MONSANTO COMPANY CASE STUDy

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1MONSANTO COMPANY CASE STUDYNAME:INSTITUTIONCOURSE NUMBERCOURSE TITLE:INSTRUCTOR’S NAME:DUE DATE:2MONSANTO COMPANY CASE STUDYQuestion 1Based on the procedures, guidelines, and policies developed by the ‘financial accountingstandards board’ (FASB), policies are developed for the vendors, informing them when it is rightto claim the customer rebates revenues. “The limits EITF size 01 – 9 should thus include theseller considering buyers of the products of the vendor at any stage in the distribution chainregardless of whether the buyer is a direct client of the vendor.” Therefore some regulationsdescribe the scenarios when reclaiming customer rebates as appropriate examples; they can beclaimed as either program expenses or revenues. However, based on our question, we understandthat Monsanto Company never claimed its customer rebates as required. If all the rebates wereclaimed over three years as only revenues, it indicates a material overstatement of the financialstatements. However, in case the company had considered claiming the rebates as expenses overa three-year time, there would be an understatement of the financial expenses. Gardi (2021).Question 2Based on the information from the scenario, I would consider Monsanto Company withaudit failure and accounting. Firstly the accounting failure occurred since the companyexperienced issues with cost reporting and revenue recognition. The company’s managementshould have developed an interna … Purchase document to see full attachment

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