well understood by AP. Prepare the memo for Mr. Brogan. Chapter 8-4 [Managerial/ tegies Exercise 8-5 [Financial/Theory] accounted for expected sales and costs of its 787 Dreamliner and 747 In early 2016, Boeing came under scrutiny by the SEC for the way it gram accounting. Write an article for your business school's newspaper jumbo jet aircraft using a GAAP permitted method known as pro- why the SEC was so concerned about the manner in which Boeing describing this accounting method, the pros and cons of its use, and used it. Chapter 15 discusses writing for publication. American Petroleum Company (AP Oil) owns and operates deep- water drilling rigs in international waters off the coast of Euromania, a Your firm has served as the auditors for AP for several years APS Board of Directors has requested that your firm prepare a report for the Board discussing how its decision should be reflected in AP's fiat cial statements under U.S. GAAP.Your supervisor, Charles Brogan has ing memo for him recommending how the issues should be handlet asked you to research the technical issues involved and prepare a brief he will subsequently prepare the report for AP. He has told you more be concerned with the issue of foreign currency translation, known for the unique taste of its heer Thir taste is nrimarily there Your client, Smooth Brew Company, has just purchased a brewery Western European country. Several months ago it experienced a disas- trous explosion and fire at one of its rigs that resulted in a monumental oil spill, which has yet to be contained. The spill is expected to have dire effects on hundreds of miles of the Euromanian coastline, putting untold thousands of people in fishing, tourist, and supporting industries out of work. Since the disaster occurred in international waters, the ability of the Euromanian courts to impose liability judgments against AP is probably limited to its ability to seize whatever AP assets are located within its jurisdiction. These assets are carried on AP's books at $20 billion. In addition, Euromanian law limits liability in such cases to a maximum of 107 million ($112 million). However, due to a feel. ing of ethical obligation and in an effort to salvage the good name of the company, AP's Board of Directors has agreed to honor all damage claims in an unlimited fashion. It is estimated that the value of such claims could reach 93 billion ($97 billion). as that is 8 discusses briefing documents. M Exercise 8-6 [Financial/Theory] ing ach of using well understood by AP. Prepare the memo for Mr. Brogan. Chapter 8-4 [Managerial/ tegies Exercise 8-5 [Financial/Theory] accounted for expected sales and costs of its 787 Dreamliner and 747 In early 2016, Boeing came under scrutiny by the SEC for the way it gram accounting. Write an article for your business school's newspaper jumbo jet aircraft using a GAAP permitted method known as pro- why the SEC was so concerned about the manner in which Boeing describing this accounting method, the pros and cons of its use, and used it. Chapter 15 discusses writing for publication. American Petroleum Company (AP Oil) owns and operates deep- water drilling rigs in international waters off the coast of Euromania, a Your firm has served as the auditors for AP for several years APS Board of Directors has requested that your firm prepare a report for the Board discussing how its decision should be reflected in AP's fiat cial statements under U.S. GAAP.Your supervisor, Charles Brogan has ing memo for him recommending how the issues should be handlet asked you to research the technical issues involved and prepare a brief he will subsequently prepare the report for AP. He has told you more be concerned with the issue of foreign currency translation, known for the unique taste of its heer Thir taste is nrimarily there Your client, Smooth Brew Company, has just purchased a brewery Western European country. Several months ago it experienced a disas- trous explosion and fire at one of its rigs that resulted in a monumental oil spill, which has yet to be contained. The spill is expected to have dire effects on hundreds of miles of the Euromanian coastline, putting untold thousands of people in fishing, tourist, and supporting industries out of work. Since the disaster occurred in international waters, the ability of the Euromanian courts to impose liability judgments against AP is probably limited to its ability to seize whatever AP assets are located within its jurisdiction. These assets are carried on AP's books at $20 billion. In addition, Euromanian law limits liability in such cases to a maximum of 107 million ($112 million). However, due to a feel. ing of ethical obligation and in an effort to salvage the good name of the company, AP's Board of Directors has agreed to honor all damage claims in an unlimited fashion. It is estimated that the value of such claims could reach 93 billion ($97 billion). as that is 8 discusses briefing documents. M Exercise 8-6 [Financial/Theory] ing ach of using