Team Consultant Reference:
Response to Client Request II. Consider the following scenario: Your client is being sued. The client meanwhile has asked you to describe what would happen to their financial statements.
The client has also informed you that, if they lose the lawsuit, they anticipate losing their mortgage and have started talking to their mortgage lender. They want to know if part of their debt is forgiven or if their mortgage is rewritten or if their mortgage will be written if they file Chapter The lawsuit also involves a patent held by the company.
The company had acquired a hedge contract against the impairment of the patent. Aside from the recovery of the hedge, the client wants to know how the impairment of the patent in the event of losing a lawsuit will be reflected on the financial statements.
Then, as a team, write a to 1, word memo that is brief but fully explores the issues.
Include the following in your memo: Reporting requirements for contingencies and what would happen to the financial statements if the client loses the lawsuit.
How will the reporting on the financial statement be determined? How the impairment of the patent in the event of losing a lawsuit will be reflected on the financial statements.Response to Client Request II ACC September 24, Response to Client Request II As requested, the accounting team has analyzed the client’s situation to determine the impact this lawsuit will have.
While the team waits for the client’s attorney to assess the likelihood of a loss in this lawsuit, the team has provided a thorough. Response to Client Request I Sharon Sherman ACC/ December 20, Rebecca Kime Response to Client Request I Research has been performed for your client to give informative information about leases and lease structures.
Response to Client Request 1. The purpose of this response is to determine the difference between direct finance leasing, sales-type leasing or an operating lease for Company ABC.
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To accomplish this, I will discuss a little background on all of the options and the advantages and disadvantages of a lease.
Oct 01, · Response to Client Request I Sharon Sherman ACC/ December 20, Rebecca Kime Response to Client Request I Research has been performed for your client to give informative information about leases and lease structures.
Through this research there are three sub-types of leases from the standpoint of the lessor, which are direct financing leases, sales-type leases, and operating .
Response to Client Request ACC/ September 2, To: From: Subject: Lease Type and Lease Structure This memo includes research on leases and lease structure.
Through intensive research on the Financial Accounting Standards Board (FASB), three sub-types of leases were found for lessors to account for the leases.
Response to Client Request 0 ACC Client Response Paper I Accounting Theory and Research University of Phoenix Mr. Heber W. Howard TO: Supervising Manager FROM: RE: Trucking lease options This memo is intended to inform you on leasing information in the Financial Accounting Research System (FARS) and create a recommendation for the regional.