Homework – EARNINGS MANAGEMENT – due Monday, 4/8/13 (read & bring Sec. 6) (answers are in Section 6 material) 1. What does the term Managing Earnings refer to? • The use of accounting methods to produce financial information that present an overly positive image of the company’s financial performance 2. What is SAB 99 and 108 about? SAB 99 – is about materiality SAB 108—is about quantifying financial statement misstatements What is the FASB codification reference for SAB 99? 250-10-S99-1 3 What were some of the things Sunbeam did wrong? Improper restructuring reserves and other “cookie-jar” reserves • Improper “bill and hold” sales • Deleted corporate records to conceal pending returns of merchandize • Misrepresented company’s performance and future prospects in press releases and meetings 4. What would make an accounting standard high quality? • Relevant and reliable are the two characteristics that make an accounting standard high quality 5. Who has to provide a statement under oath about exchange act filings? • Chief Executive Officer • Chief Financial Officer 6.

SEC FR 65 discusses “non-GAAP financial reporting measures. ” What does the SEC mean by this term? • A numerical value of a company’s financial performance that i) excludes amounts that are included in the comparable measure calculated using GAAP or ii) includes amounts that are excluded in the comparable measure calculated using GAAP. 7. In September 2010, the FASB issued Con. #8 of the conceptual framework on Objectives and Qualitative Characteristics. What is the objective of financial reporting and what makes financial information useful? There are three main objectives of financial reporting o It should provide information that is useful to present and future users in making rational decisions o It should provide information that helps users assess the amounts, timing, and uncertainty of prospective net cash flows o It should provide information about economic resources of an entity and claims to those resources • Relevance and reliability are the two characteristics that make a financial information useful Name Belene ShiferawDate: April 8, 2013NO. 35

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