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15 Aug 2018

1. Go towww.journalofaccountancy.com and search for articles on leanaccounting. Using the articles found in this search, answer thefollowing questions:

a. Why do standard-costingpractices no longer make sense for a lean organization?

b. If standard costing is replacedwith a lean accounting approach, what problems might a firm thenface?

Be sure to properly cite all sources using APAstyle.

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Jean Keeling
Jean KeelingLv2
18 Aug 2018

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The purpose of this mini-research project is to help generate ideas and experience for the final research project.

Go to https://pcaobus.org/Inspections/Reports/Pages/default.aspx

Do a search for revenue recognition. You should get 175 results (as of May 28, 2018).

Further narrow your search by limiting the inspection report year to 2017. You should get 13 results (as of May 28, 2018), including three of the Big 4:

Ernst & Young LLP

Deloitte & Touche LLP

KPMG LLP

Repeat the search for 2016. This time there are 11 results, including three of the Big 4

Ernst & Young LLP

Deloitte & Touche LLP

PricewaterhouseCoopers LLP

Next, open each of the six reports. First do a word search for revenue recog (not recognition; do you know why not?). Record the number of times mentioned in each report. Then do a broader search for just the word revenue. You should get a lot more instances. Please complete the table below.

Number of instances of revenue recognition in the report

2016

2017

Revenue “Reocg”

Revenue

Revenue “Reocg”

Revenue

Ernst & Young LLP

Deloitte & Touche LLP

KPMG LLP

NA

NA

PricewaterhouseCoopers LLP

NA

NA

Questions:

1. What pattern do you notice?

2. Why did I tell you to search for revenue Reocg, not recognition?

3. Describe one situation that you understood and/or found interesting. Properly cite that report.

4. Please include a proper reference for all the reports:

Example (This is Ernst & Young 2017, even though it covers the 2016 inspection):

PCAOB (Public Company Accounting Oversight Board, 2017b). Report on 2016 Inspection of Ernst & Young LLP (Headquartered in New York, New York) Issued by the Public Company Accounting Oversight Board December 19, 2017. PCAOB RELEASE NO. 104-2018-018

https://pcaobus.org/Inspections/Reports/Documents/104-2018-018-Ernst-Young.pdf

I labeled this 2017b because the Deloitte report will be 2017a, since it comes first alphabetically.

Discussion: you will assume the role of an entrepreneur. Youwill create a fictional organization and consider some costingconcepts as you create it.

First, compose a full paragraph that describes the organization.Be sure to include the name of your company, the product (orproducts) or services that it provides, and who your intendedcustomer base would be. Think strategically about what you canoffer that a customer base would see as valuable, and what basicbusiness model would help you to be most profitable.

1.Once you have outlined the company and its goals, pleaseconsider and answer the following questions:

2.Identify at least one fixed and one variable cost you willhave in producing your product(s) or service(s).

3.Identify at least one potential sunk cost.

4.Identify a potential relevant cost decision you would have tomake and explain which aspects of the decision might be relevantand which ones would not be relevant.

5. Explain how opportunity costs could apply to one or more ofyour products and/or services.

6. Identify at least one outsourcing decision in which you would“buy” and at least one outsourcing decision in which you would“make." Keep in mind these can be not only production issues butissues related to how your business is structured. Explain theanalysis you would use in arriving at an item you would “buy” andthe analysis you would use in arriving at an item you would“make.”

Your initial posting should be between 300 to 400 words and usea minimum of three sources (one of which may be the textbook). Citeyour sources and references using APA format (a tutorial isprovided in the Class Tutorials Section of the course).

You will use two items to complete Part II. First, go back andreview the company that you created for the Discussion. Thinkstrategically about the company, its products and services, andissues related to cost. Then, review the case study on Boeing(http://web.mit.edu/ctpid/lara/pdfs/abccasestudy.pdf) to understandhow activity-based costing and activity-based management can impactmanagerial decisions within firms. Once you have completed thesetwo activities, respond to the following questions in the spaceprovided below. You should use source materials, citations ANDreferences (in APA format) to help support your answers. Generally,3-5 sources (or more) should be used. Remember to double space youranswers as well.

Topic A (10 points) – Using the company you created in Module 2,if you were to conduct an ABCM pilot in the organization, thenwhich stakeholders would be most likely to support the project?Which stakeholders would find the project threatening orproblematic? Why?

Answer:

Topic B (10 points) – Do you believe that make-buy decisionswould be better, worse, or no different with an ABCM system inplace? Why do you reach this conclusion?

Answer:

Topic C (10 points) – Do you believe that continuous improvementefforts would be strengthened by such a system? Why or why not?

Answer:

Topic D (10 points) – Do you have enough evidence here to decidewhether you would support or oppose an ABCM initiative within yourcompany? If so, then explain. If not, then what additional data orinformation would you need?

Answer:

References: (10 points)

Social and Digital Media

Electronic communication has all but replaced traditional means of communication in our lives and work. As a result, we have experienced a great many rewards and time no longer has the same meaning as it once did. Now our thoughts and ideas can be transmitted almost instantaneously. CPA firms have no doubt reaped the benefits of being able to streamline communication between clients and the firm and marketing is facilitated through websites that contain volumes of information that can assist in gaining clients, recruiting talent and promoting the profession.

However, there are also many risks associated with social media and the CPA and firm are not immune to those. Therefore, it is of utmost importance if you as going into public accounting that you are aware of the risks that are involved in using social and digital media to perform your work as well as risks that your personal information could be used against if you were to become involved in litigation. The following are some examples of where you could run into problems:

Increased Risk for Break of Client Confidentiality – CPAs are given confidential information, such as W-2s, tax returns, social security numbers, credit and debit card information, in order to do their work. You could unintentionally disseminate this sensitive information to others if you press the wrong button or choose the wrong recipient on an email.

Boasting can threaten Credibility – If a CPA firm were to be involved in litigation, an attorney will first seek out the free information that can be found online. If the firm or CPA were to have posted information on Facebook, LinkedIn or some other site that could be shown to be indefensible or inflated, this could be used to call into question the integrity of the firm or CPA.

Independence and Objectivity Issues – If an attorney representing shareholders who lost money due to a company presenting false financial information due to fraud can find information to indicate that the CPA lacked objectivity or independence as required for an audit, then that could be used against the CPA in a legal case. Correspondence between a CPA and a client that shows too familiar a relationship, no matter how innocent it may have been, could be used to assert a claim against the CPA for not discovering fraud due to a lack of objectivity or independence.

Discuss some internet and digital policies that would be beneficial for a CPA or a firm to institute to avoid having their employees or the firm encounter the type of problems discussed above.

Discuss your answers to the question at the end of the case with the class. Keep the discussion going all week.

Source - http://www.journalofaccountancy.com/issues/2016/mar/social-media-risks.html?utm_source=mnl:twtcpa&utm_medium=email&utm_campaign=09Mar2016

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