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HI6025 Accounting Theory And Current Issue

tag 0 Download 15 Pages / 3,653 Words tag 02-07-2021

Question:

Key policies and estimates used to measure risks and critical factors for success must be identified.Accounting information is more open to distortion if managers have a high degree of flexibility in choosing policies and estimates.
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.

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.

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. 
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