Read material from Ernst & Young's Academic Resource Center on two relatively recent converged accounting standards that cover revenue recognition and lease accounting. These are major, new converged accounting standards, which were subject to intense scrutiny not only by boards but also by publicly listed companies around the world. By now, many U.S.-based publicly listed firms have implemented either or both of these accounting standards, and you can see the impact of their implementation disclosed, in detail, in their annual reports on Form 10K and in the footnotes to those financial statements. In the MPACC Program at CSU Global, we believe "seeing is believing."

To that, find a publicly listed company of your choice and locate in its most recent annual report both the disclosures and impacts of implementing either of these two new accounting standards on the financial statements. Summarize any such related disclosures that you find as part of your initial response and provide a link to the related annual report.

Prepare an annotation of what you found in the annual report for your chosen company.