Hi - could you please help to answer the attached questions related to the HBS case study - accounting for iphone at apple

Accounting for the iPhone at Apple, Inc. ACCT5160 Final Project Prof. Amy Zang Case Questions 1. Please discuss GAAP (i.e., subscription accounting), non-GAAP numbers (i.e., Apple's proposed alternative accounting/upfront recognition) and their impact on financial statements. 2. Which set of numbers best reflects the economic reality? 3. Apply IFRS's five-step process for revenue recognition. How should Apple record its sales of iPhone? (You may refer to IFRS 15 and any research conducted by Big Four or other companies.) Discuss if it is more appropriate than subscription accounting or Apple's proposed alternative accounting. 4. Discuss Apple's intentions to disclose non-GAAP numbers. 5. How did the market react to Apple's non-GAAP numbers? Explain 1. Discuss GAAP, non-GAAP numbers and their impact on financial statements HINTs: Discuss the difference at the transaction level Which part of the financial statements is affected by different revenue recognition methods, and for how long? Cover all statements Compare the financial statement impacts of each revenue recognition method using Exhibit 1 2. Which set of numbers best reflects the economic reality? HINTs: Analyze iPhone business Discuss how it maps into the criteria that must be met for revenue to be recognized Compare the pros and cons of each method from different angles 3. Apply IFRS's five-step process for revenue recognition HINTs: Apply the five-step process you have learnt during class, i.e. identify the contract, identify the separate performance obligations, determine the transaction price, allocate the price, and recognize revenue Think about why Apple did not propose this solution 4. Discuss Apple's intentions to disclose non-GAAP numbers HINTs: Why in general do firms disclose non-GAAP numbers? Why did Apple disclose it? Think about the impact on different market participants 5. How did the market react to Apple's non-GAAP numbers? Why? HINTs: Discussion can include different market participants' reaction, including investors, analysts, media, and regulator. What's investors' general reaction to nonGAAP numbers? Requirements Case Write-up: Each group needs to submit a soft copy of your report (MS Word document) to CANVAS under Assignments section on or before 5 pm, October 13. (Please appoint one student from the group to submit online.) You also need to submit a hard copy of the slides and report to me in the classroom before your presentation File name format: \"ACCT 5160-Case Report-Group XX\" First page of your report must be the cover page in which should include: (i) Group number; (ii) all your group member names and (iii) the corresponding student ID numbers. Limited to 3,000 words, A4 page, 1.5 line spacing, font size: 14, font: times new roman, make necessary references and footnotes. Slides: Upload a soft copy of your slides (MS Powerpoint document) on CANVAS under Assignments section on or before 5 pm, October 13. No further modifications or updates to slides are accepted after due time. File name format: \"ACCT 5160-Slides-Group XX\" Presentation (one or two teammates presents the slides) Time 9.15 Presentation Order October 14th, LSK G001 Lucky draw to decide the order of presentation. 9.30 #1 Presentation (15 min) + Q&A (4 min) + Next group preparation (1 min) #2 15 min + 4 min + 1 min #3 15 min + 4 min + 1 min 10.30 #4 15 min + 4 min + 1 min #5 15 min + 4 min + 1 min 11.10 Break (10 min) 11.20 #6 15 min + 4 min + 1 min #7 15 min + 4 min + 1 min #8 15 min + 4 min + 1 min 12.20 #9 15 min + 4 min + 1 min 12.40 Final announcement (10 min) End at 12.50 pm