Grandma owns a large amount stock in the public company you are an accountant for; this is
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Grandma owns a large amount stock in the public company you are an accountant for; this is her life savings. You prepare financial statements as part of your job. Today you discover that your company is about to post a restatement of prior period earnings which will cause the company to recognize a very large loss. Once the financial statements are made public next week, everyone in the accounting department suspects the stock price will likely fall very low and grandma will lose most, if not all, of her life savings You are home for the evening when you suddenly receive a phone call from grandma. She asks you how the company is doing. What do you respond? Why?
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date: