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fraudulent financial reporting from occurring, as well as the major
obligation of the CEO and CFO to ensure compliance.
Examine the negative results on stakeholders and the financial
statements of an IRS audit which generates additional tax and penalties
or subsequent audits. Assume that the subsequent audit and / or
additional tax and penalties result from the taxpayer’s use of an
inventory reserve account, applying a 10 percent reduction to inventory
over three (3) years.
Discuss the applicable federal tax laws, regulations, rulings, and court
cases related to the inventory write-downs, and explain the specific
relevance of each to the write-down.
Research the current generally accepted accounting principles (GAAP)
regarding stock option accounting. Evaluate the current treatment of the
company’s share-based compensation plan based on GAAP reporting.
Contrast the financial benefits and risks of the share-based compensation
stock option plan with the financial benefits and risks of a share-based
stock-appreciation rights plan (SARS). Recommend to the CFO which
plan the company should use, and provide the correct accounting
treatment for each.
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