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.
Topic; Assignment 1: Full Disclosure in Financial Reporting – Verizon Communications
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Full Disclosure in Financial Reporting – Verizon Communications
Disclosure Requirement on Accounting Policies
Every company prepares financial documents after a certain period and releases them to the public. Financial documents are important for shareholders and prospective investors. However, these documents must be prepared in accordance with accounting policies. According to (Powers, & Needles, 2012) accounting policies are the procedures that companies follow while making their financial documents. These policies define the methods that are to be employed in the design and presentation of financial documents. The accounting policies have the disclosure requirement, which is critical in the creation of detailed and proper financial documents that are easy to understand. Moreover, the disclosure requirement ensures that no misleading policy is employed and helps in the understanding of the nature of management style of reporting company revenues.
Examples of Commonly Required Disclosures
The release of financial information of a firm is not enough in itself, there is need for other items called disclosures. In addition to the footnotes and financial statements, some of the following disclosures are normally included:
- A letter from the chief executive to the company stakeholders
- The management report on internal controls over the financial reporting
- Management discussion and analysis
- Quarterly summaries of stock prices and profit performance
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