Select a Staff Accounting Bulletin from the Securities and Exchange Commission's website. Summarize that bulletin and state whether or not you agree with the SEC's position and the reasons for your position. Reference United States Securities and Exchange Commission. (n.d.). Selected staff accounting bulletins. https://www.sec.gov/regulation/staff-interpretatio... Do the discussion first then do the response each posted below. Posted 1 SEC Staff Accounting Bulletin: No. 101B – Second Amendment: Revenue Recognition in Financial Statements This SEC staff accounting bulletin No. 101 was released on December 3rd, 1999. The bulletin had to do with the SEC wanting to apply generally accepted accounting principles to selected revenue recognition issues. Shortly after, the SEC released Staff Accounting Bulletin No. 101B. It has to do with the countless letters the SEC was getting regarding the amount of time they were giving companies to determine the effect on registrant's revenue recognition practices. the requests were asking for additional time to determine those effects. SEC Accounting Bulletin No. 101A had already delayed the implementation date of SAB 101, but they took all of the letters into consideration and decided to further delay the implementation date to no later than the fourth fiscal quarter of fiscal years beginning after December 15, 1999. Overall, I agree with this decision. The public will speak up for what it thinks is right and I believe the SEC does a great job of taking everything into consideration before publishing a bulletin. If people needed more time to implement the amendment, there's no issue in asking for it. SEC.gov | Selected Staff Accounting Bulletins. (n.d.). Www.sec.gov. Retrieved February 3, 2022, from https://www.sec.gov/regulation/staff-interpretations/accounting-bulletins Posted 2 After completing our case study on lease-back contracts, I thought it would be appropriate to evaluate a staff accounting bulletin (SAB) about revenue recognition from contracts with customers. SAB 116 was released to bring existing guidance into conformity with the FASB codification Topic 606, Revenue from Contracts with Customers (SEC.gov, 2017). In SAB 116, the Office of the Chief Accountant and Division of Corporation Finance focus on changes to Topics 13, 8, and 11 (SEC.gov, 2017). For Topic 13 (revenue recognition), ASC 606 provides a single set of revenue recognition principles that governs all contracts, which means that ASC Topic 605 and Topic 13 are no longer valid (SEC.gov, 2017). For Topic 8 (retail companies), ASC Topic 606 provides guidance on identifying performance obligations, presentation of revenue, and the presentation of the effects of financing on the income statement, which eliminates the need for Topic 8 (SEC.gov, 2017). For Topic 11 (miscellaneous disclosures), SAB 116 modifies the Topic to separate the presentation of revenues from operating-differential subsidies from revenue from contracts with customers (SEC.gov, 2017). I agree with the SEC's position stated in SAB 116. I think conforming to the newest FASB codification standards is useful because it clears up discrepancies between the SEC and FASB. Technically the SEC is in charge of accounting standards for all public companies, but the SEC defers to the FASB for setting US GAAP. When the SEC and FASB interpretations and positions are not aligned, it can create confusion for companies trying to maintain compliance. SAB 116 is a great example of the SEC and FASB getting on the same page. I believe that these type of SABs are useful and necessary. Reference SEC.gov. Securities and Exchange Commission 17 CFR P Art 211 Agency ... 2017, https://www.sec.gov/interps/account/sab116.pdf. Posted 3 The Commission's staff opinions on accounting-related disclosure procedures are reflected in Staff Accounting Bulletins. They represent the Division of Corporation Finance's and the Office of the Chief Accountant's interpretations and policies in implementing the federal securities laws' disclosure obligations (SEC, 2019) Summary of SAB 118 I reviewed Staff Accounting Bulletin (SAB) No. 118. SEC Staff Accounting Bulletin No. 118 was released shortly after the Tax Cuts and Jobs Act was signed into law. Many multinational corporations may face worldwide tax ramifications as a result of the Act. The Act affects registrants in a wide range of ways. SAB 118 explains how to account for the Act at the period of its enactment, as well as how to account for future revisions if the impact assessment is incomplete. Where acceptable estimates may be made, provisional quantities are recorded where the evaluation is incomplete. When new information, such as IRS and Treasury advice, including proposed rules, becomes available, it is critical to examine SAB 118. According to SAB 118, businesses must provide "information concerning the Act's substantial financial reporting implications for which the accounting is insufficient” (SEC, 2019). The SEC's interpretative advice allowing corporations to adjust for the income tax consequences of the Tax Cuts and Jobs Act using good faith estimates expires at the end of the year. Companies should be prepared to comply with income tax reporting standards under US GAAP once the grace period expires. Agreement I agree with the SEC’s position as the Tax Cuts and Jobs Act was the biggest change to the tax code in a long time. SAB 118 allowed companies to use reasonable estimates to record the effects of the Tax Cuts and Jobs Act. Given this was the largest change, it had to allow companies time to adopt the new rules with the understanding that once it expired, their income tax reporting would fall under US GAAP guidelines. References SEC.gov | Selected Staff Accounting Bulletins. (n.d.). Www.sec.gov. Retrieved January 26, 2022, from https://www.sec.gov/regulation/staff-interpretatio...

CHOSEN COMPANY - NETFLIXI've attached previous documents for your reference. Before you submit the final version of your Strategic Management Plan, the last piece you need to create is an Executive Summary. This should be the first page in the final version of your plan. It's meant to be something that an executive could quickly read in order to get a basic understanding of the overall strategic management plan. Due to its purpose, the executive summary should be a thorough and concise summary clearly depicting the content of the plan. Give an overview of the goal you're trying to accomplish, any major findings in your research, the reasoning behind the goal, and any major obstacles you foresee. It should be treated as a document ready to be turned into an executive director, board of advisors, investor, etc. Therefore, format and style (presentation) is very important.