Please, this is for a Masters level. English accuracy is very important - select a preparer with excellent English writing skills
FIN 520
1.Since the textbook(*) has been published, FASB has issued new accounting standard guidance for operating leases. Read the two required reading articles in this module about leases listed below:
· Shannon, C. (2016).How will the new lease accounting standard impact loan covenants?
Equipment Leasing & Financing, Washington D.C.,32(4), 40-41.
· Sliwoski, L. (2017).Understanding the new lease accounting guidance.Journal of Corporate Accounting and Finance,28(40), 48-52.
Post about the changes in the treatment in operating lease accounting and how these new standards will impact debt covenants. What is the impact to off-balance sheet reporting? Be sure to include your opinion on how this new standard impacts the reliability and transparency of financial statements. A substantive initial post answers the question presented completely and/or asks a thoughtful question pertaining to the topic. It should be a minimum of 150-250 words. Use at least two peer reviewed references.
Required readings:
(*) textbook: Financial Statement Analysis – chapter 3
2. Respond to 2 peers with substantive responses. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answers a question (in detail) posted by another student or the instructor and are a minimum of 100 words per response.
Reference at least one journal, per reviewed article, or reliable source for each reply.
Posting by peer 1:
In a case study performed with a bank, Nugraha & Bayunitri (2020) report that internal controls (director, managers, CEO’s, et cetera) are responsible for over fifty percent of fraud prevention, within organizations. With this statistic in mind, accountants need to be able to discern the ethical obligations the internal controls feel they have to accuracy and the truth, and determine whether the ethical culture is appropriate for them to work in. If this does not happen, we often see many employees from the same company indicted in fraud scandals, affecting not only the company but its employees, their families, and the public.
Posting by peer 2:
Accountants’ primary objective is comparability; accuracy is implied as a necessary component of comparability. They are ethically obligated to report financial information accurately and must faithfully represent the company’s financial position when preparing or compiling financial statements. Therefore, reporting prepared using generally accepted accounting principles (GAAP) implies accuracy. However, a report is only as accurate as the completeness and reliability of the information it contains. If a company provides inaccurate or misleading financial statements, some potential consequences for an external analyst are the undermining of the stable business environment required for efficient capital markets (macro-scale) and the defrauding of individual investors through misrepresenting the risk or reward of a particular investment (micro-scale). Nonetheless, auditors have the responsibility to “obtain reasonable assurance that financial statements are free of material misstatements whether due to error or fraud” (Carmichael, para.10).
Reference:
Carmichael, D.R. (2015). Insights from accounting history: Selected writings of Stephen Zeff. CPA Journal, 85(8), 22-23. Retrieved from https://eds-a-ebscohost-com.csuglobal.idm.oclc.org/eds/pdfviewer/pdfviewer?vid=6&sid=95c295c4-3781-4d62-9efa-7ff69c2f1eb5%40sessionmgr4006
Mintz, S. (2017). Reimagining ethics education. The CPA Journal, 87(9), 8-9. Retrieved from https://eds-a-ebscohost-com.csuglobal.idm.oclc.org/eds/pdfviewer/pdfviewer?vid=11&sid=c510f361-35d7-4b0f-8425-5947a5b35d8c%40sessionmgr4007