Discuss the potential impact of the new standard on the company's financial statements and the steps the company should take to implement the standard. What are the disclosure requirements under the new standard? How can the company ensure compliance with the standard?

Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePagecid=1176169257359 and answer the following questions. What is the new standard as of ASC 606? What does that mean to you? What are the recommended steps companies should follow to achieve the core principle? How does this change current GAAP standards? Who is required to adhere to this new standard?

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To what extent should sustainability consideration influence traditional accounting measurements and disclosure?

How do interim financial statements play a role in assessing a company's performance and financial health?

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In analyzing a company's financial statements, which financial statenent would a potential investor primarily use to assess the company's liquidity and financial fiexibility?

What is a contingency? Why are contingencies important to users of financial statements? What are the criteria for recording contingencies? Should companies record a liability for threatened litigation? Why or why not?

An analyst who is interested in assessing a company’s fi nancial position is most likely to focus on which fi nancial statement? B . Income statement.

Accounting Theoretical Question. In developing accounting policies, what weight should be given to industry-specific practices versus general accounting principles? Examine the tension between standardization and specialized reporting needs. Where should accountants draw the line between conformity and customization? How might this balance affect the comparability of financial information across industries?