Accounting Homework

Final Assignment

ACCT.6230 – Contemporary Accounting Issues The second 6 weeks of our course have covered the following 3 topics:

• Post-Retirement Benefits

• XBRL

• Financial Statement Disclosures You will have 2 questions, one about the last 3 topics, and one

about all the topics. Here they are, good luck! ☺

1. EMC 2008 10-K (Annual Report) (no more than 4 pages for a

response) Use this link to view EMC’s 2008 Financial

Statements. Go to Part II ITEM 8: FINANCIAL

STATEMENTS AND SUPPLEMENTARY DATA

https://www.sec.gov/Archives/edgar/data/790070/000104746 909002025/0001047469-09-002025-index.htm

Read sections F. Investments and Fair Value pages 74-77 and I.

Retirement Plans and Medical Benefits pages 82-top of 86 (you

don’t need to read medical and life insurance plans). Answer

the following questions with your knowledge about financial

statement disclosures, post-retirement benefits and XBRL (and

well, a little of Fair Value!!).

• a. Describe the impact that implementing FAS 157 had on

EMC’s financial statements, based on the footnote

information provided. Can you tell if the current economic

conditions influenced the valuation of their financial assets

and liabilities from this disclosure?

If yes, what information told you this, if not, what

information do you feel is missing? As an investor, would

this disclosure give you enough information to be satisfied

that this is a truly fair valuation? Why or why not?

• b. From the disclosures and computations for the pension

plans that EMC has responsibility for (primarily from the

previous acquisition of Data General-current EMC employees

are covered by a 401k plan), what impacts did the economic

situation have in the plan from 2007 to 2008? Be specific. Do

you think they should convert to a Cash Balance Plan? Why

do you think they have not done this, when many other

major companies have? (you can do other research for this

outside the footnote if it helps)

• c. If these 2 sections were tagged with XBRL, and you had

access to software that could use XBRL data, would you be

able to answer questions A and B faster and more

thoroughly? Or is good old- fashioned reading and analysis

just as effective in this case?

2. How will the knowledge gained from the 6 topics we have studied

this semester benefit your career and personal investing lives? (no

more than 1 page for a response)

Instructions and guidelines for writing your paper (sameasmid- termEXCEPT

thatthisshouldonlybe5pages,NOT15!)

This is an exercise to demonstrate your understanding of the topics

and the implications of the most recent or pending changes on

businesses and users of the financial statements. The point of this

paper will be to communicate your understanding of the topics

and their impact, in a business writing style. The clarity of your

thought and arguments should be able to inform and persuade the

reader about the topics.

Requirements:

1. The recommended format would be to follow the MLA

standard for writing your paper. Proper citations are required.

The link to the MLA website is

https://owl.english.purdue.edu/owl/resource/747/01/. Most

colleges and Universities use this

format, so many of you are probably familiar with it. You are

not required to purchase the guide, but this provides

excellent guidelines to follow for format, footnotes, citations,

etc. This book is available in any library and on all of the book

websites (the latest edition, new, is only $17.95, with many

less expensive options to buy it used in case you would like to

keep a copy. It is an excellent reference for any writing that

you might do in the future). You also don’t need the most

current version; any recent one will do, as there have been

few changes.

2. Please use Times New Roman 12 pt, with 1” margins, double- spaced.

3. Spelling, grammar, format, presentation and quality of

thought and writing count for half of the grade. Ask yourself-

“is your writing clear, well-presented and understandable to

the audience?” Although this is not an English paper, the

reader should not have to hunt through misspelled words,

improper grammar and poorly written paragraphs in an

attempt to decipher a position. The other half of the grade will

be measured on the quality of the content and evidence

supporting your answers. There are no right or wrong

opinions, only well-written ones.

_ I always recommend having a friend, relative or colleague

read your paper prior to submission, as it is very hard to see

your own mistakes. Also, do not rely entirely on the spelling

and grammar check in Word to catch all mistakes! UML has

writing tutoring at the Write Place Tutoring Center that may

be of assistance, here is the link:

http://www.uml.edu/CLASS/Tutoring/tu_write.html

It says that writing tutoring is available for graduate students,

although I am not sure if they will accept emailed submission,

but you could certainly contact them to see if they would.

4. Your Name and page numbers should appear in footers,

with page number centered, name right justified Last_First.

5. Page limit, excluding cover page, table of contents, reference

pages or appendices, should not exceed 5 pages. In fact, there

will be no

benefit for “volume” or “creative” writing! The highest grades

will go to that whose writing is, to the point, provides support

and draws a conclusion in a neat, easy-to-read package. A

business audience, particularly if it is made up of executives,

has an extremely short attention span (some say that of a

gnat, and since I have been one of them, would agree that it is

not too far from the truth!). Written

communications skills are at a premium in the business

world today, and those who are able to effectively present

their ideas in writing usually go far.

6. Your arguments and defense of a position should be

supported by evidence and not just statements like “I feel this

way because it makes sense.” Avoid a writing style that

sounds like you are talking, texting, IM’ing or emailing-this is

not a conversation, but your position on issues.

7. Good luck, please let me know if you have questions!

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