Assignment 1: Full Disclosure in Financial Reporting Verizon Communications

According to the textbook, the goal of financial reporting is to report financial information that is transparent and complete and truthfully report the financial performance of a company. Investors and other interested parties need to read and understand all aspects of financing reporting.

Use the Internet to research Verizon Communications financial statements, annual report, notes to the financial statements, presidents letter, and management discussion and analysis from the most recent year in order to complete this assignment.

Write a five to six (5-6) page paper in which you:

1. Discuss the disclosure requirement on accounting policies, and identify at least two (2) examples of the most commonly required disclosure. Explain the key ways in which the examples you provided are useful to financial statement users. Analyze Verizon Communications disclosure on accounting policies, and give your opinion on whether or not the information is helpful for decision making. Provide a rationale for your response.
2. Explain the importance of the management discussion and analysis section of an annual report. Select three (3) items from Verizons management and discussion analysis of the annual report that could be useful to potential investors. Provide three (3) specific examples of how the three (3) items you selected could influence a potential investors decision to invest in Verizon.
3. Describe segmented information, and explain the way in which companies determine segments. Identify at least three (3) advantages and three (3) disadvantages of segmented financial data. Give your opinion on whether or not the advantages outweigh the disadvantages. Outline the manner in which Verizon segments its financial data. Suggest key actions that Verizons management can take in order to improve the companys segmented financial data. Provide a rationale for your response.
4. Analyze the various types of auditors reports, and determine the impact that the auditors report has on a companys ability to obtain financing from a bank. Identify the type of auditors report issued on Verizon, and speculate the manner in which you believe banks will perceive Verizons auditors report.
5. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.