Capstone Leasing - Defend the its use and show errors in managing fin statements

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Question Description

Leasing Restatements in the Restaurant Industry"  Please respond to the following:

  • From the case study, create an argument for the use of principles-based accounting for leases over rules-based accounting under GAAP, based on the financial statement restatements in the restaurant industry. Provide support for your argument.
  • Assess the materiality of the errors, direction provided by the Securities and Exchange Commission (SEC), and the Sarbanes-Oxley Act (SOX) on the decision by management to restate the financial statements. Indicate the likely impact to stakeholders when financial statements are restated.
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Rice University

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