Review the XBRL Audit Overview in Introduction and Resources. Use the following data to help you hone
Question:
Review the XBRL Audit Overview in Introduction and Resources.
Use the following data to help you hone in on the financial statement irregularities:
1. The SEC has indicated that the cash-carrying value transmitted in the XBRL file does not tie to the balance sheet number in the printed copy of Starbucks' 10-K. Find the XBRL element in the FASB Codification, search the XBRL/XML file, and reconcile the 10-K to the XBRL file and correct the error. Once identified use a text editor to correct the issue.
2. The value transmitted to the SEC for accounts payable is incorrect as compared to the 10-K. The error is causing the right side of the balance sheet equation to be off by double the account's total value. Find the XBRL tag in the FASB Codification, search the XBRL/XML file, and reconcile the 10-K to the XBRL file and correct the error. Once identified use a text editor to correct the issue.
The value of retained earnings is overstated as compared to the 10-K. Find the XBRL tag in the FASB Codification, search the XBRL/XML file, and reconcile the 10-K to the XBRL file and correct the error. Once identified use a text editor to correct the issue.
The Company-operated stores Net Revenue number is understated due to a typographical error. Find the XBRL tag in the FASB Codification, search the XBRL/XML file, and reconcile the 10-K to the XBRL file and correct the error. Once identified use a text editor to correct the issue.
Write a memo to the CFO of Starbucks explaining the changes that need to be made in the XBRL file before resubmitting it to the SEC.
Expert Answer:
July 172017 The Honorable Scott Maw Chief Financial Officer The Starbucks Seattle Washington Dear Chief Financial Officer Scott Maw Thank you for your letter and support for conduct of XBRL Audit Over... View the full answer
