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13 Jul 2019

Discussion Preparation

Find and read Statement on Financial Accounting Standards (SFAS)No. 157.

Initial Discussion

In approximately 300 words, prepare a short summary of the keypoints from Statement No. 157 as it relates to what we have learnedon consolidated financial statements.

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Elin Hessel
Elin HesselLv2
15 Jul 2019

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Find the financial statements for a publicly tradedcompany, and examine its statement of cash flows. Prepare the cashratios and prepare an overview (300 words) of what is revealedabout the company by its statement of cash flows and cash ratios.Post a link to the financial statements with your initial post, andinclude the company name in the subject line. Do not choose acompany that one of your classmates has already selected. Toparticipate in follow-up discussion, choose one of the companiesthat a classmate has reviewed, examine the company’s financialstatements, and provide your own commentary on it. All posts shouldbe grammatically correct and proofread for spelling.

Q1. “Fair value accounting is argued to be conceptually and practically preferable to amortized cost accounting for most financial instruments, especially for financial institutions holding matched positions in these instruments.” What are your views about this statement?

Q2. Mortgage Banks’ main revenues are usually fees for mortgage origination and servicing as well as gains on the sale of mortgages. Although amortization and impairment of Mortgage Service Rights are logically expenses and losses, respectively, mortgage banks often deduct these items directly from mortgage servicing fees as if they are contra-revenues. Prepare an Income Statement of a Mortgage Bank with at least five items of revenue and three items of expenses with imaginary figures.

Q3. Statement of Financial Accounting Standards (SFAS) NO. 140 defines transfers of financial assets as conveyances of noncash financial assets by and to someone other than the issuer of the assets. These transfers include securitizations. What motivates issuers to securitize? Give some reasons.

Question 1 (15 POINTS)

The FASB recently released the following two AccountingStandards Updates (ASU) and an ASC, as listed below

:

ASU 2014-08, “Reporting of DiscontinuedOperations and Disclosures of Disposals of Components ofEntities”

ASU 2015-01, “Simplifying Income StatementPresentation by Eliminating the Concept of Extraordinary Items”and

ASC 606 “Revenue Recognition Standard ( May2014)

For each of these, answer the following questions (can useCodification site to refer to standards):

a) Why did the FASB issue this ASU/ ASC (i.e., how is it animprovement)?

b) What are the main provisions of the ASU/ASC and how are thesedifferent from current GAAP?

Question 2: What are accounting changes and whyis it an issue? List and define the three types of accountingchanges. Include in which statement the changes are presented andwhere in the statement. (5 POINTS)

Question 3: Under current US GAAP (ASU2011-05): (10 POINTS)

a) What is meant by Comprehensive Income?

b) How should Comprehensive Income be presented in the financialstatements?

Questions 4: How is fair value definedin SFAS No. 157 (5 POINTS)

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