- (A) Provide at least two reasons and support your rationale for the U.S. GAAP treatment of reporting additional investments in subsidiaries when the parent establishes control compared to the IFRS treatment, such as evaluating the usefulness to investors of the post-control step acquisitions.
- (B)_ Under pressure to balance their budgets, governments at all levels have resorted to fiscal gimmicks, such as delaying the wages and salaries of government employees from the last day of the month to the first day of the following month. As a result of this change, the employees had one fewer pay period for the year.
- How would this sort of change affect the reported expenditures of a governmental fund under GAAP? In your opinion, should GASB address this issue? Why or why not?
- (C) Hiller Corporation manufactures electronic components and never closes its books until at least ten days after the month end. This way, it can sort out ownership of goods in transit, and document which goods were received by month end, and which were not.
You’ve just graduated from Strayer University with your bachelor’s degree in accounting and have been hired by the Hiller Corporation as a new accountant. Your supervisor asks you to record the 8th of February’s $50,000 inventory sales transaction that is FOB destination to be part of the month of January revenue account.
- As an accountant, how would you handle the above situation? Include concerns about the importance of timing in the recording of purchases and ethical standards.
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