Full Disclosure in Financial Reporting- Verizon Communications

User Generated

ybarfgne6583

Business Finance

Description

Assignment 1: Full Disclosure in Financial Reporting – Verizon Communications
Due Week 9 and worth 200 points

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.

The specific course learning outcomes associated with this assignment are:

  • Analyze and explain the requirements for full disclosure in financial reporting.
  • Evaluate the importance and impact of full disclosure or non-disclosure in accounting practices.
  • Use technology and information resources to research issues in intermediate accounting.
  • Write clearly and concisely about intermediate accounting using proper writing mechanics.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Whats up buddy?😀 I completed the assignment and I used APA style for formatting and referencing.😎 Everything should be clear but if you have any questions..hit me up and I will explain..😇 Otherwise if the work is satisfactory, go ahead to complete and review the question below..👇

Verizon Communication Financial Report
Disclosure Requirements on Accounting Policies
Two Common Disclosures and Their Use to Readers of Financial Statements
The Management Discussion and Analysis Section of the Annual Report
The Importance of the Management and Analysis Section
Three Items from Verizon Communication's Management Discussion and Analysis
Section
Potential Investors' Decision to Invest in Verizon Communication
Business Segments
Advantages of Segmented Financial Information
Disadvantages of Segmented Financial Information
Verizon Communication's Segmented Information
The action of Improving Segmented Financial Data
Types of Auditor Reports
Impact of Auditor Report
Verizon Communication Auditors Report
References


Running head: VERIZON COMMUNICATION FINANCIAL REPORT

Verizon Communication Financial Report
Author:
Institution:
Date:

1

VERIZON COMMUNICATION FINANCIAL REPORT
Verizon Communication Financial Report
Disclosure Requirements on Accounting Policies
Accounting policies refer to the procedures and policies that are used by business
organizations in the preparation of financial statements. The policies represent techniques and
systems of measurement that are used in the presentation of the financial statements for a
specific company. Disclosure requirements provide a detailed understanding of the financial
statements. Disclosure requirements also explain the financial information that is contained in
the financial report.
In some countries, this disclosure requirement is a financial, legal obligation, and all
firms should provide an elaboration of the accounting policies that are contained in the financial
statements. Additionally, it gives insight into the management style of the business entity. This
disclosure of the accounting policies ensures that misleading policies are not used in the
preparation of the financial statements. Also, it ensures that the firm's management abides by the
existing accounting policies (Cleartax, 2018)
Two Common Disclosures and Their Use to Readers of Financial Statements
Fixed assets ...


Anonymous
Excellent resource! Really helped me get the gist of things.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags