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.
