{"id":13168,"date":"2023-04-10T14:35:14","date_gmt":"2023-04-10T14:35:14","guid":{"rendered":"https:\/\/www.goodacademic.com\/blog\/questions\/apply-accounting-principles-and-methods-to-a-variety-of-financial-reporting-situations\/"},"modified":"2023-04-10T14:35:14","modified_gmt":"2023-04-10T14:35:14","slug":"apply-accounting-principles-and-methods-to-a-variety-of-financial-reporting-situations","status":"publish","type":"questions","link":"https:\/\/www.goodacademic.com\/blog\/questions\/apply-accounting-principles-and-methods-to-a-variety-of-financial-reporting-situations\/","title":{"rendered":"Apply accounting principles and methods to a variety of financial reporting situations"},"content":{"rendered":"

Overview<\/p>\n

It is important for a company to disclose the quantitative information as well as the qualitative information. Transactions often occur over the period that may not have a direct financial impact, however, are still important to disclose to stakeholders.  
Directions<\/p>\n

For this assignment, you will choose to review the 10-K for either The Coca-Cola Company or PepsiCo, Inc., and use that company for this entire project. As you work through this project, you will be considering the necessity of full disclosures.  <\/p>\n

Specifically, you must address the following rubric criteria: <\/p>\n

Disclosure <\/p>\n

    Explain the importance of the full disclosure principle.
    Provide a rationale for disclosing financial information to stakeholders in a variety of financial reporting situations. <\/p>\n

Specific Financials of a Given Company
Use the financials of either The Coca-Cola Company or PepsiCo, Inc. The company you choose should be used to address the following: <\/p>\n

    Explain the disclosure requirements for related-party transactions. Include the following details in your response:
        Cite the codification section applicable in your answer.
        Identify the type of information that is required or important to disclose for these types of common transactions.
    Explain the disclosure requirements for contingent liabilities. Include the following details in your response:
        Cite the codification section applicable in your answer.   
        Identify the type of information that is required or important to disclose for these types of common transactions.
    Explain the disclosure requirements for subsequent events. Include the following details in your response:
        Cite the codification section applicable in your answer.
        Identify the type of information that is required or important to disclose for these types of common transactions.
    Explain the disclosure requirements for major business segments. Include the following details in your response:
        Cite the codification section applicable in your answer.
        Identify the type of information that is required or important to disclose for these types of common transactions.
    Explain the disclosure requirements for interim reporting. Include the following details in your response:
        Cite the codification section applicable in your answer.
        Identify the type of information that is required or important to disclose for these types of common transactions.  <\/p>\n

Accounting Change and Error Correction
Use the financials of either The Coca-Cola Company or Pepsi Co, Inc. The company you choose should be to address the following: <\/p>\n

    Determine the impact on a company for an accounting change. Consider the following question to guide your response:
        How do companies account for accounting changes? For example, if the company changed from one GAAP method to another (e.g., LIFO to FIFO for inventory valuation).
    Determine the impact that an error correction can have on a company. Consider the following questions to guide your response:
        What are the effects of errors on the financial statements?
        If there was an Excel calculation error in a spreadsheet calculating the depreciation expense for all the property, plant and equipment that resulted in $3 million less expense, how would this be corrected? <\/p>\n

What to Submit<\/p>\n

Submit your project as a 3- to 5-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style. <\/div>\n
<\/div>\n
Below is the link for the FASB website <\/div>\n
https:\/\/asc.fasb.org\/Login<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Overview It is important for a company to disclose the quantitative information as well as the qualitative information. Transactions often occur over the period that may not have a direct financial impact, however, are still important to disclose to stakeholders.  Directions For this assignment, you will choose to review the 10-K for either The Coca-Cola […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[644],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/13168"}],"collection":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/comments?post=13168"}],"version-history":[{"count":0,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/13168\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/media?parent=13168"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/disciplines?post=13168"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/paper_types?post=13168"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/tagged?post=13168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}