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Need help with 5-6 page paper for Accounting class. Attached are instructions. Please read carefully before submitting bid. Original work only. APA style.

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Assignment 1: Full Disclosure in Financial Reporting – Verizon Communications According to the textbook, the goal of financial reporting is to report financial information that is transparent and complete and truthfully report the financial performance of a company. Investors and other interested parties need to read and understand all aspects of financing reporting. Use the Internet to research Verizon Communications’ financial statements, annual report, notes to the financial statements, president’s letter, and management discussion and analysis from the most recent year in order to complete this assignment. Write a five to six (5-6) page paper in which you: 1. Discuss the disclosure requirement on accounting policies, and identify at least two (2) examples of the most commonly required disclosure. Explain the key ways in which the examples you provided are useful to financial statement users. Analyze Verizon Communications’ disclosure on accounting policies, and give your opinion on whether or not the information is helpful for decision making. Provide a rationale for your response. 2. Explain the importance of the management discussion and analysis section of an annual report. Select three (3) items from Verizon’s management and discussion analysis of the annual report that could be useful to potential investors. Provide three (3) specific examples of how the three (3) items you selected could influence a potential investor’s decision to invest in Verizon. 3. Describe segmented information, and explain the way in which companies determine segments. Identify at least three (3) advantages and three (3) disadvantages of segmented financial data. Give your opinion on whether or not the advantages outweigh the disadvantages. Outline the manner in which Verizon segments its financial data. Suggest key actions that Verizon’s management can take in order to improve the company’s segmented financial data. Provide a rationale for your response. 4. Analyze the various types of auditor’s reports, and determine the impact that the auditor’s report has on a company’s ability to obtain financing from a bank. Identify the type of auditor’s report issued on Verizon, and speculate the manner in which you believe banks will perceive Verizon’s auditor’s report. 5. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. Points: 200 Criteria Assignment 1: Full Disclosure in Financial Reporting – Verizon Communications Unacceptable Below 60% F 1. Discuss the Did not submit or disclosure incompletely requirement on discussed the accounting policies, disclosure and identify at least requirement on two (2) examples of accounting policies; the most commonly did not submit or required disclosure. incompletely Explain the key ways identified at least in which the two (2) examples of examples you the most commonly provided are useful to required disclosure. financial statement Did not submit or users. Analyze incompletely Verizon explained the key Communications’ ways in which the disclosure on examples you accounting policies, provided are useful and give your opinion to financial on whether or not the statement users. Did information is helpful not submit or for decision making. incompletely Provide a rationale analyzed Verizon for your response. Communications’ Weight: 20% disclosure on accounting policies; did not submit or incompletely gave your opinion on whether or not the information is helpful for decision making. Did not submit or incompletely provided a rationale for your response. Meets Minimum Expectations 60-69% D Insufficiently discussed the disclosure requirement on accounting policies; insufficiently identified at least two (2) examples of the most commonly required disclosure. Insufficiently explained the key ways in which the examples you provided are useful to financial statement users. Insufficiently analyzed Verizon Communications’ disclosure on accounting policies; insufficiently gave your opinion on whether or not the information is helpful for decision making. Insufficiently provided a rationale for your response. Fair 70-79% C Partially discussed the disclosure requirement on accounting policies; partially identified at least two (2) examples of the most commonly required disclosure. Partially explained the key ways in which the examples you provided are useful to financial statement users. Partially analyzed Verizon Communications’ disclosure on accounting policies; partially gave your opinion on whether or not the information is helpful for decision making. Partially provided a rationale for your response. Proficient 80-89% B Satisfactorily discussed the disclosure requirement on accounting policies; satisfactorily identified at least two (2) examples of the most commonly required disclosure. Satisfactorily explained the key ways in which the examples you provided are useful to financial statement users. Satisfactorily analyzed Verizon Communications’ disclosure on accounting policies; satisfactorily gave your opinion on whether or not the information is helpful for decision making. Satisfactorily provided a rationale for your response. Exemplary 90-100% A Thoroughly discussed the disclosure requirement on accounting policies; thoroughly identified at least two (2) examples of the most commonly required disclosure. Thoroughly explained the key ways in which the examples you provided are useful to financial statement users. Thoroughly analyzed Verizon Communications’ disclosure on accounting policies; thoroughly gave your opinion on whether or not the information is helpful for decision making. Thoroughly provided a rationale for your response. 2. Explain the Did not submit or Insufficiently Partially explained Satisfactorily Thoroughly importance of the incompletely explained the the importance of explained the explained the management explained the importance of the the management importance of the importance of the discussion and importance of the management discussion and management management analysis section of an management discussion and analysis section of discussion and discussion and annual report. Select discussion and analysis section of an annual report. analysis section of analysis section of three (3) items from analysis section of an annual report. Partially selected an annual report. an annual report. Verizon’s an annual report. Insufficiently three (3) items from Satisfactorily Thoroughly selected management and Did not submit or selected three (3) Verizon’s selected three (3) three (3) items from discussion analysis of incompletely items from management and items from Verizon’s the annual report that selected three (3) Verizon’s discussion analysis Verizon’s management and could be useful to items from management and of the annual report management and discussion analysis potential investors. Verizon’s discussion analysis that could be useful discussion analysis of the annual report Provide three (3) management and of the annual report to potential of the annual report that could be useful specific examples of discussion analysis that could be useful investors. Partially that could be useful to potential how the three (3) of the annual report to potential provided three (3) to potential investors. items you selected that could be useful investors. specific examples of investors. Thoroughly could influence a to potential Insufficiently how the three (3) Satisfactorily provided three (3) potential investor’s investors. Did not provided three (3) items you selected provided three (3) specific examples of decision to invest in submit or specific examples of could influence a specific examples of how the three (3) Verizon. incompletely how the three (3) potential investor’s how the three (3) items you selected Weight: 15% provided three (3) items you selected decision to invest in items you selected could influence a specific examples of could influence a Verizon. could influence a potential investor’s how the three (3) potential investor’s potential investor’s decision to invest in items you selected decision to invest in decision to invest in Verizon. could influence a Verizon. Verizon. potential investor’s decision to invest in Verizon. 3. Describe Did not submit or Insufficiently Partially described Satisfactorily Thoroughly segmented incompletely described segmented described described segmented information, and described segmented information; segmented information; explain the way in segmented information; partially explained information; thoroughly which companies information; did not insufficiently the way in which satisfactorily explained the way in determine segments. submit or explained the way in companies explained the way in which companies Identify at least three incompletely which companies determine segments. which companies determine segments. (3) advantages and explained the way in determine segments. Partially identified determine segments. Thoroughly three (3) which companies Insufficiently at least three (3) Satisfactorily identified at least disadvantages of determine segments. identified at least advantages and identified at least three (3) advantages segmented financial Did not submit or three (3) advantages three (3) three (3) advantages and three (3) data. Give your incompletely and three (3) disadvantages of and three (3) disadvantages of opinion on whether identified at least disadvantages of segmented financial disadvantages of segmented financial or not the advantages three (3) advantages segmented financial data. Partially gave segmented financial data. Thoroughly outweigh the and three (3) data. Insufficiently your opinion on data. Satisfactorily gave your opinion disadvantages. disadvantages of gave your opinion whether or not the gave your opinion on whether or not Outline the manner in segmented financial on whether or not advantages on whether or not the advantages which Verizon data. Did not submit the advantages outweigh the the advantages outweigh the segments its financial or incompletely outweigh the disadvantages. outweigh the disadvantages. data. Suggest key gave your opinion disadvantages. Partially outlined disadvantages. Thoroughly outlined actions that Verizon’s on whether or not Insufficiently the manner in which Satisfactorily the manner in which management can take the advantages outlined the manner Verizon segments outlined the manner Verizon segments its in order to improve outweigh the in which Verizon its financial data. in which Verizon financial data. the company’s disadvantages. Did segments its Partially suggested segments its Thoroughly segmented financial not submit or financial data. key actions that financial data. suggested key data. Provide a incompletely Insufficiently Verizon’s Satisfactorily actions that outlined the manner suggested key management can suggested key Verizon’s in which Verizon actions that take in order to actions that management can segments its Verizon’s improve the Verizon’s take in order to financial data. Did management can company’s management can improve the not submit or take in order to segmented financial take in order to company’s incompletely improve the data. Partially improve the segmented financial suggested key company’s provided a rationale company’s data. Thoroughly actions that segmented financial for your response. segmented financial provided a rationale Verizon’s data. Insufficiently data. Satisfactorily for your response. management can provided a rationale provided a rationale take in order to for your response. for your response. improve the company’s segmented financial data. Did not submit or incompletely provided a rationale for your response. 4. Analyze the Did not submit or Insufficiently Partially analyzed Satisfactorily Thoroughly various types of incompletely analyzed the various the various types of analyzed the various analyzed the various auditor’s reports, and analyzed the various types of auditor’s auditor’s reports; types of auditor’s types of auditor’s determine the impact types of auditor’s reports; partially determined reports; reports; thoroughly that the auditor’s reports; did not insufficiently the impact that the satisfactorily determined the report has on a submit or determined the auditor’s report has determined the impact that the company’s ability to incompletely impact that the on a company’s impact that the auditor’s report has obtain financing from determined the auditor’s report has ability to obtain auditor’s report has on a company’s a bank. Identify the impact that the on a company’s financing from a on a company’s ability to obtain type of auditor’s auditor’s report has ability to obtain bank. Partially ability to obtain financing from a report issued on on a company’s financing from a identified the type financing from a bank. Thoroughly Verizon, and ability to obtain bank. Insufficiently of auditor’s report bank. Satisfactorily identified the type of speculate the manner financing from a identified the type issued on Verizon; identified the type auditor’s report in which you believe bank. Did not of auditor’s report partially speculated of auditor’s report issued on Verizon; banks will perceive submit or issued on Verizon; the manner in which issued on Verizon; thoroughly Verizon’s auditor’s incompletely insufficiently you believe banks satisfactorily speculated the report. identified the type speculated the will perceive speculated the manner in which Weight: 20% of auditor’s report manner in which Verizon’s auditor’s manner in which you believe banks issued on Verizon; you believe banks report. you believe banks will perceive did not submit or will perceive will perceive Verizon’s auditor’s incompletely Verizon’s auditor’s Verizon’s auditor’s report. speculated the report. report. manner in which you believe banks will perceive Verizon’s auditor’s report. 5. 2 references No references Does not meet the Meets the required Meets number of Exceeds number of Weight: 5% provided required number of number of required references; required references; references, and / or references; some or all references high all references high references are of all references poor quality choices. quality choices. poor quality. quality choices. 6. Writing Serious and Numerous errors in Partially free of Mostly free of errors Error free or almost Mechanics, persistent errors in grammar, spelling, errors in grammar, in grammar, error free grammar, Grammar, and grammar, spelling, and punctuation. spelling, spelling, spelling, Formatting punctuation, or punctuation, or punctuation, or punctuation, or Weight: 15% formatting. formatting. formatting. formatting. rationale for your response. Weight: 20% 7. Appropriate use of Lack of in-text APA in-text citations, citations and / or reference section and lack of reference format section. Weight: 5% In-text citations and In-text citations and references are given, references are but not in APA provided, but they format. are only partially formatted correctly in APA style. Most in-text citations and references are provided, and they are generally formatted correctly in APA style. In-text citations and references are error free or almost error free and consistently formatted correctly in APA style.
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Running Head: FINANCIAL REPORTING

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FINANCIAL REPORTING

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FINANCIAL REPORTING

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Disclosure requirements on accounting policies
Accounting policies are the rules, procedures and the basis used to prepare the financial
statements of an organization. Financial statements are used by investors and other stakeholders
to analyze the financial performance of a firm. It is therefore very important that the financial
statements of an organization reflect the correct status of that organization.
In the financial statements preparation, it is important that there is full disclosure of the
accounting policies used to prepare those financial statements. The disclosure on accounting
policies used may include the following; disclosure of all the policies used and exactly where
they are used in preparing the financial statements, disclosure of any changes in the use of
accounting policies and a statement to identify the entity that is reporting and the statutory base
that is being used by that entity o do the reporting.
Disclosing the policies used in the preparation of the financial statements is very important
because accounting policies used by a firm can have a huge impact on the cash flows being
reported, the financial performance as well as the financial position of a firm. Disclosure of the
changes in accounting policies is also very important because such changes can change the
financial position of a firm and even change the outlook in the financial reports.
Verizon Communications' disclosure on accounting policies is rather accurate. The company has
disclosed all the policies it has used in regards to revenue recognition, inventory valuation,
foreign currency transactions, goodwill and other transactions. The company has ensured that the
policies have been used to display a true and fair view of the financial status of the company.
The company has also fully disclosed on the accounting standards used and any changes in the

FINANCIAL REPORTING

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use of policies have been disclosed as well. For these reasons the financial statements are reliable
and can be used by the stakeholders of the company for sound decision making.
Management's discussion and analysis of the annual report
The management's discussion and the analysis of the annual report is a section of the financial
statements where the management discusses and analyses the financial performance of a firm in
the previous year and includes the following;
A discussion of what the main business segments of the company are and what the company will
be dealing with the future, an analysis of the revenues and expenses earned and incurred by the
company in the previous years as well as the analysis of the cash flow statement on the basis of
both the capital and current expenditures as well as a review of any discontinued operations in
the entity. This section is important as it explains to financial users in detail why the financial
statements look as they are. It is like the opinion and explanation of the management of the
financial users on the financial status of the organization. The investors can hence understand
more what the financial reports really mean.
The management discussion and analysis on the annual report of Verizon Communications
includes a discussion of the current businesses being carried out by the company as well as the
future prospected investments. The company promises the shareholders that it intends on
bringing long-term value to benefit them. The section also compares the revenues and
expenditures with those of the previous year to show how much the company is growing. The
analysis also shows that the company has been paying regular dividends for the last eight years.
The above information is important to financial users as they can be able to tell the financial

FINANCIAL REPORTING

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status of the firm, its stability and the likelihood of its future success. The above information can
hence be used by investors in deciding whether or not to invest in Verizon Communications.
Segmented financial repo...


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