Acc305 19901839

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Part 2

In the second part of this assignment, you will write a Final Paper. Include a title page, introduction, and conclusion in addition to the sections below. Include all appropriate in-text citations and references to support your statements. Document any information used from sources in APA style as outlined in the Ashford Writing Center’s Citing Within Your Paper (Links to an external site.) guide.

In your Final Paper, Analyze management judgments and their effect on the financial statements. Explain the calculations of cash flow statements. Summarize the reporting methods for comprehensive income. Examine the purpose of liquidation and required disclosures.

Part A—Management Judgments

Unlike U.S. GAAP, IFRS requires that an entity disclose both (a) management judgments with the most significant effect on the financial statements and (b) information about the major sources of estimation uncertainty that may result in a material misstatement to the carrying values of the entities assets and liabilities. These disclosure requirements are included in Applying IFRS: Enhancing Communication Effectiveness (Links to an external site.). Read pages 39 through 44, and address the following: Identify where judgments in the financial statements should be disclosed. Identify two examples of judgments that could have a significant impact on the financial statements. Identify four examples of estimation uncertainty that could result in a material adjustment in future years? Describe whether the entity should disclose the estimation if it is likely that this value might change significantly within the next year. (Consider an entity that reports an asset at fair value when the fair value is based upon recently observed market prices. Cite specific references from Applying IFRS: Enhancing Communication Effectiveness (Links to an external site.) to support your answer.) Cite specific judgments and estimations that have been made in the notes to the Home Depot 2017 Annual Report (Links to an external site.).

Part B—Cash Flow Explain the difference between the indirect and direct method of the statement of cash flows. Describe whether all three sections of the cash flow statement are different when using either method. Describe which method is preferred by the FASB. Describe how are the following calculated when preparing the cash flow statement using the direct method: Cash collected from customers, Cash paid for merchandise, Cash paid to employees and cash paid for other accrued expenses, and Cash paid for other operating costs including insurance and other prepaid expenses.

Part C—Comprehensive Income

Read Statement of Financial Accounting Standards No.130 (Links to an external site.) paragraphs 8 through 9 and 58 through 67, and address the following: Explain what comprehensive income is. Identify the four possible reporting methods for comprehensive income (in theory). Explain the pros and cons of each method. Identify the method you think is the best.

Part D—Liquidations

Read Accounting Standards Update: Presentation of Financial Statements (Topic 205) (Links to an external site.), pages 4 through 7, and address the following: Describe liquidation accounting. Identify when liquidation is imminent. Explain initial and subsequent measurement. Identify what disclosures are required.

The Financial Statements Final Paper Must be five to seven double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Center’s APA Style (Links to an external site.) resource. Must include a separate title page with the following: Title of paper Student’s name Course name and number Instructor’s name Date submitted

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2 responses 6

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two discussion responses

One: The World Economic Situation and Prospects (WESP) classifies all countries as either a developed economy, an economy in transition, or a developing economy (“Country classifications”, 2020). Although the World Trade Organization (WTO) does not specifically define whether countries are developed or developing, countries are able to declare themselves as such and members can challenge their declaration (“World Trade Organization “, n.d.). It is likely that the membership uses a combination of the country’s Gross Domestic Product (GDP), Gross National Income (GNI) and Human Development Index (HDI) as a gauge to determine a country’s status (Hill & Hult, 2018).

Although China’s GDP (6.567%) is higher than the U.S.’s (2.927%) as of 2018, it has been declining at an average rate of 0.452% since 2010 (“GDP growth (annual %) “, n.d.). Nevertheless, China may become the largest economy in the near future. Members of the WTO that are developing countries do not have as much influence on the world trading system as a developing country has (“World Trade Organization “, n.d.). For example, the World Trade Organization allows developed countries to treat developing countries more favorable than other members are able to (n.d.). This would certainly shake up the way trading is currently done as China would now have their hand in the game with other developing countries, thus making the market more competitive for developed countries.

In 1944, the U.S. dollar replaced the gold standard as a result of the Bretton Woods agreement (Amadeo, 2019a). Holding status as the standard global currency has major benefits as countries now hold it in reserves, instead of gold as they did prior to 1944. Amadeo estimates that nearly 580 billion dollars (65% of all dollars) are used outside of the U.S. (2019a). The dollar is one factor the determines the price of oil, thus, if the Chinese yuan becomes the global currency it could drive up oil prices (Amadeo, 2020).

References

Amadeo, K. (2019, December 13). Why the US Dollar Is the Global Currency. Retrieved from https://www.thebalance.com/world-currency-3305931

Amadeo, K. (2020, February 21). The Decline of the Dollar vs Collapse and How to Protect Yourself. Retrieved from https://www.thebalance.com/dollar-decline-or-dollar-collapse-3306090

Coates, B., & Luu, N. (2012). China’s emergence in global commodity markets. Economic Round-up. Retrieved from: https://treasury.gov.au/sites/default/files/2019-03/01-China-Commodity-demand.pdf

Country classifications. (2020). Retrieved March 12, 2020, from https://read.un-ilibrary.org/economic-and-social-development/world-economic-situation-and-prospects-2020_036ade46-en#page1

GDP growth (annual %) . (n.d.). Retrieved March 12, 2020, from https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2018&locations=US&start=2010&view=chart&year=2010

World Trade Organization. (n.d.). Retrieved March 12, 2020, from https://www.wto.org/english/tratop_e/devel_e/d1who_e.htm

two: Since 1990, China’s GDP has gone from commanding 2% of the world trade to 16% in 2019. To understand what this means for the World Trade Organization (WTO), first we would need to consider what becoming the world’s largest economy would mean for China. Currently, China “enjoys” being considered a developing nation. Because of this, they are not held to as high of standards as first-world countries. By becoming the largest economy, China would likely not be able to claim “developing nation” status anymore and would have to adhere to certain environmental and labor-related regulations. It is exactly these lacks in regulations that has allowed China’s economy to grow so quickly and become the world’s powerhouse for industry and manufacturing. Consumers would likely see a price increase in products coming out of China, and demand for non-essential items would likely decrease. Companies may choose to move factories to countries that continue to have fewer standards, altering the current structure of world trade.

If China were to become the largest economy, then currency would likely be based off the Yen. If the value of the Yen were to fall, then the value of all currency would likely fall. This could be especially problematic if China were to experience a decrease in exports and an economic decline.

China is currently, and will likely continue to be, a massive consumer of global commodities. With a stronger economy, China could likely invest in even more raw materials from other countries. Increased building and infrastructure would see an increase in the need of steel and other metals, increased economic prosperity would further the demand for “exotic” food imported from other countries, and as the nation develops, so will the need for energy sources such as coal and oil (Tan, 2017).

References:

Tan, H. (2017, June 23). How China is changing the commodity trade. Retrieved from https://www.cnbc.com/2017/06/22/how-china-is-changing-the-commodity-trade.html

If Current Trends Continue, China May Emerge as the World’s Largest Economy by 2020. (n.d.). Retrieved from https://www.educationindex.com/essay/If-Current-Tr…

 

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Discussion Board 19888069

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Why is it important for managers to understand the mechanics of supply and demand both in the short run and the long run?  Give examples of companies whose business was either helped or hurt by changes in supply or demand in the market in which they are competing.

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ADVERSE CHILDHOOD – Assignment Hub

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The Centers for Disease Control and Prevention (CDC) recently completed a study on the impact of Adverse Childhood Experiences (ACEs) on the long-term health of children and adults. Read about the study at http://www.cdc.gov/ace/index.htm.  What things surprised you about this study? Cite an additional source that discusses the impact of early childhood stress on long-term physical or mental health

 
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