Reference no: EM133267623

Assignment - Coca Cola Company Contingent Liabilities Discussion

Description - You can complete this assignment by accessing the FASB Codification and internet research.

Assume that your entire class is a CPA firm and the accounting staff of your client company is not sure about the disclosure requirements as recommended by FASB. Further assume that each one of you is assigned to explain the disclosure requirement of at least one financial item selecting either from income statement or balance sheet. You may follow the below steps while discussing the disclosure requirement of a financial item. Please remember not to explain a financial item that is already explained by another student.

1. Pick up a financial item and briefly explain it.

2. Go over the financial statement of a real company to show how the financial item selected by you is reported and disclosed.

3. Explain the FASB Codification topic related to disclosure requirement of the selected financial item.

4. Write a brief disclosure note on the selected financial item.

When you see that most of the students have already explained important financial items, now few of you can jump in and summarize all the items at one place/ prepare a power point slides for easy reference by your client in future.

BILL'S REVISED INSTRUCTIONS: Go to the Annual Report for a Publicly Traded Company.  Take a component from the financial statements of the company you selected and explain how that component is required to be disclosed per the GAAP rules.

Everyone needs to select a company and review the Annual Report as I explained above.