2 case studies- accounting

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Case Study 1:

Option #1: Case Study: Nortel Networks Corporation

Please read the case study and answer the questions that follow. Case Study: Nortel Networks Corporation—https://uwaterloo.ca/centre-for-accounting-ethics/sites/ca.centre-for-accounting-ethics/files/uploads/files/nortel_case.pdf

Every firm that has had ethical lapses had them centered on several areas of stress: Tone at the top that conveyed a message that earnings targets had to be met through whatever practices were necessary, and that it was not acceptable to question the practices; weak or ineffective internal controls; and, a complex corporate structure which contributed to a lack of clear responsibility and accountability. Using either consequentialism or deontology, review the background, accounting management at Nortel and prepare the following?

  1. What effect, if any, did upper management messages have on the decision to have ethical lapses?
  2. What might have been the ethical justification creating fraudulent accounting entries in view of internal controls?
  3. What might the board of directors have done to foster and create an ethical environment?
  4. What might be the benefits and costs sought by top management? What might be the results and consequences of fraudulent accounting statements, breaking the law, and lack of integrity by top management?

Requirements:

  • Your written paper should be 3-4 pages in length not counting the title and reference pages, which you must include.
  • Use terms, evidence, and concepts from class readings.
  • You need to cite at least three sources for this assignment, outside of the textbook.
  • Your paper must be formatted according to the APA format

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Case Study 2

Option #1: Ricky Corporation & The Potato Company

  1. Assume that Ricky Corporation (Ricky) normally sells goods in France and therefore has a stream of income which is denominated in euros. Ricky enters into a master agreement with a bank to convert this future stream of euros into U.S. dollars. Determine whether this agreement is considered a derivative under both the US GAAP and under the IFRS. Support your decision with reference(s) to the appropriate literature issued by both standard setters.
  2. The Potato Company (Potato) produces frozen French fries and therefore uses potatoes as the major raw material in its manufacturing process. Potato enters a forward exchange contract to purchase 20 bushels of potatoes in 30 days for $1,200. The contract has a net settlement provision.

Part 1: Assume that the potatoes are worth $1,250 at the end of 30 days. Explain in detail how the forward exchange contract might or would be settled in 30 days? What are Potato’s options with respect to the forward exchange contract?

Part 2: Assume that potatoes are not easily convertible into cash and that Potato has a history of taking delivery of the potatoes under these types of contracts (gross settlement). Potato has decided NOT to document the instrument as a normal purchase and sales contract. Prepare the journal entries required under both the US GAAP and IFRS separately, with detailed explanations of the basis for each dollar journal entry amount, and a detailed journal entry explanation with appropriate reference(s) to the accounting literature for both standard setters for each respective journal entry.

  • Your Word document submission should be 3 pages in length (not including the required cover and reference pages).
  • Format your submission according to the APA format
  • Be sure to discuss and reference concepts taken from the required and recommended readings and your own relevant research.
  • You must include a minimum of three credible, academic, or professional references beyond the text or the other required and recommended module reading materials.

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