Week 2 post 2 review minimum of 150 words apa format
Errick
If a manager of an entity should advised the accountant to leave out some disclosures to the note on the financial statement then this should be justified by the principles of accounting and there should be not reason to do so. Following orders by doing this may constitute the entries being made to either cover up some wrong doings or there may be something that is being over looked which should not be. If there is a discrepancy in what the accountant is seeing as a wrong by being advised to not disclose some information then the account should point the manager in the direction of what the GAAP is required for all accountants should follow by the guidelines provided by the GAAP. According to the FASB, The significant components of income tax expense attributable to continuing operations for each year presented shall be disclosed in the financial statements or notes thereto. Those components would include, for example:
h. Adjustments of the beginning-of-the-year balance of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. For example, any acquisition-date income tax benefits or expenses recognized from changes in the acquirer’s valuation allowance for its previously existing deferred tax assets as a result of a business combination (see paragraph 805-740-30-3).
It is by the rules and regulations of the FASB the these disclosures should be entered on the financial statements and that if a manager would ask for the accountant not to disclosed this then the accountant should adhere to the GAAP and remind the manager that this is in violation of the GAAP and there can be dire consequences if these rules are not followed.
Reference: FASB Financial Accounting Foundation
ASC 740-10-50-9
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