussion should be thoughtful and well developed. Answers, even if correct, without sufficient discussion and thoughtful analysis are not sufficient. Topic/Case: In our study of the Conceptual Framework for Financial Reporting (Chapter 2), we noted that Faithful Representation was one of the key qualitative characteristics. In your report, 1. Explain the importance of this characteristic, 2. List the elements that make up Faithful Representation and explain their relevance to today’s accounting environment within a business’ operations. 3. Explain how it relates to the overall objective of the Conceptual Framework for financial reporting 4. With respect to the Enron fraud, give one example where this characteristic was violated. Format: The assignment length should be 2 to 3 pages, excluding cover page and references, with double spacing. Please use the following page formatting for the assignment: 1. One-inch margins 2. Double-spacing 3. Size 12 Times New Roman font Your write up should have the following sections: 1. Cover Page a. Name b. Class title and section number c. Due date 2. Executive summary (a one or two paragraph condensed description of the issue and your suggested solution) 3. Analysis: a. Description of the issue (facts) b. Analysis of facts 4. Conclusion 5. References (can also be included in the footnotes). Grading policy: The assignment will be graded on the following two criteria: 1. Content - Original thinking and an ability to focus on the issue and the relevance of your discussion and adherence to report requirements (worth 10 points). 2. Communication – Quality of writing including language, spelling (worth 10 points). For each of the aforementioned criteria, you will earn the following points on each based on the assessment: Highly competent – 10 points, Competent – 8 points, Marginally Competent – 5 points, Not Competent – 0 points. For the content grade, additional points will be deducted for not adhering to report requirements and length (outlined on page 1). Accessing Accounting Research Manager/Accounting Standards You may find it useful to use the Accounting Research Manager to address your topic. This resource will provide you with free access to codified accounting standards. To access Accounting Research Manager: 1. Go to https://library.gmu.edu 2. Click the table titled “Articles & more” 3. Search for “Accounting Research Manager” The GMU library site will also provide you of other databases you may use to research your topic.
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Explanation & Answer

Attached.

Running head: FINANCIAL ACCOUNTING

1

Financial Accounting
Institutional Affiliation
Date

FINANCIAL ACCOUNTING
Executive Summary
According to Conceptual framework for financial reporting is a document that indicates
the general rules or concepts that must be followed while doing financial reporting. It is a broad
area that covers all section aspects of financial reporting. It is important for the business
corporation to follow the laid framework to eliminate potential frauds. Financial reporting is
essential for investors, creditors, and other lenders. Accurate financial information indicates
whether the business is worth investing or not. Similarly, it indicates what the company owes the
lenders. The conceptual framework for financial reporting is instrumental to the investors,
lenders, and other creditors as it makes helps them to make informed decisions. Also, it indicates
that organizations shall provide reports about their economic resources and claims, changes in
the economic resources and claims resulting from the financial performance, and other events.
The financial performance of an organization is reflected by the accrual accounting or by the past
cash flows. Also, it summarizes in the qualitative characteristics of the financial information so
that information becomes useful to its users (Mala & Chand, 2015). One key qualitative
characteristic that are presented in the conceptual framework for financial reporting faithful
representation, which means that the information must not only be rele...


Anonymous
This is great! Exactly what I wanted.

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