Reporting Principles for Generally Accepted Accounting Principles
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Reporting Principles for Generally Accepted Accounting Principles
Please read each passage below, I need a few sentences in response to each part. Please use at least one source. Please cite the reference(s) properly. Part 1 and 2 PLACE THE REFERENCES UNDERNEATH EACH PASSAGE can be on the same page, however, please keep them separate by labeling them Part 1 and Part 2. No Title Page Needed DUE TOMORROW 3/7/22 by 6PM CST
PART 1
Despite the presence of regulatory agencies like the SEC, the simple reality is that there is no such thing as the “organization police”. One of the hardest realities that I had to adjust to as an administrator in a public organization was the fact that there are very few people actually watching what organizational leaders do. It is incumbent on these leaders to do the right thing for their organizations. After all, this is why they get the big paychecks! However, with this being stated and well-known, it is important to remember that executives are still only people. Objectivity can often be obscured by emotions of fear, anger, jealousy, or even greed. This is the first key in understanding how things can end up going the wrong way.
The goal of any business is to create profit. Executives within a company are tasked with creating strategies to ensure that companies are healthy and profitable. While many organizational concepts are abstract (like motivation, leadership, etc.), financial reporting should be very quantitative and straightforward. However, as mentioned in the first conversation this week, it is still possible to obscure the truth with irrelevant or missing information.
An example of this scenario was seen with Enron, as financial managers “cooked the books” to ensure that stakeholders and the public had a more favorable view of the company than what was actually taking place (Epstein, 2014). Feeling the pressure of the expectation of success, it is entirely possible for business or financial managers to create these kinds of false reporting scenarios to mislead anybody who might be paying attention.
As we have seen many times throughout history, it is still entirely possible to mislead people despite the presence of regulatory agencies. As I mentioned above, this is where it is important for all leaders within an organization to hold ethical principles as one of their guiding forces. Accurate financial reporting is one area that should be very straightforward, but it is up to the person wielding the pen and calculator to do the right thing.
References:
Epstein, L. (2014). Financial Decision Making: An Introduction to Financial Reports. Zovio. Retrieved from: https://content.uagc.edu/
PART 2
The reporting principles for Generally Accepted Accounting Principles (GAAP) are developed by the Financial Accounting Standards Board (FASB). All public companies must follow these principles (Epstein, 2014). Not only do companies have to compete with competitors within their country they also have to compete internationally. Members of FASB and International Accounting Standards Board (IASB) are leading efforts to merge GAAP rules with international financial reporting rules. If those members own or invest in companies impacted by this merger that can be a conflict of interest. Investors want in as a stakeholder at the lowest rate possible while creditors want to set rate where price best matches risk.
This merger has already been in the making for some years now. Is it possible that delays could be intentional to give investors or creditors a competitive advantage? As an investor this could be beneficial whereas a creditor they could be at a disadvantage. The idea of that being a possibility and members having that level of authority can be concerning. Competitors nationally and internationally will have to adjust to new consolidated rules. They will no longer be able to undervalue their assets to benefit their bottom line. The ultimate goal for most organizations is to be profitable. Loopholes in business exist and organizational leaders leverage them where they can. Whenever this merger is official it will be critical for Securities and Exchange Commission (SEC) to closely monitor activity and do reoccurring audits to ensure all parties are adhering to GAAP. Based on lessons learned from audits, identifying opportunities to improve financial reporting process over time should be a priority.
Reference
Epstein, L., 2014, Financial Decision-Making: An Introduction to Financial Reports, Bridgepoint Education, Inc.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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