Financial Accounting Project: Revising Statements and Analyzing Impacts

In the accounting field, you will often be expected to both enter calculations accurately and articulate what this information means to internal and external

stakeholders. In addition, you will be expected to propose financial solutions when a company is faced with a policy change, or when the company’s regulations

change. For this project, imagine that you have just started in a new role as a financial accountant preparing for a year-end audit. In addition, you are charged with showing the financial impacts of the company’s recent initiatives. You will revise year-end financial statements to reflect these changes, compose notes to the financial statements, and compose an executive summary to explain the impacts to stakeholders. You will create these documents based on information in

the Final Project Scenario and Final Project Workbook.

In this assignment, you will demonstrate your mastery of the following course competencies:· ACC-309-01: Revise financial statements in accordance with applicable rules and regulations· ACC-309-02: Analyze the financial impact of changes to an organization by internal and external factors· ACC-309-03: Demonstrate ethical conduct in the process of correcting accounting records

II. Notes to the Financial StatementsA. Compose appropriate footnotes within a statement of comprehensive income in accordance with applicable accounting standards, such as GAAP, International Financial Reporting Standards, and SEC, as applicable. [ACC-309-03]

In addition to revising your milestone work, make sure that you include the following elements from the prompt above, which were not included in the milestones:I. Workbook

A. Prepare appropriate adjusting entries and complete the Adjusted Trial Balance. [ACC-309-01]

B. Prepare revised financial statements for year-end audit that flow logically within the document. [ACC-309-01]

C. Determine the impact on earnings per share [ACC-309-02]II. Notes to the Financial StatementsA. Compose appropriate footnotes within a statement of comprehensive income in accordance with applicable accounting standards, such as GAAP, International Financial Reporting Standards, and SEC, as applicable. [ACC-309-03]III. Executive SummaryA. Evaluate the company’s current performance based on the outcomes of relevant ratio analysis. [ACC-309-02]B. Discuss types of accounting changes encountered and when retrospective and prospective approaches should be used. [ACC-309-02]C. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis. [ACC-309-02]D. Discuss relevant accounting standards for informing the company’s financial reporting strategies. [ACC-309-03]E. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process. [ACC-309-03]