Financial Accounting and Reporting Verizon Communication Analysis

Question: Analyze and explain the requirements for full disclosure in financial reporting. Evaluate the importance and impact of full disclosure or non-disclosure in accounting practices. Use technology and information resources to research issues in intermediate accounting. Write clearly and concisely about intermediate accounting using proper writing mechanics. Answer: Introduction The financial reports of the company serve as a very important source of decision making by the stakeholders of the company. The financial statements reflect the financial worthiness of the company. The financial reports that are having inadequate information will discourage the prospective investors to invest in the company. The investors will not have any basis for deriving conclusions about the performance of the company. Verizon Communications financial reports, annual reports, companys management discussion and notes to financial statements are analyzed critically. The analysis will bring out the degree of effectiveness of the company in preparing financial statements and the impact of the financial statements on the companys growth (Bezborodova, 2013). Analysis of financial statements of Verizon Communications Disclosure Requirements on accounting policies Verizon Communications have disclosed in its notes to consolidated financial statements a summary of its accounting policies. They have declared that they maintain their financial statements according to the U.S. accepted accounting policies(GAAP). The company has disclosed its method of estimation. The accounting estimates used by the company includes the allowance for doubtful debts, the fair value of financial securities, the non-recognition of tax benefits, etc. The company depreciates plant and machinery on a straight-line basis. The company has disclosed the basis of its derivative instruments transactions. The disclosure states that the company enters into derivative transactions to maintain the fluctuations in foreign currency exchange rates. The company further declares that it does not hold derivative for the purpose of their trading. The derivatives are valued at fair value (Elliott Elliott, 2008). The accounting estimates are based on the prudence and the expert knowledge of the report preparers. The accounting estimates reflect an approximated amount of transactions that are to be debited or credited in the financial statements. The users of the financial reports put their reliance on the financial statements if the measurement of the accounting estimates is fair. The disclosure of derivative transactions will help the investors in ascertaining the kind of investment activities ('Financial Statements', 2012). The company has disclosed a comprehensive summary of its accounting policies. All the important accounting policies like the method of revenue recognition, accounting estimates, inventory valuation, asset depreciation, goodwill valuation, foreign currency transactions, etc. are properly disclosed. The disclosures provide a strong base for coming to a conclusion regarding the fair and true position of the company. The company has also made disclosures of the currently adopted accounting standards. The company has also mentioned the effect of the currently adopted accounting standards. The disclosures of the accounting policies of Verizon Communications is appropriate and forms a strong base for the investors decision making (Greuning, 2006). Management Discussion and Analysis on Annual Report The Management's Discussion has stated the increase in consolidated revenues of 2014 as compared to the revenue of 2013. The discussion has explained the reason for the increase in revenues. The reason being higher profits from Wireless. The management discussion includes the outcome of the company's activities. The discussion on the performance of both the segments of the company is done. The company has indirectly acquired Vodafone's shares of 45%. This has led to the complete ownership of Verizon Wireless. The Wireline segment has disposed a non-profit unit. The company has declared a quarterly dividend during 2014. The company has increased the quarterly dividend by 3.8%. The company proudly declares that the company is paying a regular dividend since eight years (Wen, 2012). The company has also mentioned that the aim of the company is to render long-term value for the shareholders of the company. The company also promises that the company will make all possible investments that will benefit the interest of the shareholders. Verizon Communications estimates to incur capital expenditure during 2015 that may result in increasing the capacity and meeting the customers expectations. The company also wishes that the capital expenditures may reduce as a percentage of revenue in 2015 as compared to 2014 (Holtzman, 2008). The users of the financial statements will be able to analyze the performance of the company by evaluating the increased revenue in 2014. The prospects of the company may appear favorable. The prospective investors can take decisions on the basis of acquisition and divestment made by the company. The acquisition has made the company the complete owner of Verizon Wireless. The company has paid regular dividends over the past years. The company cares to enhance the profitability of its shareholders. The low percentage of capital expenditure will not only increase the revenue of the company but also the capacity of the company in delivering services to the increased customers demand (Kanodia, 2006). Segment Reporting Market segmentation is done so that the company will be able to deliver best products or services to a particular segment of people or market. The companies determines segments based on various variables like region-wise, location-wise, demand-wise, price-wise, etc. The advantages of segment reporting of financial data are as follows- 1. The segment reporting reflects the profit generating and non-profit areas. 2. The investors can observe the activities of the company in a better way. 3. The companies can make a comparative analysis of competitors based on segments. The disadvantages of segment reporting are as follows- 1. The data can be manipulated to present a profitable figures of some segments. 2. The segments may not be comparable. 3. The segment reporting primarily focuses on present data rather than past trends. The advantages are far more than the disadvantages of segment reporting. The segment reporting reflects the units that are loss bearing. The company can take steps to eliminate the loss. The segment reporting also helps in dividing and fixing responsibilities (Stocken, 2012). Verizon Communications have two segments- Wireless and Wireline. The company reflects the governmental taxes on both the segments on a net basis. The company has reflected separate operating financial information of its two segments. The company has also reflected individual assets employed in individual segments. The company's financial statements also represent a reconciliation to the consolidated segment reporting (Pounder, 2009). The segment reporting should be done in such a manner that it facilitates comparison across industries. The company should reflect the transfer pricing provisions of the company in an elaborative manner. The company has stated a general information that the intersegment sales of products and services are done at the current market price. The impact of Auditors Report The Auditors Report of Verizon expresses their view that the financial reports present fair and true view of the financial position of the company as at December 31, 2014. The auditors' report states that the financial statements of the company is prepared by The US generally accepted accounting principles. The audit report also states that because of the unavoidable shortcomings of internal control, there may not be an adequate reflection of errors. The internal controls often become insufficient due to the changes in circumstances. The auditors have expressed their unqualified opinion in respect of internal control mechanism of the company based on the COSO criteria. The company records the transactions properly so that they can well be reflected in the financial statements. The cash inflow and outflow are being conducted after proper authorization by the management of the company. There is adequate mechanism on the detection and prevention of fraud. There are two types of audit re ports in the annual reports. One expresses an opinion on the internal control mechanism of the company, and the other expresses an opinion on the preparation of financial statements of the company (Stickney, Brown Wahlen, 2007). The bank will consider the auditors report before advancing loan to the company. The bank will refer the auditors report to observe whether the companys financial statements reflect a true financial position of the company or not. Many a times, the companies show an overvalued presentation of its financial statements to obtain bank loans. The bank will also overview the internal control reports to ascertain whether all the transactions are conducted under a proper authorization or not. Thus, the auditors' report will help the bank to judge the credibility of the company. Conclusion The analysis of Verizon Communications has resulted in arriving at the judgment that the company adheres to the prescribed accounting standards and accounting regulations. The company cares for the interests of its shareholders. The company has good future growth prospective. The company carries out its operations effectively. The company has done segment reporting in an understandable manner. The company has good credit worthiness. The company succeeds in attracting prospective investors. Even the company succeeds in maintaining the confidence of the existing investors. References Bezborodova, Y. (2013). The analysis of financial statements as approach to the assessment of financial stability of the enterprise. RAJ, 24(2). doi:10.15535/69 Elliott, B., Elliott, J. (2008). Financial accounting and reporting. Harlow: Financial Times Prentice Hall. Financial Statements. (2012). Review Of Income And Wealth, 58(4), 774-785. doi:10.1111/j.1475-4991.2012.00526.x Greuning, H. (2006). International financial reporting standards. Washington, D.C.: World Bank. Holtzman, M. (2008). What's new in financial reporting. Florham Park, N.J.: Financial Executives Research Foundation. Kanodia, C. (2006). Accounting Disclosure and Real Effects. Foundations And Trends In Accounting, 1(3), 167-258. doi:10.1561/1400000003 Pounder, B. (2009). Convergence guidebook for corporate financial reporting. Hoboken, N.J.: John Wiley Sons. Stickney, C., Brown, P., Wahlen, J. (2007). Financial reporting, financial statement analysis, and valuation. Mason, OH: Thomson/South-Western. Stocken, P. (2012). Strategic Accounting Disclosure. Foundations And Trends In Accounting, 7(4), 197-291. doi:10.1561/1400000027 Wen, X. (2012). Voluntary Disclosure and Investment*. Contemporary Accounting Research, 30(2), 677-696. doi:10.1111/j.1911-3846.2012.01169.x

Kate Chopin And Awakening Essays - Classical Music, Literature

Kate Chopin And Awakening A Style of her Own Kate Chopin uses symbolism and realism to enhance her theme of social conflict in the lives of women during the nineteenth century. These conflicts seemed to travel from one woman to the next, unnoticed by the rest of society. Chopin used these conflicts as a basis for all of her short stories and novels. This inevitably started turmoil about issues that never were brought out before. This, in turn, opened the eyes of society to the individuality of women. In The Awakening, by Chopin, a woman named Edna realizes that she is an individual and has individual feelings. She and her family lived at Grand Isle during the summer and her husband, Leonce, goes to the city every week, and is at Grand Isle during the weekend. This allows Edna the freedom to do and think what she pleases. A young man named Robert, lives at Grand Isle during the summer also. He flirts continuously with Edna, and she seems to like this sort of attention. Robert and Edna always went to the waterhole on the hot summer days to cool off. Of course, they would never go when the sun was high in the sky. Then, Robert would walk Edna back to her house and they would talk for hours. Everyone at Grand Isle could see the attractions between Edna and Robert, even Robert. Edna, on the other hand, did not see this attraction immediately. When Robert leaves for the Rio Grande, Edna is left feeling depressed and lonely. She decides that Robert wants nothing more to do with her, since he has written everyone letters of his journey except her. At this time, Edna is now living back in the city on Esplanade Street. Her husband is abroad and her children are visiting family. She is all alone. This allows Edna more freedom to meet new people without her husband right next to her. This was normal for Edna since her husband was often tending to business. During time that Leonce was away, Edna realizes that her life was not how she wanted it to be. While alone Edna "awakens" to the fact that she is an individual and has individual feelings. She also realizes she does not love her husband as she vowed to. At this point Edna knew what she wanted, and it was not marriage to Leonce, but divorce. She then moves out of her house without telling her husband. When she does tell Leonce, he tells everyone that he and Edna were merely remodeling the house and Edna needed a place to stay. He says this because he cannot stop her, being across an ocean. Leonce's lies just go to show that men had more important things to do in life than please their wives. Wives were the bearer of their children and rarely the apple of their husband's eyes. Edna inevitably tells her women ? friends what is really happening; that she is leaving her husband. All of these women tell her of what she is about to do to her life, reputation, and her children. Edna feels that she should come before her husband, but walks a thin line when asked if she puts her children before herself. When Robert returns to see Edna, she is full of excitement. When Robert learns that she lives alone and is away form Leonce, they share a special moment together. It was not accepted, during the nineteenth century, for women to divorce and remarry, Edna felt torn and weak. She does not know what to do with her life. In the end, She walks into the ocean and swims until she can swim no further. It is inferred, in this, that Edna drowns. In Edna's drowning there is a lot of symbolism. Her death shows, in an odd way, the birth of women's freedom of individuality. Her choice was to sacrifice her life because her fight for individuality and freedom had failed. She knew she would never be accepted being the extremist that society would label her as. Yet, now everyday, you see women who have divorced and remarried. Her death was a plea for women to understand their individuality and freedom. In "Desiree's Baby" Chopin uses themes, such as, independence of women and marriage between people of two different races. When Desiree's husband notices that his child has a black tint to him, he feels that she has hidden something from him. Desiree's feelings overcome her and she drowns herself

How the Drinking Bird Science Toy Works

How the Drinking Bird Science Toy Works The drinking bird or sippy bird is a popular science toy that features a glass bird that repeatedly dips its beak into ​the water. Heres the explanation for how this science toy works. What Is a Drinking Bird? Depending on where you live, you may see this toy called a drinking bird, sipping bird, sippy bird, dippy bird or insatiable birdie. The earliest version of the device appears to have produced in China circa 1910-1930. All versions of the toy are based on a heat engine in order to function. Evaporation of a liquid from the birds beak lowers the temperature of the head of the toy. The change in temperature creates a pressure differential inside the body of the bird, which causes it to perform mechanical work (dip its head). A bird that dips its head into water will keep dipping or bobbing as long as water is present. In fact, the bird works as long as its beak is damp, so the toy continues to function for a span of time even if it is removed from the water. Is the drinking bird a perpetual motion machine? Sometimes the drinking bird is called a perpetual motion machine, but there is no such thing as perpetual motion, which would violate the laws of thermodynamics. The bird only works as long as water is evaporating from its beak, producing an energy change in the system. What Is Inside a Drinking Bird? The bird consists of two glass bulbs (head and body) that are connected by a glass tube (neck). The tube extends into the bottom bulb almost to its base, but the tube does not extend into the top bulb. The fluid in the bird usually is colored dichloromethane (methylene chloride), although older versions of the device may contain trichloromonofluoromethane (not used in modern birds because it is a CFC). When the drinking bird is manufactured the air inside the bulb is removed so that the body will fill with fluid vapor. The head bulb has a beak that is covered with felt or a similar material. The felt is important for the functioning of the device. Decorative items, such as eyes, feathers or a hat may be added to the bird. The bird is set to pivot on an adjustable crosspiece fixed to the neck tube. Educational Value The drinking bird is used to illustrate many principles in chemistry and physics: boiling and condensation [dichloromethane has a low boiling point of 39.6 Â °C (103.28 Â °F)]combined gas law (​the proportional relationship between the pressure and temperature of a gas in a constant volume)ideal gas law (​the proportional relationship between the number of particles of a gas and the pressure in a constant volume)torquethe center of masscapillary action (wicking of water into the felt)wet-bulb temperature (temperature difference between head and body bulbs depends on the relative humidity of the air)the Maxwell-Boltzmann distributionheat of vaporization/heat of condensationfunctioning of a heat engine Safety The sealed drinking bird is perfectly safe, but the fluid inside the toy is not non-toxic. Older birds were filled with a flammable fluid. The dichloromethane in the modern version is not flammable, but if the bird breaks, it is best to avoid the liquid. Contact with dichloromethane can cause skin irritation. Inhalation or ingestion should be avoided because the chemical is a mutagen, teratogen and possibly a carcinogen. The vapor quickly evaporates and disperses, so the best way to deal with a broken toy is to ventilate the area and allow the fluid to disperse.

Deforestation in Asia

Deforestation in Asia We tend to think that deforestation is a recent phenomenon, and in certain parts of the world, that is true.   However, deforestation in Asia and elsewhere has been a problem for centuries.   The recent trend, actually, has been the transfer of deforestation from the temperate zone to tropical regions. What is deforestation? Simply put, deforestation is the clearing of a forest or stands of trees to make way for agricultural use or development.   It can also result from the cutting of trees by local people for building materials or for fuelwood if they dont replant new trees to replace the ones they use.   In addition to the loss of forests as scenic or recreational sites, deforestation causes a number of harmful side effects.   Loss of tree cover can lead to soil erosion and degradation.   Streams and rivers near deforested sites becoming warmer and hold less oxygen, driving out fish and other organisms.   Waterways also can become dirty and silted due to soil eroding into the water.   Deforested land loses its ability to take up and store carbon dioxide, a key function of living trees, thus contributing to climate change.   In addition, clearing forests destroy habitat for innumerable species of plants and animals, leaving many of them critically endangered. Deforestation in China and Japan:   Over the past 4,000 years, Chinas forest cover has shrunk dramatically.   The Loess Plateau region of north-central China, for example, has gone from 53% to 8% forested in that period.   Much of the loss in the first half of that time span was due to a gradual shift to a drier climate, a change unrelated to human activity.   Over the past two thousand years, and particularly since the 1300s CE, however, humans have consumed ever-increasing amounts of Chinas trees.

Super Size me written assignment Essay Example | Topics and Well Written Essays - 500 words

Super Size me written assignment - Essay Example It tackles the issue of fast food in general. The movie is starred by Morgan Spurlock, Daryl Isaacs Lisa Ganjhu and a host of other characters. The storyline is the current hot international topic, as hot as some of the dishes served at the MacDonald’s. They are served with lots of public relations gimmicks and good wishes, but are they really good dishes? The number of suits pending against them may well worth subject matter of another menu card, and must be handed over to each customer, before they push the entry door of the restaurant. The movie sets the tone for a perfect legal drama. The issue: Morgan Spurlock has to prove that the food is unhealthy. His would be the test case and if proved correct, plaintiff would have a claim from the MacDonald’s. Morgan Spurlock conducts the experiment on him, by becoming the guinea pig, as they would say in popular parlance. The story has all the ingredients needed for a tight legal case. A general practitioner, a cardiologist and a gastroenterologist are there to seal the fate of MacDonald’s, if everything goes well to make Morgan Spurlock unwell. The guidelines set for the Morgan Spurlock experiment, may as well set (to an extent it has already set) the tone for a national/international debate on the issue of accepting fast food as a way of life.

Project Management Theory & Practice Assignment - 1

Project Management Theory & Practice - Assignment Example Seeing that when customers turn out to be more stylish, well knowledgeable and their desires and expectations develop, the simply approach a corporation can endure and flourish is by providing assurance to quality (BSiGroup, 2010). In this scenario, ISO9000 is a globally acknowledged standard of quality, which offers rules and regulations for achieving the ISO9000 quality standard. In addition, the corporations can be audited to receive ISO9000 certification (Management Help, 2010). Moreover, a quality management system (QMS)  for instance ISO 9001 offers a management support  that provides the organizations the required facilities to deal with threats and examine and determine quality of your products. Furthermore, it can also help the organizations to improve their representation and status and allow them to search for enhancements through inside and outside communications (BSiGroup, 2010). This stage of the Marriott International Hotels business project will be based upon the superior quality which guarantees the entire stages of the project and major analysis of the new and innovative deployments. In this regard key jobs will be about the evaluation of the quality concerning the latest bedding and their setup standards. This will definitely assure an improved and superior quality management plus useful project completion. No doubt, Quality is vital to each and every project and particularly for business activities and functions. For an enhanced business support and successful project completion we must have to ensure project quality. Here I will present the project quality management plan for the Marriott International Hotels business project. Here we will use the quality assurance tools planned for the Marriott International hotel bedding and renovation scheme. These quality declaration tools will make sure that the entire needs and requirements have been fully satisfied as they were mentioned at the commence of the project. Here we will establish a plan

Film and Countless Alien Eggs Essay Example for Free

Film and Countless Alien Eggs Essay I was in the middle school. I still remembered the feeling when I first watched this film. It was so scary that I couldn’t even breathe, and I once dreaded that these aliens would come to our planet and destroy our humanity. There is no doubt that this film is a masterpiece in the Sci-Fi/horror film history. The director Ridley Scott made an amazing film. The story mainly tells about a commercial towing spaceship, which carries seven crew members, and receives a beacon form a planet, so they decide to check it out. Three of crew member Dallas, Kane and Lambert discover a derelict spaceship which contains countless alien eggs; one of these attacks Kane and makes him unconscious. After Kane is brought to the ship, the strange thing happens. An alien bursts from Kane’s’ chest and kills all the crew members except Ridley. By her intelligence and braveness, she finally kills the alien and escape from the spaceship. Films about UFO and spaceships are extremely popular in the film industry especially in America, but in other countries it’s not popular at all. I think it is because schools in United States focus more on educating students’ imagination and creativity. People love to see films about future world and extraterrestrial life. As we know, our universe is extremely large; a lot of people believe that aliens do exist somewhere. Some rumor says they visited us and government knew it, but for some reason they didn’t want people to know. The more government wants to conceal the existence of alien, the more people want to know the truth. That’s why Sci-Fi movies can succeed in the box office so well. The Alien is one of the most successful Sci-Fi movies in the history. Some people think it also can be categorized as a horror movie too. There are so many scary moments in this film; some are really gross and disgusting. The effect of chest bursting of Kane is still amazing; even it was a movie that filmed 30 years ago. Director created a very scary creature, the alien. They have no gender, or you can say they are hermaphrodite. They have no womb and reproduce really fast, and their blood is made by strong acid, which can penetrate several floors of the giant spaceship. It makes them hard to kill, and the scariest thing is they use human body to reproduce. Once the baby alien ready to go from its host, they will burst out from their father/mother’s chest and instantly kill him/her. The alien grabs all the audience’s attention. Its giant body and gross drooling mouth creates the scary atmosphere, which make audience dread and anxiety. The success of Alien was quite closely linked to the background of America at that time. The Alien was born in the era of the Cold War. People were living under the tremendous pressure from the other countries. The feeling of the panic to the uncertainty just like an alien was hiding in the darkness, which was going to kill someone. By watching this film, audiences can release the pressure and forget the pain of real life. The Alien is an amazing film, which blends elements of Sci-Fi and horror to create a very horror and fantastic film. I would love to watch this movie again and recommend to all the people who like Sci-Fi and horror movies.