Discussion?1

Description
You?are?a?new?accountant?at?a?publicly?traded?biopharmaceutical?company.?Your?company?wants?to?develop?a
new?therapeutic?drug?and?needs?financing.?The?company?s?executives?want?the?accounting?department?to?put
together?a?report?to?present?to?potential?investors.?
The?executives?want?you?to?include?scientific?findings?from?the?first?phase?of?the?clinical?trials?of?the?drug.
Although?the?company?has?had?a?20%?success?rate?in?the?past,?the?executives?want?the?findings?from?the?clinical
trials?reported?so?potential?investors?can?see?that?this?product?will?be?successful.?Another?argument?is?that,
although?there?are?no?sales?yet,?the?clinical?trials?prove?that?once?the?company?receives?the?funds?to?get?through
the?clinical?testing,?it?will?obtain?government?approval?to?make?as?well?as?sell?the?drug,?which?will?make?the
investor?happy.
?Explain?the?accounting?information?and?the?characteristics?of?qualitative?accounting?information.
?What?are?the?generally?accepted?accounting?principles?(GAAP)?that?the?company?may?violate?by?reporting?the
scientific?findings?to?investors?

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