Social Security Benefits and Financial Reporting: A Case Study Analysis, Assignments of Accounting

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Week 4 Team 2 Course Project Case 4 Tina Skinner DeVry University ACCT Professional Research for Accountants Week 4 Team 2 Course Project Case 4 Professor Nwaogu November 23, 2024

Week 4 Team 2 Course Project Case 4

Annotated Bibliography

Dennis, C. (2023, January 27). The Five Steps for Data Analysis****. Hightouch.com. https://hightouch.com/blog/steps-for-data-analysis Dennis provides a structured methodology for analyzing data, emphasizing the importance of credible sources and systematic approaches. The resource outlines essential steps such as framing research questions, reviewing relevant literature, and evaluating source credibility. It offers valuable insights for addressing the inclusion of Social Security benefits as assets by ensuring research and decision-making processes are evidence-based and reliable. This resource supports the development of a sound financial reporting strategy rooted in credible data and structured analysis. International Monetary Fund. (2014). Monetary and Financial Statistics Manual & Compilation Guide (MFSM)****. https://www.imf.org/external/pubs/ft/mfsmcg/c4.pdf This manual offers authoritative guidance on the classification of financial assets and liabilities, particularly intangibles and uncertain income streams. It establishes that future Social Security benefits, being contingent and uncertain, do not meet the criteria for asset recognition. This authoritative framework provides a sound rationale for excluding such benefits from financial statements. Mukherjee, A. (2018). Time & Money: Social Security Benefits vs. Intergenerational Transfers. American Economic Association, AEA Papers and Proceedings , 108, 396-400. https://www.aeaweb.org/articles?id=10.1257/pandp. Mukherjee examines the speculative nature of Social Security benefits, particularly their reliance on regulatory frameworks and demographic trends. This empirical research connects the uncertainty of these benefits to broader economic and demographic shifts, reinforcing their exclusion as assets in financial reporting. The

Week 4 Team 2 Course Project Case 4 These sources collectively provide a comprehensive understanding of the nature of Social Security benefits and their treatment in financial reporting. They offer authoritative guidance (IMF, PwC) and analytical insights (Mukherjee, Reznik et al.), building a robust case against recognizing these benefits as assets. This combination of structured data analysis, empirical research, and professional standards ensures a well-reasoned argument tailored to Randy Jones’s inquiry.

Week 4 Team 2 Course Project Case 4 References Dennis, C. (2023, January 27). The Five Steps for Data Analysis. Hightouch.com. https://hightouch.com/blog/steps-for-data-analysis International Monetary Fund. (2014). Monetary and Financial Statistics Manual and Compilation Guide (MFSM). Classification of financial assets and liabilities (June 2014). https://www.imf.org/external/pubs/ft/mfsmcg/c4.pdf Mukherjee, A. (2018). Time and money: Social security benefits and intergenerational transfers. AEA Papers and Proceedings, 108 , 396–

400. https://doi.org/10.1257/pandp. PWC. (2021). Conceptual Framework for Financial Reporting Chapter 4, Elements of Financial Statements Statement of Financial Accounting Concepts No. 8. https://viewpoint.pwc.com/dt/us/en/fasb_financial_accou/statements_of_financ/ con_8_conceptual_fra/assets/chp4financestatement.pdf PwC. (2023). 23.5 Gain contingencies. PwC.com. https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/ financial_statement_/financial_statement 18_US/chapter_23_commitmen_US/ 235_gain_contingenci_US.html