Powell The evaluation of SUPER CO.’s financial correspondence, led to various items that need close attention. To serve the client with a distinct analysis of the items not clearly understood by management, provided below is an outline of the company’s inquiries. The analysis and ripostes provided should elaborate on the necessity of various accounting topics and situations. As well as, ensure SUPER CO. is affording the most preeminent financial statements in accordance with accounting guidelines
audit the current-year goodwill impairment analysis of Gator. Gator has performed its annual goodwill impairment analysis as of December 31, 20X3, with the assistance of an external valuation specialist, Management’s Expert. Gator elected not to perform the qualitative assessment for determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount and proceeded with Step 1 of the quantitative two-step goodwill impairment test for all reporting
unknown. Copyrights, franchises, goodwill, patents, and trademarks are just a few examples of intangible assets. Under Generally Accepted Accounting Principles (GAAP), intangible assets including patents, trademarks, copyrights, franchise agreements, customer lists, license agreements, order backlogs, employment contracts, and noncompetition agreements should appear on a company’s balance sheet. GAAP requires intangible asset recognition (apart from goodwill) on the balance sheet if the said
Is there extra information in the notes regarding revenue recognition? What particular challenges are there regarding revenue recognition for this industry? What is their formal revenue recognition policies? Cisco Systems, Inc. 2014 Financial Statements presents revenue by three geographic segments: Americas, EMEA and APJC and by categories of product: Switching, NGN Routing, Service Provider Video, Collaboration, Data Center, Wireless, Security and other. (Pg 119 - 120) Jupiter presents revenues
University of Phoenix ACC/541 Client Understanding Paper As per your request of an analysis of the following topics: Adjusting lower of cost or market inventory on valuation, Capitalizing interest on building construction, Recording gain or loss on asset disposal, and Adjusting goodwill for impairment. The Financial Accounting Standards Board (FASB) established clear guidelines addressing the items mentioned above. I will outline that FASB generally accepted accounting standards (GAAP) affect
Introduction In this financial analysis report we are going to examine the factors that influence companies’ financial report in mining industry, especially the balance sheet during 2012 to 2014, when they disclose their financial position. Influenced by its economic resources, net assets, financial structure and capacity to adapt to changes, so it is becoming increasingly clear that balance statements play a significant role in defining the growth of a company, as the search for adding more value
Ida’s Impairment Ida Inc. (Ida) is a manufacturing company with operations in the United States and Spain. As a U.S. subsidiary of a U.K. entity, Ida prepares its financial statements in accordance with (1) U.S. GAAP for reporting to its U.S.-based lender and (2) IFRSs in reporting to its parent. U.S. Operations In addition to other assets, Ida owns and operates a commercial building in the United States that is carried at its cost less any accumulated depreciation and any accumulated impairment losses
Six Flags Analysis of Goodwill ACCT 6610 Six Flags, Inc. is the largest regional theme park operator in the world. Currently Six Flags operates 18 parks in the US, one in Canada and one in Mexico. In the aggregate, Six Flags’ theme parks offer over 800 rides, including more than 120 roller coasters. The following questions pertain to Six Flags’ goodwill. To begin, obtain a copy of Six Flags, Inc. December 31, 2008 10-K, which was filed with the SEC March 11, 2009. A link to the report
manufacturing, sales, and operations, said accounts must be analyzed for preparation of financial statements. Estimating Balances TecQuirk makes estimates of expenditures in certain accounts when preparing financial statements. Said accounts include pension obligations, allowance for uncollectible accounts, allowance for returned goods, warranty liability and related expenses, litigation and other contingencies, and goodwill valuation. Each account’s estimate can be significantly affected by certain factors
Amortization Versus Impairment of Goodwill: Impact on Accounting Quality, Financial Statements’ Economic Value, Investors, and Auditors Accounting Standards Codification (ASC) replaced all U.S. financial accounting standards in July 2009. Consequently, ASC 350, Intangibles – Goodwill and Other, replaced SFAS 142, Goodwill and Other Intangible Assets in September 2011. Under ASC 350, goodwill must be periodically tested for impairment. Goodwill impairment is determined through a two-step process