Selecting a for-profit org. of interest, research a conflicting or unusual acctng. principle that has impacted your chosen organization. The research will require you to present, review and analyze the organizations published accounting statements of the last two years. Specifically, your research paper will:
Identify the core functions of each department, their strengths and weaknesses, and make recommendations for improvement, as appropriate:
Identify and describe the underlying problem or conflict
Compare the alternative courses of action
Explain the effects at issue
Recommend options that would be consistent with the organization's accounting practices, accounting processes, and accounting-related departments.
Include the last two years of published accounting statements
Overstock.com (the “Company”) recently received some negative publicity because the Company made some decisions regarding GAAP, internal accounting policies and their relationship with external auditors that has now caused the company to have to restate their published financial statements going back to 2008. The core issues were “Overstock.com improperly deferred income that it earned but under-billed its fulfillment partners during prior reporting periods (Q3 2008 and before) by moving such income to future reporting periods (Q4 2008, Q1 2009, Q2 2009, and Q3 2009). In other words, Overstock.com took income that should have been reported in prior report