Justify the proper accounting for transactions with respect to accounting changes and error corrections using the accounting codification and other accounting research tools.
CM Corporation (CMC) was founded six years ago by Phil Connor and Eric Martin. The company designs, installs, and services security systems for high-tech companies. The founders, who describe themselves as “entrepreneurial geeks,” met in a computer lab when they were teenagers and found they had common interests in working on security systems for critical industries. CMC hired you as a junior accountant this year.
Lately, Connor and Martin have been working with “radio frequency identification” (RFID) technology. They have developed a detailed system designed to track inventory items using RFID tags embedded invisibly in products. This technology has numerous inventory applications in multiple industries.
One of the most basic applications is tracking manufacturing components; if tagged components “go walking” (if employees attempt to take them), companies can easily track and find them. Connor and Martin have sold their system to several high-tech companies in the area. These companies have a number of government contracts that require extensive security systems to protect sensitive data from infiltration by terrorists and others. To date, CMC’s cash flow from sales and services has adequately funded its operations.
CMC expects much growth potential for its products. As a result, they are considering going public and expanding internationally
in the near future. Many of the issues you will address in this course project involve researching topics involving these anticipated events.
Since CMC has decided to expand and possibly go public, it has been reviewing its operating policies. Connor and Martin are contemplating a change in the accounting for its equipment from the straight-line method to an accelerated method. However, they wonder how the company will report this accounting change and how it will affect their financial statements. As per CMC’s request, they would like you to research and present your findings in a memorandum format on how to you feel they should justify and incorporate the accounting changes under both the US GAAP and IFRS standards.
In your memorandum, present your findings on the following:
Memorandum Mechanics should be as follows:
For the ASC FASB Codification content, please reference asc.fasb.org.
For the Authoritative IFRS standards content, please reference sso.ifrs.org.
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