Financial Reporting: The Application of Professional Development and Research

Hilton, Hannah (2019) Financial Reporting: The Application of Professional Development and Research. Undergraduate thesis, under the direction of Victoria Dickinson from Accountancy, University of Mississippi.

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Abstract

Financial reporting is the basis upon which investors and other users make financial decisions; therefore, it is important that the information be accurate and complete in accordance with Generally Accepted Accounting Principles (GAAP). This thesis sought to study different areas within financial reporting, such as stockholders’ equity, revenue recognition, deferred income taxation, accounts receivable, and other relevant items in compliance with financial reporting standards. The information included in this thesis was gathered through the execution of a series of twelve case studies. The case studies, as completed, apply accounting concepts in conformity with GAAP, International Financial Reporting Standards (IFRS), and the FASB Codification. This thesis required application of the accounting concepts taught in accounting courses to real-life companies, both domestic and foreign. Analysis of the complex topics included in the case studies required dissection of financial statements, such as the Balance Sheet, Income Statement, Statement of Cash Flows, as well as the notes to the financial statements. Companies often report significant supplementary information within the notes; therefore, analysis of these disclosures, in addition to the financial statements, aided my research. Application of this financial research further expanded and enhanced my knowledge of challenging accounting concepts to utilize within my future career in public accounting. This thesis was created with the intent to investigate critical accounting concepts and principles in compliance with professional rules and regulations. On my Honor, I pledge that I have neither given, received, or witnessed any unauthorized help on these case studies.

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