Question: Application Applying Accounting Standards Managers must make decisions with respect to the financial reporting necessary to apply accounting standards. Consider the article Halliburton: Accounting for

Application Applying Accounting Standards Managers must make decisions with respect to the financial reporting necessary to apply accounting standards. Consider the article "Halliburton: Accounting for Cost Overruns and Recoveries" (Tayan & Mc Nichols, 2007). Next, using outside sources that you may seek and your professional experience develop and write a paper concisely answering the following questions:

What is Halliburton management trying to achieve through decisions with respect to financial reporting for long-term projects?

What accounting standards must Halliburton consider when making its decisions?

Did Halliburton management meet its financial reporting objectives?

What knowledge, estimates, or assumptions did Halliburton accountants (and management) use in making decisions? Were their decisions appropriate?

Step by Step Solution

★★★★★

3.46 Rating (149 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

What is Halliburton management trying to achieve through decisions with respect to financial reporting for longterm projects Inventories are the key assets to the company Managing inventories are cruc... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

What did the Court hold with respect to the primary issue in this case?

The first moment of the shaded area with respect to the x axis is denoted by Qx. (a) Express Qx in terms of r and θ. (b) For what value of θ is Qx maximum, and what is the maximum value?

What role do performance reports play with respect to the control function?

5, Putting Together an Evaluation Matrix An evaluation plan is a written document that describes the cWill/mat\Questions to ask yourself when putting together an evaluation matrix: Evaluation...

Please open the attached file and answer only questions 9 and 10. one and ahalf page ISSUES IN ACCOUNTING EDUCATION Vol. 27, No. 2 2012 pp. 441-459 American Accounting Association DOI:...

Please complete the assignment and t explain all the ratios that was use and effect. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549...

The description of the project is in the attachedword document. Please be as detail as possible and include reference as well! \f10-K 10-K 1 hd-1312016x10xk.htm 10-K Table of Contents UNITED STATES...

please help 28 - 32 thanks historical data accumulated over a period of time, (28) (7) forecasting methods use equations that consist of one or more explanatory variables that can be used to predict...

Objective 3: Compute the Mean and Standard Deviation of a Binomial Random Variable 6.2 The Binomial Probability Distribution 6.2.RA-2 0.67 of 1 Point Question Help According to an almanac, 60% of...

Because cigarettes and tobacco are dangerous for the health of both smokers and passive smokers, it can be concluded that cigarettes and tobacco are as harmful as drugs. There is no reason for the...

1. two challenges you encountered when creating the work breakdown structure (WBS) for the topic assignment. Provide specific examples of strategies you used to overcome the challenges. In replies to...

Are you aware of the range of associations that exist to offer opportunities for event interventions ? Give some examples. 2. How do you market events to trade associations, and what types of...

Apply the "Transformation Model" as a construct for understanding the relationship between the inputs, processes, and outputs of an organization.

During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows Year 1 Year 2 Sales (e $61 per unit) Cost of goods sold ( $37 per unit) Gross...

Which of the followingcarbocations is the least stable? CH3CH2 . CH3CHCH3 CH3 I . CH3C0 T CH3 IV. V. CH3 CH3CCH2 CH3

What are (a) The major regulations (b) The major regulatory bodies that affect savings institution operations? How do these regulations and regulatory bodies affect them?

If interest rates are expected to increase, identify what happens to the following factors using the expectations theory.

Why do you think some futures contracts are more widely traded than others?

Assume there are 3 companies that in the past year paid exactly the same annual dividend of $2.25 a share. In addition, the future annual rate of growth in dividends for each of the 3 companies has...

George Robbins considers himself an aggressive investor. Hes thinking about investing in some foreign securities and is looking at stocks in (1) Bayer AG, the big German chemical and health-care...

a. How would you describe Wallys present investment program? How do you think it fits him and his investment objectives? b. Consider the Hydro-Electric stock. 1. Determine the amount of annual...