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Pages:
5 pages/≈1375 words
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3 Sources
Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
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MS Word
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Topic:

Full Disclosure In Financial Reporting - Verizon Communications

Essay Instructions:

Assignment 1: Full Disclosure in Financial Reporting – Verizon Communications
Due Week 9 and worth 200 points
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:
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.
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.  
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.
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. 
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.

Essay Sample Content Preview:
Full Disclosure in Financial Reporting- Verizon Communications Name Institutions Full Disclosure in Financial Reporting- Verizon Communications Financial statements are often not easy to understand or comprehensive to the reader and thus necessitating the disclosure of accounting policies used in developing the financial report document. Disclosure of accounting policies serves the very purpose of revealing the intricate details, processes, or principles employed by the management of an organization in developing their financial statements. The principles behind or policies used in the processes refer to the standardized rules or guidelines to a company’s management in preparing its financial statement. In most countries, it is a legal requirement for business organizations to make disclosure of accounting policies through structured legal guidelines on how the principles and policies should be applied in the process of developing financial statements. Nevertheless, the disclosure of accounting policies should seek conformity to the standards set by regulatory authorities such as the Generally Accepted Accounting Principles (GAAP) and the International Reporting Standards (IFRS). In essence, disclosures on accounting policies serve to outline the financial policies adopted by the business entity in adhering to the set standard rules or principles used to develop its financial statement. A company’s disclosure of accounting policies may differ from one organization to the other as it is the diverse financial management practices that come up with the different ways of adhering to the accounting rules and principles set out by either the governments or the accounting regulatory authorities in GAAP or IFRS (IFRS, 2015). Verizon Communication’s financial statements provide a platform upon which the disclosure requirement on accounting policies, its impacts, and their importance to and on all the stakeholders involved can be analyzed. As outlined, the disclosure of accounting policies refers to the unveiling of all the significant accounting policies employed in the development or preparation and the presentation of the annual financial reports or financial statements of a business organization. Most organizations make their accounting policies disclosures based on three fundamental accounting assumptions. The accounting assumptions include the going concern, consistency, and accrual (IFRS, 2015). The going concern refers to the accounting assumption that the business organization in question has no pending intention to liquidate or significantly reduce its scale of operations. It is also a widely accepted assumption that the accounting policies employed by an organization maintain consistency from one financial period to another. Disclosure of accounting policies is also made on the assumption that the costs incurred and revenues realized by a business organization are recorded and recognized in the financial statements just as they are and not in the form of money that is paid or received respectively. Failure to follow the generally accepted and outlined assumptions in making a financial statement necessitates the disclosure requirement of accounting policies used in the process of preparing the financial document (LLP, 2011). ...
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