ACC499 Discussion 1&2 – Investments in the Common Stock & Ethics and Investments
ACC499 Discussion 1&2 – Investments in the Common Stock & Ethics and Investments
ACC499 Dis
Discussion 1
Investments in Common Stock”
•What is the rationale for used the Equity Method for accounting for Investments in the Common Stock of another Corporation? Describe the accounting for Investments in Common Stock under the Equity Method.
•Based on this week’s chapter readings, compare and contrast the differences in accounting for investments between U.S. GAAP and IFRS. Remember to include classification and measurements, fair value options, and impairments in your response.
Discussion 2
Ethics and Investment”
C13-7 Ethics and Investments
You are an accountant for Davanzo Company. The president of the company calls you into her office and says, “I want to ask you about two issues. First, we need to sell one of our investments to raise $1 million because I think I have found a better invest- ment. We could sell the bonds of Company X, which are currently worth $1 million even though they have an amortized cost basis of $950,000. But I don’t want to sell them because I like the steady stream of cash flow we get related to interest. Or we could sell the bonds in that dog, Company Z. These bonds are also worth $1 million, but they cost us $1.2 million. I hate to admit we made such a big mistake, and if they can somehow avoid bank- ruptcy, we may actually recover our investment. And then there’s that loss. I don’t want to report that. Second, I am going to use the $1 million to buy about 20% of the shares of Company M, but I seem to remember that there is some accounting rule that might affect how much we buy. I was also wondering about buying some of Company M’s convertible preferred stock so we can convert that into a large ownership position in the future. Let me know what you think.” You are aware that Company M is a new company that is not yet listed on the stock market, has been making losses, and is expected to continue making losses for a few more years.
Required:
•Discuss the issues raised in Case C13-7 from a financial reporting and ethical perspective.
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