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1. QT Investments, a closely held investment services group, has been successful for the past three years. Bonuses for top management have ranged from 50 percent to 100 percent of base salary. Top management, however, holds only 35 percent of the common stock, and recent industry news indicates that a major corporation may try to acquire QT. Top management fears that they might lose their bonuses, not to mention their employment, if the takeover occurs. Management has told Bob Evans, QT’s controller, to make a few changes to several accounting policies and practices, thus making QT a much less attractive acquisition. Bob knows that these ‘‘changes’’ are not in accordance with generally accepted accounting principles. Bob has also been told not to mention these changes to anyone outside the top-management group.
1. What are Bob Evans’s responsibilities?
2. What steps should he take to resolve this problem?
2.The Bedron Company is a closely held investment service group that has been quite successful over the past five years, consistently providing most members of the top management group with 50 percent bonuses. In addition, both the chief financial officer and the chief executive officer have received 100 percent bonuses. Bedron expects this trend to continue.
Recently, Bedron’s top management group, which holds 35 percent of the outstanding shares of common stock, has learned that a major corporation is interested in acquiring Bedron. The other corporation’s initial offer is attractive and is several dollars per share higher than Bedron’s current share price. One member of management told a group of employees under him about the potential offer. He suggested that they might want to purchase more Bedron stock at the current price in anticipation of the takeover offer.
Do you think that the employees should take the action suggested by their boss? Suppose the action is prohibited by Bedron’s code of ethics. Now suppose that it is not prohibited by Bedron’s code of ethics. Is the action acceptable in that case?
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3.Oscar Gamble, Shields Corporation’s Controller is concerned that net income may be lower this year. As a result, he is afraid that upper-level management might recommend cost reductions by laying off accounting staff. Gamble knows that amortization is a major expense for Shields. The company currently uses the double-declining balance method, and he is thinking of changing to the straight-line method.
However, this change would be highlighted in the statement of retained earnings as a cumulative effect adjustment and management must prove that the new principle will give a reliable and more relevant financial presentation in the statements.
Instead, he is contemplating increasing estimated useful lives and residual values. That would decrease amortization expense (and increase income). Best of all, this change in estimate will be handled prospectively and not be highlighted in the current or future years’ financial statements. Oscar thinks this approach could save his job and those of his staff.
What would you recommend to Oscar Gamble?
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