Accounting for special purpose entities

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3. HP describes is pending litigation in note 17 (pp 136-143). Under what conditions can HP avoid recognition of these pending liabilities in its financial statements? 4. In its statement of stockholders` equity (p. 88), HP reports a cumulative translation adjustment (CTA) of $22 million, up from $2 million in 2003. a. Assuming that the company`s subsidiaries are solvent, how does a positive CTA arise? b. How has this cumulative equity adjustment affected reported profit? c. What does the increase in the CTA from 2003 imply about the relative value of the $US vis-à-vis other world currencies? 5. In its summary of the financial statement impact of recent accounting pronouncements (p 97), HP indicates that FIN 46(R) has not had a material impact. a. Briefly discuss how FIN 46(R) has affected the accounting for special purpose entities (SPEs). b. Briefly discuss the financial statement implications of the increasing use of qualifying special purpose entities (QSPEs). The attached has study questions around FIN 46(R) and SPEs. Please help me understand what the impact is as it related to HPs 10k.

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