Microsoft Corporation Many industries have specific reporting standards that are necessary to present an entity's financial position. For example, insurance companies must follow the accounting and reporting standards established by state insurance departments, including the application of SAP (Statutory Accounting Principles). Also, unique to this industry is the estimate of loss claims. For this portion of the project, discuss the industry-specific reporting standards (in terms of accounting and regulation) of the company you have chosen to study. To do so, you must perform some external research, such as finding out the industry's professional organization. Submit a two-page (double-spaced) memo in which you complete the following: Identify the company's industry-specific reporting requirements, including the history and objective of these requirements. Describe the organization responsible for establishing and regulating the reporting requirements of your company's industry. Describe the regulatory, ethical, and legal consequences of noncompliance with reporting requirements. Identify emerging industry trends that will have an effect on the required reporting.