Everyday Writing Act of 2010
Everyday Writing Act of 2010(H.R 946; Pub. L. 111-274) was passed to make it easier for the public to understand government documents. The Act defines plain English as “clear, concise, well-organized, and follows other best practices appropriate to the subject of field or audience.” It is essential for investors to understand the financial statements and disclosures they are analyzing; after all, investors play significant roles in the success and growth of companies. Investors are not accountants or lawyers, so they need to be able to understand financial disclosures in a language they can understand. The SEC’s handbook states, “Plain English means analyzing and deciding what information investors need to make informed decisions, before words, sentences, or paragraphs are considered. English words are used prudently and in a manner, easily understandable to the audience. The tone of it is straightforward and welcoming. The sentence structure is tight. It has a visually appealing design. A document written in plain English is straightforward to read. All these features are not evident in Memorandum. It is quite challenging to understand what Memorandum is trying to exhibit.
The International Accounting Standards Board (IASB) (Auditing Practice Board, 1995) regulations state that goodwill should be recognized as a fixed asset and classified as an intangible asset when it is purchased. Besides, acquired or merged in a business combination and to have its accounting value assessed annually for any impairment in value. (Accounting Standards Board (1996), an impairment loss is written off against profits. Some companies acquire goodwill for the company, such as employee skills, customer loyalty, and the location of business premises, and there is no goodwill in its balance sheet. Therefore, the value for such goodwill is not accounted for in the company. Nevertheless, the Memorandum has failed to cite authoritative literature like the Accounting Standard Codification 350- Goodwill and other Intangible.
The Memorandum cites authoritative literature. It cited SFAS 142Betty A., Weber J. (2006). This Statement addresses financial accounting and reporting for acquired goodwill and other intangible assetsand supersedes APB Opinion No. 17, Intangible Assets (Accounting Standards Board 1995). It discusses how intangible assets that are acquired individually or with a group of other assets but not those obtained in a business combination) should be accounted for in financial statements upon their acquisition. This Statement also addresses how goodwill and other intangible assets should be considered afterthey have been initially recognized in the financial statements. However, the Memorandum would have cited authoritative literature like the Accounting Standard Codification 350-Goodwilland other Intangible.
It is appreciative of admitting the fact that the Memorandum has cited IAS 36, impairment of assets, which ensures that assets are carried at no more than their recoverable amount. Impairment testing is time-intensive and includes:
- Identification of impairment indicators.
- Impairment indicators can is identified via Assessing or reassessing the cash flows.
- Impairment indicators are identified by Determining the discount rates.
- Impairment indicators can be identified by testing the reasonableness of the assumptions.
- Impairment indicators can be Identified by benchmarking the assumptions with the market, among other issues.
The Memorandum would have also cited IAS 14- Segment reporting or rather IFRS 8-Operating segments
4Critique of the Memorandum The appendix A: sample brief Memorandum fully disclosed the issues that are related to the accounting flaws that took place at Sony. By determining the problems and finding the key terms associated with this case, they were able to complete detailed research accurately. The Memorandum provided authoritative sources on their research by using the IAS, IFRS, SEC, and US GAAP. The Memorandum was not written in plain English, was clear, concise, and intuitive on the actions that need to take place to correct their accounting errors. After providing the detailed research results, an action plan was discussed on what steps Sony needs to take and how the corrections can be applied directly to their financials.
In conclusion, the Memorandum has not adequately cited authoritative literature and does not use SEC’s understandable English concepts for easy understanding by the inves
Reference:
- Accounting Standards Board (1996), “Measurement of Fixed Intangible Assets,” London.
- Accounting Standards Board (1995), “Statements of Principles For Financial Reporting,” London.
- Auditing Practice Board (1995), “Disclosures Relating to Corporate Governance,” Bulletin 95/1, London.
- Betty A., Weber J. (2006). Accounting Discretion In Fair Value Estimates: An Examination of SFAS 142 Goodwill Impairments
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