ACC 499 Assignment - Accounting Changes

Assignment 2:

Accounting Changes: Search the Internet for a publically traded company that recently restated its

financial statements. State the Company that you are evaluating and the most recent period for SEC

filings.

Write a 3-4 page paper in which you:

1. Discuss the primary reason for the restatement and the impact to the financial results for the

company you selected.

2. Discuss “management” responsibility to the investors and stakeholders for the financial

restatement.

3. Discuss what changes you would expect the company leadership to make related to internal

controls, accounting principles, or other initiatives as a result of the need to restate the financial

statements.

4. Discuss the impact to the “trustworthiness” of the company’s leadership team based on the need

to restate the financial statements.

Your assignment must:

 Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all

sides; references must follow APA or school-specific format.

 Write clearly and concisely about accounting using proper writing mechanics.

Assignment 2: Accounting Changes

Criteria 0

Unacceptable

20

Developing

30

Competent

40

Exemplary

1. Discuss the primary

reason for the

restatement and the

impact to the

financial results for

the company you

selected.

Did not complete the

assignment or did not

discuss the primary

reason for the

restatement and the

impact to the financial

results for the company

you selected; omitted

information and/or

included irrelevant

information. Completed

with less than 60%

accuracy,

thoroughness, and

logic.

Partially discussed the

primary reason for the

restatement and the

impact to the financial

results for the company

you selected; omitted

some key information.

Completed with 60-79%

accuracy,

thoroughness, and

logic.

Sufficiently discussed

the primary reason for

the restatement and the

impact to the financial

results for the company

you selected.

Completed with 80-89%

accuracy,

thoroughness, and

logic.

Fully discussed the

primary reason for the

restatement and the

impact to the financial

results for the company

you selected.

Completed with 90-

100% accuracy,

thoroughness, and

logic.

2. Discuss

“management”

responsibility to the

investors and

stakeholders for the

financial restatement.

Did not complete the

assignment or did not

discuss “ management”

responsibility to the

investors and

stakeholders for the

financial restatement;

omitted information

and/or included

irrelevant information.

Completed with less

than 60% accuracy,

thoroughness, and

logic.

Partially discussed “

management”

responsibility to the

investors and

stakeholders for the

financial restatement;

omitted some key

information. Completed

with 60-79% accuracy,

thoroughness, and

logic.

Sufficiently discussed “

management”

responsibility to the

investors and

stakeholders for the

financial restatement.

Completed with 80-89%

accuracy,

thoroughness, and

logic.

Fully discussed “

management”

responsibility to the

investors and

stakeholders for the

financial restatement.

Completed with 90-

100% accuracy,

thoroughness, and

logic.

3. Discuss what

changes you would

expect the company

leadership to make

related to internal

controls, accounting

principles, or other

initiatives as a result

of the need to restate

the financial

statements.

Did not complete the

assignment or did not

discuss what changes

you would expect the

company leadership to

make related to internal

controls, accounting

principles, or other

initiatives as a result of

the need to restate the

financial statements;

omitted information

and/or included

irrelevant information.

Completed with less

than 60% accuracy,

thoroughness, and

logic.

Partially discussed

what changes you

would expect the

company leadership to

make related to internal

controls, accounting

principles, or other

initiatives as a result of

the need to restate the

financial statements;

omitted some key

information. Completed

with 60-79% accuracy,

thoroughness, and

logic.

Sufficiently discussed

what changes you

would expect the

company leadership to

make related to internal

controls, accounting

principles, or other

initiatives as a result of

the need to restate the

financial statements.

Completed with 80-89%

accuracy,

thoroughness, and

logic.

Fully discussed what

changes you would

expect the company

leadership to make

related to internal

controls, accounting

principles, or other

initiatives as a result of

the need to restate the

financial statements.

Completed with 90-

100% accuracy,

thoroughness, and

logic.

4. Discuss the impact

to the

“trustworthiness” of

the company’s

leadership team

based on the need to

restate the financial

statements.

Did not complete the

assignment or did not

discuss the impact to

the “trustworthiness” of

the company’s

leadership team based

on the need to restate

the financial

statements; omitted

information and/or

Partially discussed the

impact to the

“trustworthiness” of the

company’s leadership

team based on the

need to restate the

financial statements;

omitted some key

information. Completed

with 60-79% accuracy,

Sufficiently discussed

the impact to the

“trustworthiness” of the

company’s leadership

team based on the

need to restate the

financial statements.

Completed with 80-89%

accuracy,

thoroughness, and

Fully discussed the

impact to the

“trustworthiness” of the

company’s leadership

team based on the

need to restate the

financial statements.

Completed with 90-

100% accuracy,

thoroughness, and

Page 1 of 2

included irrelevant

information. Completed

with less than 60%

accuracy,

thoroughness, and

logic.

thoroughness, and

logic.

logic. logic.

5. Clarity Did not complete the

assignment or

explanations are

unclear and not

organized. (Major

issues)

Explanations generally

unclear and not well

organized. (Many

issues)

Explanations generally

clear and /or organized.

(Minor issues)

Explanations very clear

and well organized.

(Added helpful details)

6. Writing – Grammar,

sentence structure,

paragraph structure,

spelling, punctuation,

and APA usage, if

required.

Did not complete the

assignment or had 8 or

more different errors in

grammar, sentence

structure, paragraph

structure, spelling,

punctuation, and APA

usage, if required.

(Major issues)

Had 6-7 different errors

in grammar, sentence

structure, paragraph

structure, spelling,

punctuation, and APA

usage, if required.

(Many issues)

Had 4-5 different errors

in grammar, sentence

structure, paragraph

structure, spelling,

punctuation, and APA

usage, if required.

(Minor issues)

Had 0-3 different errors

in grammar, sentence

structure, paragraph

structure, spelling,

punctuation, and APA

usage, if required.

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