12 Jul BRIEFLY DISCUSS THE DIFFERENCE BETWEEN A CHANGE IN ACCOUNTING ESTIMATE AND A CHANGE IN ACCOUNTING PRINCIPLE, AND OUTLINE THE IMPACT THE CHANGES WILL HAVE
Please see the attachment and answer the questions accordingly. The answers do not have to be very long only like a paragraph or two. Document Preview: 7 “Changes in Accounting Principles and Changes in Accounting Estimates” Please respond to the following: E-Activity: Use the Internet to research a company that had a change in accounting principles within the past five (5) years. Be prepared to discuss. From the e-Activity, discuss the accounting principles that the identified company changed, and explain the major reasons why the company changed accounting principles. Give your opinion on whether you believe the change in accounting principles was to benefit the corporation or investors and creditors. Provide a rationale for your response. Imagine you are the senior accountant at your organization, and management is not sure of the difference between a change in accounting estimate and a change in accounting principle. Briefly discuss the difference between a change in accounting estimate and a change in accounting principle, and outline the impact the changes will have on the companys financial statements. Give your opinion on why a company should avoid reporting changes in accounting principles and changes in accounting estimates. Provide a rationale for your response. 8 “IFRS and Preparing a Statement of Cash Flows” Please respond to the following: Evaluate two (2) major differences between GAAP and IFRS with respect to the statement of cash flows. Give your opinion on which method you prefer. Provide a rationale for your response. Imagine you are the senior accountant at your organization and management is unsure of the difference between the indirect method and the direct method of preparing a statement of cash flows. Outline a brief memo to management differentiating between the direct method and indirect method. Advise management on which method the company should use to prepare the statement of cash flows. Provide at least two (2) specific examples on why the method you selected would be beneficial to the company. 9 “Segmented Information and Reporting Requirements” Please respond to the… Attachments: Accounting-Di….docx
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