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Name: Course: Instructor: Date: Financial instruments Generally Accepted Account Principles (GAAP) entails the complexities and the legal entities of any business and corporate accounting. Companies follow during compilation of their financial statements. GAAP works to improve the transparency of financial statements but does not guarantee that company’s statements are error free (Flood 3-6). Convertible Hierarchy of Generally Accepted Accounting Principles including the Application of Standards Issued by the Financial Accounting Standards Board. Washington DC: Federal Accounting Standards Board 2009. Statement of Federal Financial Accounting Standards;No. 34 .Web. Flood Joanne M. Willey. GAAP 2016: Interpretation and Application of Generally Accepted Accounting Principles. Wiley Regulatory Reporting 2016. e –book. [...]

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Final Case Problem- Communication Some financial instruments can be considered compound instruments in that they have features of both debt and shareholders' equity. The most common example encountered in practice is convertible debt—bonds or notes convertible by the investor into common stock. A topic of debate for several years has been whether: View 1: Issuers should account for an instrument with both liability and equity characteristics entirely as a liability or entirely as an equity instrument depending on which characteristic governs. View 2: Issuers should account for an instrument as consisting of a liability component and an equity component that should be accounted for separately. In considering this question, you should disregard what you know about the current position of the FASB on the issue. Instead, focus on conceptual issues regarding the practicable and theoretically appropriate treatment, unconstrained by GAAP. Also, focus your deliberations on convertible bonds as the instrument with both liability and equity characteristics. Required: 1. Which view do you favor? Develop a list of arguments in support of your view.

Subject Area: Accounting

Document Type: Dissertation

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12.08.2017

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