COMPLETE ACCOUNTING DISCUSSION QUESTIONS SAINT LEO UNIVERS

COMPLETE ACCOUNTING DISCUSSION QUESTIONS SAINT LEO UNIVERSITY 2016 DQ1 Review the provisions of the Sarbanes-Oxley Act of2002 to address the accounting scandals in the late 1990s and early 2000s (Enron WorldCom etc.). Identify the provisions that you believemade themost significantimpact. What other provisions could have been included in the Act to strengthen the responsible stewardship and integrity of the accounting profession? Conversely what existing provisions in the Act do you believe (if any) are unnecessary or over-regulate the profession? DQ2 Summarize the events of a recent accounting scandal. Identify how the illegal or unethical act was detected and describe the punishments that resulted (fines prison terms etc.). Consider what could have been done to detect this act earlier orto prevent itfrom happening in the first place. Select a different example than those listed in previous posts. DQ3 US GAAP follows the Historical Cost Concept in valuing the cost of long-term assets. Explain this principle and how it compares to the standards used in the reporting of long-term assets under International Financial Reporting Standards (IFRS). If there is a convergence of standards which method do you believe should be used and why?

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