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HI6025 Accounting Theory And Current Issue

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Question:

Prepare an investigative report on the Managers’ Accounting Strategy and Reporting Strategy choices on the basis of the above evaluation. The report should have following sections for minimum:
Section 1: Identify Key Accounting Policies Key policies and estimates used to measure risks and critical factors for success must be identified.
Section 2: Assess Accounting Flexibility Accounting information is more open to distortion if managers have a high degree of flexibility in choosing policies and estimates.
Section 3: Evaluate Accounting Strategy Flexibility in accounting choices allows managers to strategically communicate economic information or distort performance.
Issues to consider include:
Norms for accounting policies with industry peers
Incentives for managers to manage earnings
Changes in policies and estimates and the rationale for doing so
Whether transactions are structured to achieve certain accounting objectives.
Section 4: Evaluate the Quality of Disclosure
Issues to consider include:
Whether disclosures seem adequate
Adequacy of footnotes to the financial statements
Whether notes sufficiently explain and are consistent with current performance
Whether GAAP reflects or restricts the appropriate measurement of key measures of success
Adequacy of segment disclosure.
Section 5: Identify Potential Red Flags
Issues that warrant gathering more information include:
Unexplained changes in accounting, especially when performance is poor
Unexplained transactions that boost profits
Unusual increases in inventory or receivables in relation to sales revenue
Increases in the gap between net income and cash flows or taxable income
Use of R&D partnerships, SPEs or the sale of receivables to finance operations
Unexpected large asset write-offs
Large fourth-quarter adjustments
Qualified audit opinions or auditor changes
Related-party transactions.
Section 6: Compliant with the Conceptual Framework
D) Gone/ Done!!!
Submit the report in accordance with assessment policy stated in the Subject Outline and Student Handbook. 
Format of the Report and deliverables
1. You at least should have the following details:
a. Assignment Cover page clearly stating your members name and student number s
b. A table of contents, executive summary
c. A brief introduction or overview of what the report is about.
d. Body of the report with sections to answer the above sections and with appropriate section headings
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