Discussion #2 Please locate an article from a well-known, reputable newspaper or magazine like the Wall Street Journal, Bloomberg Business Week, Forbes, Fortune, etc… that relates specifically to an ethical issue in accounting or the convergence of GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). The article or may not be over 24 months old and needs to be at least 2 pages long. Blogs or unknown sources will receive a 2 point deduction. Then, please type up a 2 to 3 paragraph summary of the article. In a separate paragraph, describe how the issue relates to the material covered (indicate this with a chapter number if possible). Your write up will be evaluated on content, grammar, and spelling skills. In addition, please enter the name of your article as the ‘Subject’ in your posting. Also, you must provide a link to the article. That can be accomplished by locating the webpage and highlighting the address bar at the top of your screen (URL).
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Discussion #3 There has been quite a bit of debate about using historical cost for long-term assets on the balance sheet, meaning what the asset originally cost. However, an asset purchased 20 years ago could be worth substantially more than the balance sheet shows. Many advocate using what is called fair value accounting, where the market price or fair value of the asset should be shown on the balance sheet. Please discuss the advantages and disadvantages of each and which you think should prevail.
Discussion #4 Under what circumstances would you (as an investor) prefer to receive cash dividends rather than stock dividends? And, conversely, under what circumstances would you prefer to receive stock dividends to cash dividends?
Discussion #6 You are the controller of a privately-held corporation. The company has just created a product that is expected to yield substantial profits in a couple of years. Right now though, the company is experiencing financial difficulties; and because of a lack of working capital, is close to default on a note they have outstanding with the bank. At the end of the most recent fiscal year, the CEO instructed you not to record several invoices as accounts payable, which reflect bona-fide liabilities of a substantial amount, until after year-end, at which time it was expected that additional financing could be obtained. How would you handle the situation?
PLEASE NOTE THAT ALL DISCUSSIONS ARE TO BE COMPLETED AS SEPARATE ENTITIES AND THAT EACH RESPONSE SHOULD CONTAIN AT LEAST 4 SENTENCES AND 1 KEY POINT.