Essays Tagged: "financial reporting"
Political, Economic & Social effects of Accounting Standard Setters.
neutral and objective'SYNOPSISObjectivity and neutrality are the ultimate goals of general purpose financial reporting. However there are many factors involved that make this goal almost impossible t ... r into everyday accounting, with personal gain often ahead of reliability and objectivity. Users of financial reports have demands that need to be satisfied, and regulatory boards involved in Standard ...
Subjects: Businesss Research Papers > Accounting
This essay is to do with accounting scandals, and what accountants are doing to change their image.
FINANCIAL ACCOUNTINGAccounting is an information system that identifies, records, and communicates t ... ization. Yet recently, many accounting scandals, questionable bankruptcies, and overall mistrust of financial reporting procedures have affected the accounting profession as so many new accounting irr ... inition of 'irregularity' in Structural Funds terms is very wide and includes any administrative or financial mismanagement that comes about either by act or by omission whether or not there is an act ...
Subjects: Businesss Research Papers > Accounting
Accounting paper (CVS analysis)
tizenship practices. The board selects and appoints the top management team, provides oversight for financial reporting and legal compliance, determines governance principles, and implements policies. ... ler, by focusing on improving their day-to-day business transactions and expanding into new markets.Financials for CVS and WalgreenComparing CVS and Walgreen Financial StatementsIncome Statement ($ Mi ...
Subjects: Businesss Research Papers > Accounting
Debt Service Funds
A major goal of governmental financial reporting is assessing financial performance, that is, how well the government is doing wi ... tandpoint of making judgments about the performance of government funds and government finance, the financial reports are a good place to start. These reports can provide a considerable amount of the ... good place to start. These reports can provide a considerable amount of the information for gauging financial compliance, success, and health. Governmental and nonprofit accounting both use the concep ...
Subjects: Social Science Essays > Economics > Development Studies
How and why do you think that corporate governance and the principles of transparency have moved up the public agenda?
Corporate governance gained immense importance subsequent to the Asian financial crisis in mid-1997. Companies that used existing resources in an inefficient way and did n ... ate of US corporate failures and breakdowns in truthful accounting has undermined people's faith in financial reporting, corporate leadership, and the integrity of markets the world over. These events ...
Subjects: Businesss Research Papers > Marketing
Accounting
hairman of the U.S. Securities and Exchange CommissionArthur Levitt sounded the call to arms in the financial community. Levitt asked for, "immediate and coordinated action... to assure credibility an ... bility and transparency" of financial reporting. Levitt's speech emphasized the importance of clear financial reporting to those gathered at New York University. Reporting which has bowed to the press ...
Subjects: Businesss Research Papers
Accounting theory
Part (a)Identify and discuss the relevant users of financial reports using two different definitions of who a user of a financial report is. You should ... gs with the definition provided in Statement of Accounting Concepts 2 'Objective of General-purpose Financial Reporting'.▪ The Purpose of General Purpose Financial ReportsBefore identifying who ... hish assists in discharging their accountability (SAC 2, paragraph 44).▪ Who are The Users of Financial ReportBased on the objectives of financial reporting, the definition of the user of a fina ...
Subjects: Businesss Research Papers > Accounting
FINANCIAL REPORTING ENTITY
The concept underlying the definition of the financial reporting entity from GASB Statement No. 14 is that elected officials are accountable to t ... ituents for their actions. Relying upon this concept, the GASB concluded that the definition of the financial reporting entity should be based upon accountability. Consequently, the financial reportin ... y now consists of (a) the primary government, (b) organizations for which the primary government is financially accountable, and (c) other organizations for which the nature and significance of their ...
Subjects: Businesss Research Papers > Accounting
Balance sheet
Balance sheet is an integral part of the financial reports of a company. It is the snap shot of the state of affairs of the company at the en ... e end of its fiscal period. However, it does not necessarily reflect the true value of the company. Financial reports give a true and fair view of the company (FSA Handbook 2004) as the audit standard ... Discrepancies arise because of the cost of accounting accuracy, the different valuation method, and financial reporting principles. In the following paragraphs, I will further analyze the discrepancy ...
Subjects: Businesss Research Papers > Accounting
The vulnerability of computerised accounting information systems to computer crime.
ulent activities such as unauthorised use of data, theft of inventory, theft of funds and incorrect financial reporting can be conducted by internal employees of an organisation. Furthermore, outsider ... ot be considered as a crime. For example, if incorrect data is mistakenly entered in a computerised financial statement, it cannot be considered as a computer crime due to the fact that it was not don ...
Subjects: Businesss Research Papers > Accounting
Why is it important for a corporation to maintain the confidence of the stockholder?
business.I think that the stockholders are much more savy that many years ago. With the internetand financial reporting, they have so much more information at their disposal to makedecisions. The prob ...
Subjects: Businesss Research Papers > Markets & Exchanges
The impact of International Financial Reporting Standards to European companies
1. IntroductionCompanies around the world are facing one of the biggest-ever change in financial reporting. In Europe, from 2005 there is the requirement to publish consolidated financial ... s.2. The main issues facing companies in making the transition to IFRSThe preparation of IFRS-based financial statements needs careful planning and good change management. Apart from the technical iss ... rganisations is to ensure the staff has the knowledge to guarantee a smooth switch to international financial reporting standards and after the implementation they can do their jobs under the new syst ...
Subjects: Social Science Essays > Economics > Foreign & International Economics
US FIN 324 Ethics Article Review
in. "The large number of accounting scandals in 2001 and 2002 demonstrated that personal ethics and financial reporting are inextricably connected." (Albrecht et al, 2005) In the article An Empirical ... ft in their beliefs however, the overall outcome of the differences were very minuscule.The area of financial ethics that has made the largest impact on organizations today is the Sarbanes-Oxley Act. ...
Subjects: Businesss Research Papers
Enron/ Arthur Anderson paper: This paper is on the history and fall of the Enron corporation due to the neglect of CEO Arthur Anderson
ing investments from Utility projects. The Enron Corporation was built on fraudulent and misleading financial reporting and "aggressive" accounting practices. This was designed to increase the share p ... ummer of 2001, vice president Sherron Watkins was attempting to find assets to sell to help Enron's financial picture. She ran into off the books arrangements and the downward spiral began in the last ...
Subjects: Businesss Research Papers > Case Studies
Purpose and background of FASB
The Financial Accounting Standards Board (FASB) is an organization which institutes the standards for fi ... e FASB is a private organization established in 1973 with the purpose of improving the criterion of financial reporting. The FASB has a mission, an agenda, and follows and open decision-making process ... process.The mission of the FASB can be found on its website: "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, ...
Subjects: Businesss Research Papers > Accounting
Accounting and Ethical Obligations
In financial transactions, trust is an essential ingredient. The financial reporting process helps peop ... essential ingredient. The financial reporting process helps people to create trust. However, these financial statements have to be trusted. The financial reporting process is a mean of increasing the ... cess is a mean of increasing the trust placed by people in the entities which they deal through the financial statements which are prepared by accounting profession. This paper will discuss the accoun ...
Subjects: Businesss Research Papers > Accounting
The Oil Reserves of Royal Dutch Shell: How Royal Dutch Shell has accounted for their oil reserves as a practise of looking for grey areas in Financial Accounting.
reafter only Shell) has accounted for their oil reserves as a practise of looking for grey areas in Financial Accounting.I choose Shell because when the news broke out, the international financial pre ... from some 8,000 companies in 31 countries to support his contention that insiders use discretion in financial reporting to boost reported earnings and conceal losses, thus smoothing earnings. Logicall ...
Subjects: Businesss Research Papers > Case Studies
Inventory Accounting at Wal Mart Stores.
ry accounting method for the Wal-Mart Stores segment, cost LIFO for the SAM'S CLUB segment.For both financial reporting and tax purposes, Wal Mart used the accrual method of accounting and maintained ...
Subjects: Businesss Research Papers > Case Studies
Describe financial reporting and discuss how it is miused.
IntroductionFinancial reporting is the issuance of written documents in the form of the financial statements by ... atements by the companies to the shareholders and other interested parties. 'The objective of these financial statements is to provide information about the reporting entity's financial performance an ... f imposing regulations on accounting practices and setting standards is to fulfil the objectives of financial statements.Need for Standards and LegislationIt was difficult for investors and other stak ...
Subjects: Businesss Research Papers > Accounting
Ethical and Legal Obligations
The FASB (Financial Accounting Standards Board), the SEC (Security and Exchanges Commission), and PCAOB (Publi ... in. This allows investors, the government, and other organizations to have a standardized method of financial reporting that allows comparisons between different companies. This also allows transparen ... ons and problems that can occur in running a business. Guidelines are available for the creation of financial statements, methods of depreciation, creation of journal entries and transaction entries, ...
Subjects: Businesss Research Papers > Accounting