1. The IASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing IASB...

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1. The IASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing IASB project after visiting the IASB web site. 2. access the lin  http://aaahq.org/ascLogin.cfm Highlight concepts you learned about the FASB Accounting Standards Codification. 3. Overview a. Select a publicly traded U.S. corporation you would like to study this semester . b. You may search for the name of your company and Investor Relations and look for SEC Filings. Your corporation must meet the following criteria: · It must be ranked number 500 or higher on the Fortune 500 list for the current year. · It must have an SEC 10-K report for the current or most recent prior year.  · It must have an Accounts Receivable and Inventory Account. · It is recommended you select a manufacturing company. Your corporation may NOT: · Be the same corporation you used for SEC projects in other courses. · Be the same corporation a classmate selected. · Be a bank or any other type of financial institution. · Be a service company. Discussion Requirements a. Write the name of the corporation, the stock market where it is traded, and its ticker symbol in the Subject line when you respond to this posting and all other postings related to this project.  For example: · Under Armour: NYSE: UA · Apple; NASDAQ: APPL · ExxonMobil; NYSE: XOM b. State why you want to study and prepare a financial analysis of your corporation. c. Provide a direct link to your corporation's SEC 10-K report for the most recent year. A direct link is a hyperlink that takes you directly to a website where the SEC 10-K report is located. For example, this is the direct link to the 2019 SEC 10-K report for Apple, Inc. The most direct route to finding the direct link is to use the SEC EDGAR System and search by Company name.  An alternative research method to locate the most current SEC 10-K for your company is to search for the name of your company and the words investor relations. You will need to make selections and click links such as SEC filings and may be required to use the drop-down SEC filings menu to select annual as the report type. d. State your corporation's position on the Fortune 500 List for the current year.  Your chosen company must be ranked number 500 or higher. e. Provide page numbers for all four required financial statements: · Income Statement (it could be listed as the Consolidated Statements of Income.) · Balance Sheet (it could be listed as the Consolidated Balance Sheet or Statement of Financial Position.) · Statement of Stockholders Equity (it could be listed as the Consolidated Statements of Stockholder's Equity or Consolidated Statements of Stockholder's Deficit.) · Statement of Cash Flows 4. Category: Liabilities a. What were the company's liabilities as displayed on the balance sheet for the most recent fiscal year?  Comment on the trend in total liabilities, both current and long term.   b. Notes to the financial statements:  What more do you learn about liabilities from these details? 5. Category:  Contingencies 1.  Identify and describe any contingencies. How are they disclosed? 6. Category:  Defining Contingencies a.  What goals might management have regarding the disclosure of contingencies? b.  Identify and explain gain contingencies as they apply to your company 7. Category: Reporting Stockholders' Equity a.  Explain the relevancy of your company's statement of stockholders' equity.  Your comments should include column titles as well as line items.  Any surprises related to items not included or items displayed?  What changes do you observe? An example would be treasury stock. b.  Retained earnings or accumulated deficits: comment on the activity reporting, including references to previous fiscal year activity. 8. Category: Common Stock, Dividends, and other activity a.  Describe activity for this fiscal year and others disclosed relating to common stock, dividends, and related activity. 9. Category: Accumulated Other Comprehensive Income / (Loss) a. Compare and contract items in the area of Accumulated Other Comprehensive Income / (Loss) for this fiscal year with other years disclosed in the statement of shareholders' equity. b.  Provide additional details about accumulated other comprehensive income based on your review of the notes to the financial statements.