What are the practical differences in the accounting for a change in estimate and a correction of an error? Why might management prefer one approach to another?

What are the practical differences in the accounting for a change in estimate and a correction of an error? Why might management prefer one approach to another? What pictures do the two accounting presentations paint for readers outside the company?

2) Considering the fact that the corporate controller is only one of several officers of a company, and not the most senior officer, where do his or her responsibilities begin and end regarding the company’s financial statements? Does the controller have a different responsibility for the financial reports than the Vice President of Manufacturing, for example?

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3) Where should the controller’s loyalties lie where there is a conflict between the interests of

management and GAAP reporting? Does the controller have a different responsibility to the public than the Vice President of Manufacturing, for example?

4) Would your answer to the above question be different if the controller was or was not a CPA? Where might a controller look for guidance, for help in managing a conflict between his or her perception of what GAAP requires and what the rest of the management team believes to be in the best interest of the company?

5) In your opinion, what is the theoretically correct answer? How might that answer be helpful or hurtful for the company? For Mr. and Mrs. White? For the other members of the management team? For the existing stockholders? For any potential new stockholders? If some are hurt and some are helped, how should that conflict be resolved?

6) What should Mr. Field do, once he has finished his cup of coffee?