Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. In Chapter 2, the author examines cash, receivables, and revenue recognition. First, the author defines cash and the various cash equivalents. Next, he examines how revenue is recognized and receivables are collected, including uncollectible accounts, the allowance method, changes in estimates, sales returns and allowances, sales (cash) discounts, and accelerating cash receipts from receivables. He then discusses the economic consequences of GAAP and off-balance-sheet financing, including revenue recognition both later and earlier in the operating cycle and accounting by long-term contractors. Lastly, he examines the concept of earnings management, or strategies to report earnings in a certain manner.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 3 concentrates on inventory and its related expense, the cost of goods sold. Initial topics discussed include: the full cost principle, purchases returns, allowances, and discounts, and the lower cost or market. Methods for determining inventory and cost of goods sold amounts in the financial statements, including the specific identification method, First-In First-Out (FIFO) and Last-In First-Out (LIFO), and the average cost method, are examined in detail. The respective impacts on the financial statements presented by the choice of inventory method are then explored. Lastly, additional issues related to LIFO are discussed.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 4 explores operational assets: property, plant, and equipment; intangibles; and natural resources. Operational asset issues are discussed at length, including initially capitalized acquisition cost, systematic and rational allocation of cost to expense in the income statement, postacquisition expenditures, impairment losses, and disposals. Each area is initially discussed in general as it relates to all operational assets and subsequently as it relates to particular operational asset categories.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. In Chapter 5, the author discusses liabilities and related issues. Liabilities resulting from normal operations are initially examined; these include employee compensation, income tax, sales tax, warranties, and revenue received in advance. Contingencies, or potential variances in the value of assets dependent upon future events, are then explained. Other topics discussed include notes payable/receivable, long-term debt, and bonds, which are examined at length.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 6 covers leases. Examples of the two accounting treatments applied to leases (capital leases and operating leases) are discussed from the perspective of the lessee and the lessor. Examples of how these leases impact the accounting equation framework are given. The criteria that GAAP applies to leases are also explained.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. Chapter 7 examines two forms of financial instruments: investment securities and derivatives. Major topics discussed include: passive investments (debt and equity securities), active investments, the equity method of accounting, the issuance of consolidated financial statements, derivative securities, and the fair value option.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. In Chapter 8, the author explores postretirement benefits and income taxes. The two main categories of postretirement benefits are discussed first: pension plans, and other postretirement benefits from a U.S. GAAP perspective. The author then explains how GAAP differs from IFRS (International Financial Reporting Standards) concerning postretirement benefits. Lastly, income taxes are explored at length.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text.Chapter 9 examines stockholders' equity and earnings per share. The section on stockholders' equity discusses paid-in capital, common stock, preferred stock, convertible preferred stock and convertible debt, as well as the retirement of stock. Treasury stock is explored, as is retained earnings, including cash and property dividends, stock dividends and splits, stock-based employee compensation plans, stock option plans, stock award plans, stock purchase plans, and stock appreciation rights. The section on earnings per share (EPS) covers basic EPS, diluted EPS, convertible preferred stock, convertible bonds, treasury stock method, stock options and restricted stock.

Financial Reporting Standards is a ten-chapter book written by David T. Doran, a former CPA with Coopers & Lybrand and current professor of financial accounting at Penn State Erie, The Behrend College. The book was published in July of 2012 by Business Expert Press. Written for practicing managers, MBA students, and undergraduate non-accounting business majors, the text emphasizes how management's choice of accounting methods and their required estimates in reporting transactions and events impact financial statements, both immediately and in the future. Most of the topics addressed in this book are typically studied by accounting majors in the two-course "intermediate" accounting sequence, but the text also includes discussion of consolidations, a topic generally covered in the "advanced" accounting course.. By exclusively applying a user's decision-making emphasis, and limiting topical content to areas relevant to financial analysis, this book allows non-accounting majors to acquire the underlying knowledge in a concise and easy to understand text. The tenth and final chapter examines a key topic of Chapter 1 -- the statement of cash flows (SCF) -- in more granular detail. Activities that fall under the SCF, such as investing, financing, and operating, are discussed, and illustrated through examples utilizing the accounting equation framework. Both the direct and indirect methods of analyzing operating cash flows are compared in detail, and additional SCF issues, including regulation under IFRS, are discussed.

After years of rapid growth and stock price appreciation, New Century Financial Corporation, one of the largest subprime loan originators in the U.S., reported accounting problems in early 2007. The resulting liquidity crisis forced the company to file for Chapter 11 bankruptcy protection. According to the Bankruptcy Examiner assigned to investigate New Century, the company's troubles "were an early contributor to the subprime meltdown" which fueled a financial crisis in the U.S. and beyond. The case study examines New Century's business model and accounting practices and focuses on the role of management, audit committee, and external auditors in the problems at New Century based on the findings of the Bankruptcy Examiner.

The new CEO and the new president of the J. C. Penney Company, Inc. (JCP), invigorate the company with a new pricing strategy based on "Everyday Fair Prices." Is the initial market reaction an indication of likely success? This first part of a two-part case contextualizes the initiative and provides a means of exploring differentiation in an evolving market.

In this second part of a two-part case, the results of an innovative new pricing strategy for a venerated department store are reviewed and its positioning going forward is explored.

This technical note analyzes and explores frameworks for improving interventions in organizations. Organizations are complex ecosystems of assumptions, artifacts, and interactions. By understanding how the current system is arranged and recognizing the broader impacts of any intervention, leaders can make more impactful and lasting changes to their organizations. Any framework is only as good as the assumptions that are baked into it. Often the data needed to answer the questions in this framework are not readily known; therefore, leaders must be open to using methodologies such as ethnography, interviewing, focus groups, and conversations to better solicit these data from key stakeholders.

"In September 2010 Suresh Krishna, vice president of operations and integration at Polaris Industries Inc., a manufacturer of all-terrain vehicles, side-by-sides, and snowmobiles, needed to recommend a location for a new plant to manufacture the company's side-by-side vehicles. The economic slowdown in the United States had put considerable pressure on Polaris's profits, so the company was considering whether it should follow the lead of other manufacturers and open a facility in a country with lower labor costs. China and Mexico were short-listed as possible locations for the new factory, which would be the first Polaris manufacturing facility located outside the Midwestern United States. By the end of the year Krishna needed to recommend to the board whether Polaris should build a new plant abroad (near-shored in Mexico or off-shored in China) or continue to manufacture in its American facilities. "

The case describes issues related to supply chain quality and how they evolve in the context of a multi-tiered global supply chain. The case involves a global multi-tier automotive supply chain made up of one of the world's largest automotive original equipment manufacturers (OEMs), its tier 1 supplier that is also a U.S.-based global corporation and the tier 2, tier 3 and tier 4 suppliers based in India. With Automek's engineering support, Agile had developed many parts successfully for the OEM in the past. Based on this experience with the company, Automek buyers placed an order with Agile for a new product (an actuator assembly). In developing this product with little support from Automek, Agile was concerned due to its lack of knowledge concerning the suppliers for the actuator assembly components and the critical requirements. To allay its concerns, Automek promised to support Agile by (a) locating the critical global suppliers for specialized components and (b) assessing and validating the critical suppliers based in India on behalf of Agile. Agile then invested in the assembly line and developed the actuator assembly. When supplies started, the OEM reported many quality problems that were traced to the tiered suppliers. Along with the quality and part supply issues, the issues of subsequent liability in the case of a recall by the OEM were faced by the members of the supply chain. Agile felt that since Automek had selected or approved the suppliers, and also as Agile had no knowledge of the product, that Automek should take the responsibility of resolving the quality problems arising from the supplier base. To complicate matters, some of the tiered supply chain members were not willing to invest time and effort in implementing improved manufacturing and process control practices as desired by Automek.

The case describes the evolution of a global multi-tiered supply chain involving one of the world’s largest automotive original equipment manufacturers (OEMs), its tier 1 supplier — Automek, a U.S.-based global corporation — and the tier 2, tier 3, and tier 4 suppliers based in India. <br><br>With Automek’s engineering support, India-based Agile Electric had successfully developed many parts for the OEM in the past. Based on this experience, Automek buyers placed an order with Agile for a new product — an actuator assembly. In developing this product with little support from Automek, Agile was concerned due to its lack of knowledge concerning the suppliers for the actuator assembly components and the critical requirements. To allay its concerns, Automek promised to locate suppliers and assess and validate the suppliers based in India. Agile then invested in the assembly line and developed the actuator assembly. When supplies started, the OEM reported many quality problems, traceable to the tiered suppliers. <br><br>Along with quality and parts supply issues, the issues of subsequent liability in the case of a recall by the OEM were faced by members of the supply chain. Agile felt that since Automek had selected or approved the suppliers, and since Agile had had no original product expertise, that Automek should take responsibility for resolving the quality problems.

For the second time in fourteen months, Christopher Owen, the second-generation owner of Owen's Precision Machining (OPM), found himself running out of cash. Owen wondered what he was doing wrong. How much additional money would he need to raise to get OPM through the next twelve months, and what could he change now to fix his company for the long term? Owen's thoughts also turned to the conversation he had last month with two Harvard Business School alumni who were searching for a manufacturing business to acquire after spending the early part of their career in manufacturing at GE's Aircraft Engine division in Lynn, MA. Their offer of $1.1 million, or 6.9x times 2011 EBITDA of $159,292, was a pleasant surprise, but Owen was not interested in getting out of his family's business. Given the current cash flow situation, should Owen reconsider the acquisition offer?

Since November 2011, the director and chief scientist for Acumen Research Laboratories (ARL) had been conferring with Spring Singapore — a government agency devoted to the city-state’s economic growth — on ways to improve the current procurement practices of the biomedical science (BMS) industry in Singapore. As a senior chief scientist and the founder of ARL, she saw and experienced tremendous purchasing inefficiency and quality problems in the existing procurement practice in sourcing supplies and equipment. She believed that a centralized procurement structure and process among all members of the BMS industry in Singapore would be more efficient and was in April 2012 finalizing a proposal to Spring Singapore for initial funding to set up such a purchasing consortium. This consortium would be a new line of business for ARL.

This note provides an overview of strategies for multi-business firms. The note describes (i) what is meant by "corporate advantage", (ii) the different approaches that multi-business firms can pursue in order to create corporate advantage, (iii) the specific corporate level choices (portfolio, ownership, and organizational choices) that firms make, (iv) certain principles that characterize effective corporate level strategy, and (v) reasons why corporate strategies can fail. In its treatment and coverage of these issues, the note emphasizes similarities between the core principles of business unit strategy and of corporate level strategy.