please go to the annual report of Apple company. Discuss one of the disclosures. How does...

please go to the annual report of Apple company. Discuss one of the disclosures. How does this company’s disclosure meet a particular SEC or FASB reporting and disclosure requirement?

The link below is the annual report of Apple company 2016

http://investor.apple.com/secfiling.cfm?filingID=1628280-16-20309&CIK=320193

Expert Solution

Apple Disclosure:

Off-Balance Sheet Arrangements and Contractual Obligations

The Company has not entered into any transactions with unconsolidated entities whereby the Company has financial guarantees, subordinated retained interests, derivative instruments, or other contingent arrangements that expose the Company to material continuing risks, contingent liabilities, or any other obligation under a variable interest in an unconsolidated entity that provides financing, liquidity, market risk, or credit risk support to the Company, or engages in leasing, hedging, or R&D services with the Company.

The following table presents certain payments due by the Company under contractual obligations with minimum firm commitments as of September 24, 2016, and excludes amounts already recorded on the Consolidated Balance Sheet, except for term debt (in millions).

Disclosure Requirement: 9240Tabular Disclosure of Contractual Arrangements [S-K 303(a)(5)]:

Operating lease obligations should be consistent with the disclosures provided in the financial statements.

Purchase obligations are defined as agreements to purchase goods and services that are enforceable and legally binding, that specify all significant terms, including the quantities to be purchased, price provisions and the approximate timing of the transactions.

jeff jeffy answered 2 years ago

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