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• W287548103 abstract "CASE DESCRIPTION The primary subject matter of this case concerns ethical dilemmas accountants and other executives may face when selecting required estimates in accounting for and reporting of defined benefit pensions and other postretirement benefit plans and complying with the requirements of Statement of Financial Accounting Standards No. 158, the new accounting standard. Accountants' professional and ethical responsibilities and resolutions of the ethical dilemmas are explored. Secondary, yet important issues are the effects of the choice of estimates on financial statement results and on the usefulness and integrity of the financial statements. This case has a difficulty level of three to four and can be taught in about 45 minutes. Approximately two hours of outside preparation is necessary to fully address the issues and concepts. This case can be utilized in intermediate accounting as part of the coverage of pensions, or in a more advanced graduate class focusing more extensively on underlying conceptual issues and the research components of this case. The case has ethical, conceptual, analytical, and research components. Utilizing this case can enhance students' oral and written communication skills. This is an illustrative case. Any similarities with real companies, individuals, and situations are solely coincidental. CASE SYNOPSIS Examples of unethical behavior by financial executives and accounting frauds, such as those at Enron, WorldCom, and Adelphia Cable have renewed the public's as well as the business community's attention on the importance of truthful and ethical financial reporting. Legislation, particularly the Sarbanes-Oxley Act of 2002 has supported this renewed emphasis. Ethical financial reporting not only requires the absence of fraudulent behavior but also that entities and their accountants choose estimates that best reflect the underlying economic events. When accounting issues involve extensive estimates over a long time horizon, ethical dilemmas may arise if individuals with competing interests attempt to influence the estimates chosen. Accounting for pensions and other postretirement benefit plans requires extensive estimates over a long time horizon. The Financial Accounting Standards Board recently issued Statement of Financial Accounting Standards No. 158 Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans, which requires that companies with underfunded plans recognize the underfunded portion on their balance sheets (FASB, 2006). For some entities the effect of this provision is quite significant. Estimates chosen for the plans' discount rates and rates of return on plan assets can significantly affect the funding status and can be used to manage financial statement results. The primary focus of this case is to examine the ethical dilemmas accountants may face when executives utilize estimates to manipulate financial statements. The case explores the effects on financial statements and their causes, effects on stakeholders, motivation of key personnel, professional and ethical responsibilities of accountants, and potential resolutions to the ethical dilemmas. The case can be taught at the same time that retirement benefits are covered in an intermediate accounting class, or in an advanced accounting class focusing primarily on underlying concepts and the case's research components. The case has ethical, analytical, conceptual, communication, and research components. INSTRUCTORS' NOTES This case focuses on ethical dilemmas that may arise when choosing estimates in accounting for and reporting of defined benefit pensions and other postretirement benefit plans consistent with the new requirements of Statement of Financial Accounting Standards No. 158 (SFAS 158). The case describes a situation where key executives may be using the estimates to manage financial statement results. …" @default.
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• W287548103 date "2009-03-01" @default.
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• W287548103 title "Accounting for Pensions and Other Postretirement Benefit Plans and the Use of Accounting Estimates and Changes in Estimates: An Ethical perspective.(Instructor's Note)" @default.
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