Assignment- Contemporary Accounting Issues

The 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

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. 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!

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.

Attachment:- Resource.rar