Research the reporting requirements for lease reporting under GAAP
and International Financial Reporting Standards (IFRS). Based on
your research, create a proposal for future lease transactions to the
CFO. Within the proposal, discuss the use of off-the-balance sheet
financing arrangements, capital leases, and operating leases, and
indicate the related business and financial risks of each.
Create an argument for or against a single set of international
accounting standards related to lease accounting based on the global
market and cross border leases of assets. Examine the benefits and
risks of your chosen position.
Examine the major implications of SAS 99 based on the factors you
discovered during the initial evaluation of the company. Provide
support for your rationale.
Analyze the potential for a material misstatement in the financial
statements based on the issues identified in your initial evaluation.
Make a recommendation to the CFO for the issuance of
restated
financial statement restatement. Identify at least three (3) significant
issues that can result from the failure to issue restated financial
statements.
Examine the economic effect of restatement of the financial statements
on investors, employees, customers, and creditors.
Use five (5) 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: