Write a 1000 word essay (2-3 pages) and double-spaced essay. This is a short essay, so try to be as concise and thorough as you can be in the space given—in other words, avoid wordiness: words, phrases or sentences that really don’t add meaning to your paper, just length.Topic: What is your intended major? Discuss how your interest in the subject developed and describe any experience you have had in the field — such as volunteer work, internships and employment, participation in student organizations and activities — and what you have gained from your involvement.The purpose of this essays is…1. Ensure that students can construct a written work that is centered on a core idea/principle/emotion/lesson.2. Ensure that students understand different modes of writing to communicate an idea.3. Ensure that students uses the appropriate diction/language/writing style for the audience.4. Ensure that students convey their voice in their writing.5. Ensure that students develop a coherent structure in their essay such that the audience/reader can locate introduction, conflict, and resolution.This essay should contain THE CONFLICT, THE RESOLUTION, and THE INTRODUCTION(Background and information). Actually, my major is ECONOMICS, so you can write about the topic(ECONOMICS major). Please do not copy and plagiarize from the Internet. This essay is very important essay for me.
1. Compare the GAAP and Non-GAAP data and discuss their impact on the financial statements.Solution:Apple Inc. (Company), in 2007, for its product ‘iPhone’ started using “subscription method of accounting” under AICPA–SOP–97-2 released as guideline for Software Revenue Recognition. The company had been recognizing revenue at the time of sale for its software enabled hardware products. As a result of this, though cash were collected at the time of sale, revenue and cost of sales would be spread over 24 months from the date of sale (FASB – SOP-97-2).Taking the Q4 FY 2008 results of Apple Inc., when the company first included non-GAAP measures of financial statements, showed $11.7 billion of quarterly revenue as compared to $7.9 billion reported based on US-GAAP principles. Thus, under Non-GAAP financials, sales reported were in excess of $3.8 billion. For the same period non-GAAP profit were $2.4 billion as compared to $1.1 billion profit as per GAAP principles resulting in reporting of excess income of $1.3 billion. This was due to sales of iPhone,recognition were spread evenly over 24 months under US GAAP by amortizing of deferred revenue were being reversed and recognized under non-GAAP financials, completely as revenue at the time sales. As a result of this non-GAAP financials iPhone sales showed 39% of sales as compared to 10% of sales when financials are drawn based on US-GAAP.In addition, during the same Q4 FY 2008, under Non-GAAP financials, gross margin reported were $4,551 million against $2,739 million reported under US-GAAP. Other income and expense of $140 million and $1,297 of operating expenses were not having any impact on Non-GAAP adjustments. In addition, effective income tax provisionfor the quarter Q4increased by $511 due to Non-GAAP adjustments to income.Based on these Non-GAAP adjustments, earning per diluted common share was $1.43 under Non-GAAP as compared to $1.26 reported under US-GAAP.Non-GAAP financial measures are different than GAAP because deferral of revenue and product cost are not made for later accounting periods and do not adjust for company’s cost associated with future unspecified new features or updates provided by the company. These cost are expensed as incurred. As such, Non-GAAP financial measures are intended for limited purpose where performance measures are presented including just sales, corresponding product costs, and resulting income the period in which products (where Non-GAAP adjustments are made) are sold to the customers.
2. Which method best reflects the economic reality?
Solution:It cannot be said that either US-GAAP or Non-GAAP financial measures provides best reflection of economic reality. While US-GAAP prescribes the principles and guideline of accounting and is the basis of preparing and presenting financial statements, Non-GAAP acts as supplements that will bring greater transparency when assessing the company’s operating results. Non-GAAP disclosures address the concern of investors about the lack of oversight on the financial disclosures. As such, Non-GAAP financial measures are not intended to reflect in a given period all costs but to communicate through supplementary disclosures adjusted accounting numbers based on GAAP that better predicted future performance. Investors, though, weigh Non-GAAP figures more compared to GAAP numbers when they find Non-GAAP financial measuresinformative and credible however the basis of financial statements evaluation is primarily done based on GAAP values.Non-GAAP financial measures have limited usefulness and therefore cannot be considered in isolation and substituted for GAAP financial measures. Non-GAAP financial measures are not superior to GAAP and needs credibility for consideration as a measure of financial analysis as Non-GAAP financial measures are not prepared based on any comprehensive set of rules or principles and differ from company to company based on its product uniqueness thus does not support comparability of one company result with other company result.In addition, a lack of transparency regarding their determination, along with inconsistency in how the measures are calculated may limit their efficacy. Further, the subjectivity inherent in hownon-GAAP financial measures are calculated could make them susceptible to bias or misinterpretation without proper context and explanation (PWC – Point of View, July 2013)Thus, for a most effective and transparent presentation of Non-GAAP financial it is imperative that equal prominence is given to comparable GAAP measures, appropriate and accurate labeled disclosures are made through reconciliation of Non-GAAP financial measures to GAAP results of operations.
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