23 Jul ARE THESE TYPE I OF TYPE II SUBSEQUENT EVENTS?
In its 2005 annual report IBM disclosed the follow Show more IBM Please answer all questions for full rating. In its 2005 annual report IBM disclosed the following subsequent events: 1) On Feb. 15 2006 the company completed the acquisition of Micromuse for approximately $875 million. Micromuse is a publicly traded software company that provides network management software. The acquisition will be integrated into the companys software segment. 2) On Jan. 23 2006 the company completed the sale of one of its real estate holdings in the United States for approximately $18 million. The company had previously recorded an impairment change because it had classified this property in the fourth quarter of 2005 as an asset held for sale approximately $103 million and had recorded this asset in Other Income and as an expense in the consolidated statement of earnings. 3) On Jan 31 2006 the company announced that the board of directors had approved a quarterly dividend of $0.20 per common share payable March 10 2006 to shareholders of record on Feb. 10 2006. a. Are these type I of type II subsequent events? Explain your answer. The date of the audit report was Feb. 28 2006. IBMs year-end was Dec. 31 2005. b. Why were these events disclosed in IBMs annual report? c. How did the auditors gather evidence to verify the accuracy of these events? Show less
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