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Discuss the incentives that explain the request to account

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Reference no: EM132858934

You have been recently employed as a graduate accountant at SMD Ltd. The first task given to you by the CFO is to account for a very large transaction which is not subject to any accounting standards. The CFO has instructed you to account for the transaction in a way which is beneficial for both the firm and the CEO.

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Question 1: Discuss the incentives that explain the request to account for the transaction in a way which benefits both the CEO and the firm.

Question 2: Ignoring incentives discuss the appropriate rules that apply to accounting for a transaction not subject to accounting standards.

Reference no: EM132858934

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