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FASB Board Discussion of Interim Financial Reporting Changes in 2005 Board Members From: Financial Performance Reporting by Business Enterprises team...
The president of Conglomerate Corporation has instructed you, the Controller, to report quarterly profits within 2% of the projected budget and those figures will be reported to all stakeholders.Take a moment to download the following attachment. This is a relatively recent FASB discussion based on their positions on Interim Reporting. Use this dialogue to get a sense of the governing U.S. board's attitude and direction for interim and segment reporting as it relates to domestic issues and to efforts to standardize international accounting standards.FASB MinutesYour assignment is to indicate how many different ways you can think of to shift profits between quarters or to arbitrarily report profits.Consider that you are Conglomerate Corporation's outside auditor performing a quarterly review and you become aware of these practices and the directive of the president, would you require disclosure of these shifting practices in the quarterly financial report? Why or why not?How do you think FASB feels about timing manipulations for the purpose of hitting projection goals?
