Question: The six topics are listed below for the assignment. You will use them to answer question #2.

• IFRS International Financial Reporting Standards

• Fair Value

• Revenue Recognition

• 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 401 k 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? (nc, more than 1 page for a response)

Information related to above question is enclosed below:

Attachment:- FinalExam.rar