Full Disclosure in Financial Reporting � Verizon Communications

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Verizon Communications1Full Disclosure in Financial Reporting–Verizon CommunicationsUse the Internet to research Verizon Communications’ financial statements, annual report, notes to the financial statements,president’s letter, and management discussion and analysisfrom the mostrecent year in order to complete this assignment.1.Discuss the disclosure requirement on accounting policies, and identify at least two (2) examples of the most commonly required disclosure. Explain the key ways in which the examples you providedare useful to financial statement users. Analyze Verizon Communications’ disclosure on accounting policies, and give your opinion on whether or not the information is helpful for decision making. Providea rationale for your response. 2.Explain the importance of the management discussion and analysis section of an annual report. Select three (3) items from Verizon’s management and discussion analysisof the annual report that could be useful to potential investors. Provide three (3) specific examples of how the three (3) items you selected could influence a potential investor’s decision to invest inVerizon. 3.Describe segmented information, and explain the way in which companies determine segments. Identify at least three(3) advantages and three (3) disadvantages of segmented financial data.Give your opinion on whether or not the advantages outweigh the disadvantages. Outline the manner in which Verizon segments its financial data. Suggest key actions that Verizon’s management cantake in order to improve the company’s segmented financial data. Provide a rationale for your response. 4.Analyze the varioustypes of auditor’s reports, and determine the impact that the auditor’s reporthas on a company’s ability to obtain financing from a bank. Identify the type of auditor’s report issued on Verizon, and speculate the manner in which you believe banks will perceive Verizon’s auditor’sreport.1.Accounting policies areimportantforsufficientlyconsideratethe informationofferedinmonetarystatements.That usandunitasnecessarywithGAAPmustpresent asavitalelementof themonetarystatementadeclarationrecognizethe accounting policiesimplemented by the reportingunit. Accounting policies are theparticularaccountingways anassociationcurrentlyappliesas well asbelievesgenerallysuitableto present itsmonetarydeclarationshonestly. The disclosing ofthose policiesshouldincludesignificantends as to thesignificanceofvaluesconcerning theappreciationofincomeas well asdistributionof assetprices topresent.Recognizing theaccounting policiesrespondsquerieslikeas thewayofreductionapplied,assessmentwayoflist,as well asthepaying backofsubtlestassecretarialstandardspermitdissimilaractions for theidenticaldeal.Some transforms in the accounting policiesshouldalso berelated if thetransformissubstancetothepresenttimeor issensiblysupposedto have a materialresultinanafterwardstime. Accounting policiesimplementedwithanassociationconsiderablyinfluences theappearanceof itsmonetaryarrangement,moneyflows,aswellasoutcomesofprocesses.Consequently,obviouslyoutliningsecretarialpoliciespermitcustomers of thesemonetarystatements toevaluatemonetarydetailswith otherunitsinsidetheequalbusiness.(Financial Statement, 2014)Inchecking Verizon’s 2013yearlydescription,supervisionexpressed theirreductionwayregardingplant,goods,as well asapparatus. Asdeclared in theyearlystatement, Verizondocumentations plant,assets,andtoolsatprice, reduceapplying the straight-linewayin excess oftheguessedhelpfullife of theadvantage.By disclosing thereductionway,customers of Verizon’smonetarystatements arewillinglytalentedtoevaluateexactlyfinancialdeclarationoutlines withone morebusinesses’ asvariations in netprofitscouldbasicallybetheexploitationofreductionways.

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