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International Financial Reporting Standards

- The globalization of the world’s capital markets has created an increasing need for comparable, detailed and transparent system of financial reporting making it imperative to establish one set of high quality global accounting standards (Gornick-Tomaszewski, S., & Showerman, S.2010). Currently, there are two sets of accounting standards that are generally accepted for international financial reporting- The U.S. GAAP ( Generally Accepted accounting Principles ) which have been developed by the Financial Accounting Standards Board (FASB) and the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board(ISAB) (Kieso, D.E., Weygandt, J.J., Warfiel...   [tags: globalization, accounting, IFRS]

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New Zealand International Financial Reporting Standard

- New Zealand International Financial Reporting Standard 8 (NZ IFRS 8) Operating Segments replaced New Zealand International Accounting Standard 14 (NZ IAS 14) Segments Reporting. Since 2009 NZ IFRS 8 has been compulsory. This essay will be covering the definition of an Operating Segment and the major changes that have occurred. It will also include summary of number and type of operating segments of the five listed companies in Part A and discussion on whether information provided under NZ IFRS 8 is of greater quality and useful for decision makers....   [tags: decision making, internation accounting]

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Revenue Recognition of Construction Industry

- Introduction Revenue recognition for construction industry is a complex area, now IASB and FASB are trying to work out a comprehensive new accounting standard for revenue recognition. Before they issue the new standard, which is best interest for our client to know current standard and development issues for revenue recognition. This article will introduce how the revenue recognised at present within the construction industry at first. Second the process of new standard development will be discussed....   [tags: Accounting Standards, Exposure Draft]

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The Truth About Enron's Collapse

- Introduction Approximately 10 years ago, the truth emerged about Enron, one of the largest and seemingly most successful energy companies in the world until it collapsed and declared bankruptcy. What happened at Enron was due primarily to the ethical climate in business at the time; however, accounting frauds such as Enron are not new. This paper will examine the charismatic leadership from a well-educated man who received both his bachelor and master degree in economic from the University of Missouri and earned a Ph.D....   [tags: fraud, accounting, ethics]

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IFRS in Australian Government

- In 2004, Australia became one of the first countries to impose IFRS on local government with full compliance taking place for the 2005/2006 financial year (Pilcher & Dean, 2009; Wee, Tarca & Chang, 2007). As the transition happen, AASB 9 was issued to replace AASB 139 as it applies to financial assets (Locke, 2013). The objective of AASB 139 is to establish principles for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items (Locke, 2013)....   [tags: Australian Accounting Standards Board]

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Understanding Debits and Credits

- DEBIT AND CREDIT RULE NO. 2: For every debit, there is a credit. Paying close attention to the previous topics discussed, this eternal rule in accounting has an identical goal with that of the basic accounting equation: KEEP BOTH SIDES EQUAL. Whatever happens. The terms debit and credit are used in recording business transactions which will indicate the increases or decreases of a specific account, be it an asset, liability, owner’s equity or capital, revenue, expenses and the owner’s drawings....   [tags: Basic Accounting Essays]

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Tax Tips for Self-Employed and Freelance Workers

- Tax Tips for Self-Employed and Freelance Workers Being self-employed is a daydream for so many people. Who doesn't fantasize about becoming his or her own boss. When it comes to work, however, the downside of being the boss is all the obligations that go with the job. Regrettably, calculating and paying taxes are part of those duties. According to the Internal Revenue Service (IRS), you are considered to be self-employed “if you are in business for yourself, or carry on a trade or business as a sole owner or an independent contractor.” The IRS requires self-employed persons to pay a Self-Employment Tax, which assesses Social Security and Medicare taxes similar to those paid by employees and...   [tags: Accounting ]

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How The Sarbanes-Oxley Act Will Impact The Audit Function

- Before the Enron-Arthur Anderson scandal, auditors were generally viewed as independent and trustworthy professionals. They protected the interests of the individual investor by ensuring that corporations presented financial statements that accurately reflected the financial results of operations. The auditor was trusted to present the facts as he saw it, regardless of the implications. When events such as the academy awards used the services of a CPA, it was done not because the counting of ballots was a technically difficult task, but because people believed CPA's could be trusted....   [tags: Business Accounting]

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Tax Law: A Broader Perspective

- Tax Law: A Broader Perspective Accounting for Income Taxes Taxes and the Law: A Broader Perspective Taxes are everywhere and exist as a vital part of national structure, both legally and financially. Taxation influences everything from wages to inheritance. Given this, one is compelled to inquire as to how this balance works and what constitutes its existence. That is where understanding the effects of tax law and how they are accounted for have great import. As with any other facet of life, rules accompany the application and processing of taxes, and how they are required to be paid....   [tags: Tax Accounting]

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Strategy and Control Frameworks

- Strategy and control form an important relationship in management accounting as they inform the nature and use of control systems to guide decision makers. Strategy is concerned with strategic issues and the aim of having sustainable competitive advantage. Strategies need to be well thought out as well as specific, measureable, attainable, realistic and timely. Control is the task of setting standards, measuring performance and taking corrective action to ensure objectives are achieved. Strategy and control frameworks provide a means of determining the link between strategy and control....   [tags: Management, Accounting, Control Systems]

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Financing the Enterprise: Nike

- ... (Cendrowsk Scott 2012) Financing Operations and Assets: Nike believes in keeping cost effectives product and sustainability human resources is major factor in financing operation Nike sales on the open market and their first quarter earnings are in the billion. Revenues from continuing operations are up 8 percent to $7.0 billion Diluted earnings per share from continuing operations up 37 percent to $0.86Worldwide futures orders up 8 percent, 10 percent growth excluding currency changes Inventories as of August 31, 2013 up 6 percent.(Nike Corp 2013) The three main product lines of Nike's brand - footwear, apparel, and equipment - are made by approximately 600 contract factories that empl...   [tags: accounting, business analysis]

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Sarbanes-Oxley Section 404 and Affect on Small Business

- Analysis of Sarbanes-Oxley – Section 404 And Affect on Small Companies Content I. Executive Summary 1 II. Background Facts 2 III. Issue Stated 3 IV. Analysis 4-5 V. Conclusion 6 VI. References 7 Executive Summary 404 of Sarbanes Oxley: It’s affect on small business....   [tags: Accounting Regulation]

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Sarbanes Oxley SOX - Effective Governance

- Sarbanes-Oxley: Effective Governance. Introduction On December 2, 2001, less than a month after it admitted accounting errors that inflated earnings by almost $600 million since 1994, the Houston-based energy trading company, Enron Corporation, filed for bankruptcy protection. With $62.8 billion in assets, it became the largest bankruptcy case in U.S. history, dwarfing Texaco's filing in 1987 when it had $35.9 billion in assets. The day Enron filed for bankruptcy its stock closed at 72 cents, down from more than $75 less than a year earlier....   [tags: Accounting Regulation]

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Home Depot Corporate Governance

- Audit Committee The Audit Committee is comprised of the following five members from the Board; F. Duane Ackerman, Ari Bousbib, J. Frank Brown, Karen L. Katen, and Mark Vadon. This group is tasked with assisting the Board with the oversight of The Home Depot’s financial statements, ensuring that they are in compliance with legal and regulatory requirements. They also review and monitor the Company’s Compliance program, making changes when appropriate to ensure that the Company remains compliant....   [tags: audit, finance principles, accounting]

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Intangible Assets

- INTRODUCTION According to Yale’s School of Management Robert Swieringa (1997), “We come to an age of technology, information, and global competition with a financial accounting model that was fashioned almost 100 years ago.” That same accounting model continues to evolve today. One area in particular is with accounting for intangible assets. In the business sector, assets are important economic resources and are classified as either tangible or intangible. Tangible assets are easily seen as physical objects that include items such as buildings, machinery, vehicles, and fixtures....   [tags: Business, Accounting]

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Globalization and Transfer Pricing

- Globalisation could be defined as “the interactive co-evolution of millions of technological, cultural, economic, social and environmental trends at all conceivable spatiotemporal scales (Rennen & Martens 2003). When discussing globalisation, the topic transfer pricing always seem to arise which could be because this multi-nationals trade between themselves and the government also uses transfer pricing. Therefore transfer pricing is used wold wide and could be said to be an important accounting factor which enables the success of a firm due to the fact its set up to induce optimal decision making in decentralized firms....   [tags: Globalization of Accounting Standards]

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XBRL Extensible Business Reporting Language

- XBRL Report XBRL, the eXtensible Business Reporting Language, is an open standards-based reporting system built to accommodate the electronic preparation and exchange of business reports around the world. XBRL started back in 1999 with 12 organizations as the founding members. There are now in excess of 450 organizations worldwide in over 30 countries involved in its development. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data....   [tags: Accounting Finance]

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Sarbanes-Oxley Act Of 2002 Enacted

- Overview The Sarbanes-Oxley Act significantly expands existing federal whistleblower protection laws, and public companies would be well advised to pay special attention to these new protections for corporate whistleblowers. Section 806 of the Act prohibits an employer from engaging in retaliation or discrimination against employees who report suspected accounting or financial fraud, and establishes a new system by which aggrieved employees can bring an action for damages against their employer before the Department of Labor or in federal District Court....   [tags: Business Accounting]

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The International Accounting Standards Board

- ... Besides that, in some situation, even know asset and liability existed, but it still hard to realized the outcome. According to agenda of IASB, they mentioned two shortcomings that have been observed of the existing IASB definitions of asset. First is likelyhood, they think definition would require that an item be certain in order to qualify as an asset. Since few things in life are certain, so they observed that few items that are commonly thought to be assets would qualify in accordance with the definition....   [tags: international financial reporting standards]

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Proposed EU Audit Reforms

- Introduction The financial crisis that began in 2007 greatly undermined the integrity of the financial system. Measures were therefore suggested and some adopted to regulate various player of this industry in the hope that reoccurrence of such events would be prevented. Particularly, the roles of the banks, regulatory institution (such as central bank), rating agencies, and hedges funds, were promptly investigated and recommendation proposed. In contrast an important player, the Audit firms, appeared to have escaped the probing....   [tags: Accounting]

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The Uncertainty Among Historians when Accounting for the Expansion in Population in the Period 1775 - 1900

- The Uncertainty Among Historians when Accounting for the Expansion in Population in the Period 1775 - 1900 From 1775 – 1900 the population rose dramatically in Britain. So much so, that at one point, the population doubled in the space of thirty years. Obviously, this was a cause for concern for the government, as it would be now if the same were to happen, however, it would seem that despite knowing that the population did grow at an enormous rate, there is great debate about why it grew so quickly....   [tags: Papers]

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Analysis of Current Disclossure Practices by Top 50 Approved Companies in Malaysia

- IFRS are accounting standards issued by the IASB, an independent organization based in London, UK. They purport to be a set of rules that ideally would apply equally to financial reporting by public companies worldwide. Between 1973 and 2000, international standards were issued by the IASB’s predecessor organization, the International Accounting Standards Committee (IASC), a body established in 1973 by the professional accountancy bodies in Australia, Canada, France, Germany, Japan, Mexico, Netherlands, United Kingdom and Ireland, and the United States....   [tags: financial statement,IFRS,accounting standards]

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Process Costing

- What are the five steps in a process costing system to assign costs to units completed and to units in ending work in process. Process costing is a management accounting function. Business owners use this function to accurately calculate as well as to apply the business costs for producing specific types of goods. Process costing provides costing system for homogenous goods , which usually have little differentiation from one item to the next item. Paper, petroleum, chemical, textile and food processing industries generally use process costing....   [tags: Process Accounting]

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Fundamentals Of Financial Statement

- Fundamentals of Financial Statements Starting a business requires much time, commitment and patience. The ultimate goal of most businesses is to be professionally and financially successful. In order to show the progress of the business operations, meticulous financial statements must be kept. This statement communicates economic information about the business to individuals involved in making decisions and judgment. According to the University of Phoenix 2006, "An entity's financial statements are the end product of a process that starts with transactions between the entity and other organizations and individuals." Connie Rochce started a cookie business in November 1986....   [tags: Business Accounting]

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Defining Financial Ethics

- Introduction This report will cover the meaning of Financial Ethics, what kind of accounting practices are considered to be unethical and how a company can overcome problems. In addition this report talks about the use of EBITDA in accounting practices and how EBITDA can be manipulated to show a company’s performance as good when in fact they are suffering. The report will also show how EBITDA and financial ethics can be intertwined with each other. FINANCIAL ETHICS Financial ethics is a form of business ethics but with more emphasis on the financial end of the business....   [tags: accounting, integrity, income]

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Benchmarking and Management Accounting

- • Hiram Phillips could have used benchmarking to assist in his cost reduction efforts by following the five stages of benchmarking. Initially, an internal study and preliminary competitive analysis should have been conducted to determine how it currently performs on its dimensions. Some of these activities are labor cost, delivery of shipments, customer service time spent on the phone, and cost of commissions on sales to employees. Using the company internal data and preliminary external competitive analysis, using industry comparisons of quality from reliable consumer reports, would determine the scope and significance of the study for each area....   [tags: Benefits, Stages, Case Study]

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District Budget Design

- ... The principals are chief financial officer at the school level (Brimley, Verstengen, Garfield, 2012). The principal will carry out the plan and distribute money according to the needs of his or her school. The principal will establish a two-sided budget and ledger sheet with all receipts and expenditures along with monthly reports that will be reported to the district office (Brimley, Verstengen, Garfield, 2012). “Decentralize budget decisions pertaining to instruction and supplies to school buildings, and hold principals accountable for money spent to improve achievement”(Black, 2008, pg....   [tags: accounting practices, superintendent, schools]

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The Sarbanes-Oxley Act

- Introduction The Sarbanes-Oxley Act, or SOX Act, was enacted on July 30, 2002. Since it was enacted that summer it has changed how the public business handle their accounting and auditing. The federal law was made coming off of a number of large corporations involved in scandals. For example a company like Enron was caught in accounting fraud in late 2001 when the company was using false financial statements. Once Enron was caught that had many lawsuits filed against them and had to file for bankruptcy....   [tags: government, accounting, auditing]

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Consolidated Financial Statement

- The Financial statement of a company allows an investor to see the flow of money from that particular company. It records the money going in as well as the money going out. The Financial Accounting Standards Board (FASB) has implemented rules on how the consolidated financial statements are presented, disclosed, as well as other rules that affect the variable interest and non-controlling interest. A Consolidated Financial Statement is used when you have a parent company along with its subsidiaries....   [tags: accounting, earnings, shares]

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Increasing Company Profits

- Increasing Company Profits Fabricator Inc, a specializes in equipment manufacture, and uses a job order costing system. The overhead rate is now $3000 per direct labor hour. The design engineer does not understand how the accounting department comes up with this rate. He thinks it drives up the cost of the products being sold, and encourages the design engineers to use machine technology instead of direct labor. He says the there has been less and less direct labor over the past few years, but overhead continues to rise....   [tags: manufacture, cost, accounting]

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The Transaction Processing

- Transactional Processing The accounting software packages developed and distributed by Sage and Microsoft, respectively, each use their own methods for recording accounting information. Sage 50. There are three different areas which must be discussed. These are the revenue, expenditure, and financing cycles. These areas are written about from the author's own knowledge from using the software, as learned from the book by Carol Yacht (2013). Revenue cycle. For revenue cycle recording, Sage 50 allows the user to go through a pipeline of stages which need to be accomplished....   [tags: accounting software, Sage, Microsoft]

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The Effects of BP Oil Spill

- Introduction The Deepwater Horizon was a dynamically positioned drilling rig which owned by Transocean and it was chartered to BP from 2008. On April 20, 2010, the offshore oil rig exploded, the explosion was the largest accidental marine oil spill in the history of the petroleum industry as the oil leaked 205.8 million gallons of crude oil into Mexico Gulf Coast and BP spent 86 days to cap the well, stopping the oil flow into Mexico Gulf for the first time. This report covered some facts about the BP oil spill scandal and its influence to stakeholders....   [tags: drilling, accounting, legal, ethical, corporate]

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Major Internal Control

- Internal control in this company can refer to both administrative and accounting control. 1. Administrative control comprises the plan of organization and all methods and procedures that facilitate management planning and control. Examples are departmental budgeting procedures and reports on performance. 2. Accounting control comprises the methods and procedures that are mainly concerned with the authorization of transactions, the safeguarding of assets, and the accuracy of the financial records....   [tags: Business Accounting]

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Asset Valuation Paper

- Asset Valuation Accounting for Managerial Decision-Making Introduction To start a new business and remain in business profitably, many critical decisions must be made when the foundation of a new business is formed. These decisions affect the company in the long run and often make or break an organization. Methods of inventory control and capitalization policies are among these critical decisions that will affect any business bottom line. Our team has investigated these policies and will present our recommendation for the method of inventory and capitalization policy for the XYZ Mattress Store in the remainder of this paper....   [tags: Business Accounting]

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Preparation of Financial Information

- Preparation of financial information is a critical role of the management of all public companies. For instance, access to accurate and timely information enhances the ability to manage the business of the company effectively. Moreover, it makes investors to put confidence in financial reports of the company if the company needs to increase its capital in the public securities market. The ability of the management to fulfill financial reporting roles depends on the design and effectiveness of the process as well as the security that is put in place over financial and accounting reporting....   [tags: Accounting Quality, Management, Public Companies]

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Development Of Audtiting

- DEVELOPMENT OF AUDITING In recent years the integrity of the auditing profession has been called into question, especially in the case of auditor independence. Perhaps the most spectacular of these was the Enron-Andersen scandal which saw the collapse of auditing giant Arthur Andersen and sent tremors throughout the auditing industry. In 2001, Andersen was the fifth largest auditing firm in the world and had a reputation for outstanding auditing integrity based on a history of some 100 years in business....   [tags: Accounting Audit]

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Debate between Job Order Costing and Process Costing

- Debate between Job Order Costing and Process Costing Table of Content PART 1 INTRODUCTION 1 PART 2 COSTING SYSTEM 2 1. Job Order Costing (JOC) 2 2. Process Costing (PC) 3 PART 3 ACCOUNTING METHODOLOGIES 4 1. Last-In-First-Out (LIFO) 4 2. First-In-First-Out (FIFO) 5 3. Comparison between LIFO and FIFO 6 PART 4 CASES STUDY 7 Case 1 – Law Firm 7 Case 2 – Furniture Manufacturing Industry 7 Case 3 – Bakery 8 PART 5 CONCLUSION 9 PART 1 INTRODUCTION This report to distinguish between and identify companies that may use the “Job Order Costing” and “Process Costing” which are the major types of costing systems that used in manufacturing and service company....   [tags: Accounting Finance Business]

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Process Costing System

- Process costing System is an accounting expression which describes one method to determine the manufacturing costs to the units manufactured . Processing is typically used when similar units are mass produced. Also process costing system is a type of accounting process costing which is used to determine the cost of a produced inventory. Chartered Institute of Management Accountants (CIMA) defines process costing as " The costing method applicable where goods or services result from a sequence of continuous or repetitive operations or processes....   [tags: manufacturing cost, units, accounting expression]

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Analysing Aurora Alternative Energy Ltd. Financial Statements

- Analysing Aurora Alternative Energy Ltd. Financial Statements There are 4 possible ways to interpret the financial statements of Aurora Alternative Energy Ltd. This is by profitability, efficiency, liquidity, and financial gearing. The date of 31- 12- 2007 Aurora Alternative Energy Ltd statements have been provided. Profitability is the key target of any business. The profitability ratios so the success or the failure of some businesses. The ratios are there to express the profits made by a business so that on financial statements so that they compare how they are doing compared to other business and how they’ve done in the past....   [tags: Business Finance Accounting]

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Investment Risk In Stock Market Securities

- Investment Risk in Stock Market Securities Introduction: Stories of people making fortunes from the securities market have enticed many others into risky investments. Congress created the Securities & Exchange Commission (SEC) to protect investors. Many corporation managers became greedy and made self-serving decisions that created the principle-agent problems. The solutions for these problems lead to more unethical behavior from management. The creative use of financial statements even tricked analysts and brokers....   [tags: Investment Stock Market Accounting]

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Fundamentals of Financial Statements

- Fundamentals of Financial Statements The accounting equation: The accounting equation defines the relationship between the five account types. The basic equation is assets equal liabilities plus equity. This is the format seen on a balance sheet. The profit and loss accounts—revenues and expenses—also affects equity. Revenues from the sale of goods and services increase equity, while expenses incurred in the course of business decrease equity. Therefore, the accounting equation can be expanded to assets equal liabilities plus equity plus revenues minus expenses....   [tags: Business Finance Accounting]

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Case Analysis - Terry Timber Inc

- To : Mr. Taylor, President, Terry Timber Inc. From : External Auditor, Terry Timber Inc. Subject : Advice on accounting policies of stated matters of Terry Timber Inc. (TT) Dear Mr. Taylor Enclosed is the report you requested regarding the adequate accounting policies for the stated matters for financial statements of TT. My objective, as an external auditor for TT, is to come up with reasonable and justifiable treatments for the accounting matters that result in meeting the goals of the company and objectives of all users....   [tags: Accounting Auditing Opinion]

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IFRS: Not Disaster But Embarrassment

- IFRS: Not Disaster But Embarrassment Moving from adoption to harmonization of Australian Accounting Standards with International Financial Reporting Standards, Australian companies have suffered embarrassment and bemusement in the process of understanding and implementing the new standards. Problems arise in understanding the over-complicated relationships between IFRS, A-IFRS(Australian equivalents to IFRS) and original AASB standards....   [tags: Australia Accounting Finance Business]

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Enron’s Code of Ethics: An Analysis

- Enron’s Code of Ethics: An Analysis This paper will analyze Enron’s Code of Ethics and examine the sections on values and corporate responsibility. The paper will use applicable theories and concepts and will detail Ken Lay’s view of ethics and Enron’s corporate social performance. The paper will argue that Enron was not being socially responsible to all of its stakeholders because it deceived employees and investors about its real financial status despite having stated in its company code of ethics that transparency, integrity, and respect for the law would be the cornerstones of its daily operations....   [tags: Business Ethics Accounting Enron]

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The Rise And Fall Of Enron

- The Rise and Fall of Enron The objective of every company is to maximize profit, become a big player and remain viable. Enron was no exception the key players at the time were Kenneth Lay CEO, Jeffery Skilling who was hired by Lay in 1990 to head the Enron Finance Corporation and by 1997 Skilling was made President and Chief Operating Officer. Andrew Fastow, CFO who was the chief financial officer of Enron. Enron merged Houston Natural Gas in 1985 with another natural gas pipeline to create Enron....   [tags: Business Accounting Finance Scandal]

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Book Review of Business Policy and Strategy: An Action Guide

- Book Review of Business Policy and Strategy: An Action Guide Business Policy and Strategy: An Action Guide, by Robert Murdick, R. Carl Moor and Richard H. Eckhouse, attempts to tie together the broad policies and interrelationships that exist among the many functional areas which undergraduate students typically study. The authors intend the text to supplement the typical case book and/or computer simulations used in teaching business strategy (ix). Situational analysis is presented, as is a structure for developing strategy....   [tags: Accounting Finances Businesses Essays]

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The Pros and Cons of Participative Budgeting

- Advantages and Disadvantages of Participative Budgeting Participative Budgeting is the situation in which budgets are designed and set after input from subordinate managers, instead of merely being imposed. The idea behind this sort of budgeting is to assign responsibility to subordinate managers and place a form of personal ownership on the final budget. Nearly two decades of management accounting research has resulted in equivocal findings on the consequences and effects of participative budgeting (Lindquist 1995)....   [tags: Accounting Business Management Essays]

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Sarbanes Oxley Act SOX

- After major corporate and accounting scandals like those that affected Tyco, Worldcom and Enron the Federal government passed a law known as the Sarbanes-Oxley Act of 2002 also known as the Public Company Accounting Reform and Investor Protection Act. This law was passed in hopes of thwarting illegal and misleading acts by financial reporters and putting a stop to the decline of public trust in accounting and reporting practices. Two important topics covered in Sarbanes-Oxley are auditor independence and the reporting and assessment of internal controls under section 404....   [tags: Accounting Corporation Regulation]

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Credit Crunch

- When fair value accounting was first brought in by the International Accounting Standards Boards a few years ago, there were some concerns about the volatility it would bring, but in an optimistic economy it made company figures look good and the matter was left alone. However with a credit crunch in full swing, the matter has again been brought up as figures fall dramatically. Companies, regulators and politicians are all attacking the accountancy profession and accountants are taking the flak for banks making huge write downs in their books....   [tags: Financial Crisis, Accounting]

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An Overview Of Target Costing

- AN OVERVIEW OF TARGET COSTING Introduction Many managers often underestimate the power of target costing as a serious competitive tool. When general managers read the word "costing", they naturally assume it is a topic for their finance or accounting staff. They miss the fact that target costing is really a systematic profit and cost management process. What Is Target Costing. CAM-I defines target costing as the maximum amount of cost that can be incurred on a product and still earn the required profit margin from that product....   [tags: Business Accounting Finance]

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Effects Of Sarbanes-Oxley Act SOX

- ABSTRACT This paper provides an in-depth evaluation of Sarbanes-Oxley Act, which is said to be promoted to produce change in the corporate environment, in general, by stressing issues of public accountability and disclosure in the financial operations of business. It explains how this is an Act that represents the government's and the Security and Exchange Commission's concern in promoting ethical standards in terms of financial disclosure in the corporate environment. This paper addresses the current criticism of the exportation of U.S....   [tags: Business Regulation Accounting]

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Significance Of Financial Reporting

- Significance of Financial Reporting The Collapse of the Corporate Giants like Enron and WorldCom have raised the imminent question, which always remains in the back of an investor¡'s mind, "Can I trust my hard earned Capital in somebody else's hand?" This is not the first time that investors have lost their trust in companies however the fact does not change that the cost of capital from the market has increased significantly for the companies. Investors have started to invest their capital in risk free securities rather than in company stocks....   [tags: Business Finance Accounting]

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Financial Statements

- In recent history, there have been quite a few memorable cases of corporations manipulating financial reports in order to deceive stakeholders. Deceptive accounting practices are like a disease, and should be rooted out immediately. These practices undermine the stability of U.S. financial markets, and can make people less willing to invest in stocks. Financial reporting is the key to maintaining trust in the financial system and any manipulation should not be tolerated. The purpose of financial statements Financial statements are the primary instruments used in assessing the performance of a business and its managers (Gibson , 2013)....   [tags: financial reporting, accounting, manipulation]

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Role of Financial Manager

- When I think of a financial manager, accountant quickly comes to mind. The role of accountant and financial manager are similar in several ways and often times they work closely together on various projects. The role of an Accountant is to ensure that their organization is run efficiently, make sure their records are accurate, and that their taxes are paid properly and on time. Accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients. They record and analyze the financial information of the companies for which they work....   [tags: Accounting Finance Business Management]

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Accounting for the Differences Between the Front Pages of Two Daily National Newspapers Printed on the Same Day

- Accounting for the Differences Between the Front Pages of Two Daily National Newspapers Printed on the Same Day National newspapers are split into two categories; tabloids and broadsheets. Tabloids contain many articles on celebrities and gossip, some news and many large pictures. Popular tabloids are ‘The Sun’ and ‘The Mirror’, but are also nicknamed ‘red tops’, often because the names of the papers are printed white on red, while broadsheets print on a more conventional black on white....   [tags: Papers]

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Various Skills of Accountants

- Introduction: In the UK today, only 15% of the labour force are in manufacturing; this will go down to about 10% by the year 2010. In Pakistan, approximately 15% to 25% accounting students are increasing every year. The number of professional commerce institutions has increased from 36 to 100 since 1992. (Source: Central bureau of education, Pakistan) What does this means. More and more people are directing towards non-manufacturing environments which makes them more conscious about social and environmental factors than those technical....   [tags: Accounting Careers Jobs]

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Earnings Management

- Introduction Financial statements provide useful information to a wide range of users. These users include shareholders, owners, investors, suppliers, managers, government and creditors etc. Many users rely on the information from financial statements to make decisions. Therefore, financial statements should be relevant, provide faithful representation, comparability, verifiability, timeliness and understandability. However, there are different evidences of managers manipulating the earnings for various reasons....   [tags: income, business, accounting]

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Florida v. BuyGasCo Brief

- I. Purposes of the Brief This brief amicus curiae does not address the merits of the predatory pricing allegation against BuyGasCo Corporation ("BuyGasCo"). It speaks only to the nature of the cost accounting system that we, as students of accounting, think to be appropriate for addressing the issues presented by cases of this general type. We offer our views on this subject out of concern about the allocation of indirect costs used in assessing the appropriate gasoline cost value in State of Florida v....   [tags: Accounting Finance Court Case]

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Nike Financial Statement Analysis

- Nike Financial Statement Analysis INTRODUCTION In this research, I will analyse the financial statement of this company and some others part of this firm which help us to better understand how it works. I will explain what is its strengths and weaknesses and also who is its direct concurrences. In addition, I will describe the firm and its management. I will explain where this company come from and how this brand became so famous across the world in a short period of time. Firstly, Nike is an American company specialized in sportswear such as shoes or clothes, but also in all sports equipments....   [tags: Business Finance Accounting]

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PricewaterhouseCoopers PwC

- Introduction PricewaterhouseCoopers (PwC)is the world’s largest accounting firm and ranks as one of the giants in the global professional services arena. PwC employs over 146,000 people with 766 offices in 150 countries. The Firm is led by Samuel A. DiPiazza, CEO, and is headquartered in New York City on Madison Avenue. Its clients include 84 percent of the Fortune Global 500 companies. Price Waterhouse and Coopers & Lybrand merged in 1998, which made the combined firm the top player in public accounting....   [tags: Accounting Firm]

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Auditing Percedure

- The factor of client relationship that creates a power imbalance in favor of the client is money. When partners in the audit firm are compensated according to their number of client, partners are more likely willing to do almost anything to keep their client happy. The independence of auditor is impairing in front of consulting fees, and interpretations of GAAP will be push to the limit to satisfy client’s need. Due to this power imbalanced in favor of client, lots of company went in to bankrupt, each in companies where financial statement misrepresentation had taken place, billions of investment and retirement dollars were lost, and the perception that auditors were not independent from th...   [tags: Business Accounting]

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Auditor Liability

- Auditor Liability Recently, the question of liability has become more prevalent in the practice of public accounting. The AICPA has been lobbying for liability reform in cases involving negligence or malpractice by public accountants. Opposition to this lobbying has come from consumer advocacy organizations, trial lawyers' associations, and state public interest groups to name a few. (Bolinger p. 53) The key to success for the AICPA, according to Gary M. Bolinger is creating an image as a, "profession performing high-quality services but faced with excessive liability burdens that harm the public interest." (Bolinger p.56) One should not be concerned, however, in the pending political outc...   [tags: Business Accounting]

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Introductory accounting and finance

- Contents Page Page 3 ~ Section A – Trading, Profit and loss account Page 4 ~ Section B – Balance Sheet Page 5 ~ Section C Page 6 ~ Section D Page 7 ~ Section E Page 8 ~ Section F Page 9 ~ Section G Page 10 ~ Section H Page 11 ~ Bibliography Trading, Profit & Loss account for Mr. Stanley relating to trading during £ £ £ Sales 125000 Less Cost of Sales Opening Stock 10430 Add Purchases 67634 78064 Less returns outward...   [tags: essays research papers fc]

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SME International Definition

- 1.1 International definition of an SME and difference between currently existing differential reporting regime in Australia According to the IASB ED of a proposed IFRS for SMEs, the IASB’s definition of an SME is intended to (a) an entity with no public accountability and (b) an entity that publishes general purpose financial statements for external users. If entities fall under the definition of having a public accountability, as stated in paragraph 1.2 ED, they are not entitled to use the proposed IFRS for SMEs....   [tags: Business Accounting Standards]

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The Beginning of the End of Enron

- The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting for the guidance and education of the public. Accounting standards assist analysts, potential investors, and corporate figures in determining and comparing the financial performance of a corporation. In recent years, a wave of accounting scandals broke, and a number of companies admitted to following fraudulent accounting procedures to defer attention from the company’s financial performance....   [tags: Business Frauds Deception Accounting Scandal]

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The Balance Sheet

- Before establishing the accuracy of the balance sheet as a valuation tool it is important to understand that to produce a document that shows the exact value of a company is virtually impossible. The combination of all assets, liabilities, owners equity and many other factors must be calculated in order to reach a final value. However, the methods used when valuing, and the constant changes in the economy and inflation make the value of the company itself a constantly changing figure. Therefore should an accurate value of the company be produced it would only be accurate at the time it is produced....   [tags: Financial Statements Accounting]

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Audit Expectations Gap

- Introduction Within the current crisis of confidence in the public accounting profession after the Enron debacle and series of high profile failures of financial services firms, the issues about ‘audit expectation gap’ have never been more important. Though it would take an enormous amount of effort to address these issues, I will argue that tremendous amounts could be done in order to close the gap down. In this essay I will discuss some of these issues and in particular the strategies to reduce the gap....   [tags: Accounting Regulations Finance]

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Accounting Principals

- Memo In any business no matter how big or small financial statements are crucial if achieving success is the ultimate goal. There are three main types of financial statements, they are: Income statement, balance sheet and statement of owner’s equity. All three of these financial statements can be looked upon to see where changes can be made in a company to ensure better success. The income statement is important because it presents the revenues and expenses allowing a company to see the net income or net loss....   [tags: essays research papers]

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managerial accounting

- Austin Watches is a start-up watch producer and distribution company. Its strategy is to serve the upscale niche markets of the watch industry. It will capitalize on the German engineering and manufacturing used to build the watches. There are many untapped potential markets within this industry that desire high-quality, stylish goods, but do not think they can afford them or do not know where to purchase them. It is the firm's intention to build and export its products to the United States and to make Austin Watches the number one selling European watch in the Western U.S....   [tags: essays research papers]

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The Gift Tax

- The Gift Tax            One of the taxes that we went over in class was gift taxes. This is a tax that is implied when property, personal items, or money with a value of over 10,000 dollars is given from one person to another. There are a few exceptions to this law such as giving to non-prophit organizations or the donation is going towards an education or tuition. I feel that this is a good tax to have because it will keep greedy people from transferring their money around to evade paying taxes on it....   [tags: Accounting]

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Lewis and Lewis, P.C.

- Lewis and Lewis, P.C.      Lewis & Lewis, P.C. is a small, Jackson-based accounting firm that employs thirty-five people and was founded by Phil Willis in 1968. It exhibits many interesting aspects of organizational behavior, which we will examine below from several perspectives. After examining the company's current policies and practices, we will evaluate its status in the transition from the "old" to the "new" model of organization, and recommend some changes that may improve the way Lewis & Lewis operates....   [tags: Accounting Firms Business Analysis Essays]

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Fosters Accounting Assignment

- I. EXECUTIVE SUMMARY. Founded in 1888, Foster’s group is the result of a long history of amalgamations. Nowadays, regarded as a premium global multi-beverages company, Foster’s group possesses three main operating arms: Beringer Blass Wine Estate, Carlton and United Beverages, Foster’s Brewing International. The group delivers premium branded beers, wine spirits and entertainment products. With US$5.2 billion in total operating revenue, Foster’s group’s operates in Australia, New Zealand, China, California, Italy, Chile, Vietnam, India and Fiji....   [tags: essays research papers]

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Segmental Reporting

- Segmental Reporting 1     Introduction to segmental reporting Segmental reporting can be seen as “the analysis of the financial information of an enterprise or group between the different business activities and/or the different geographic areas in which it operates” . The reason for this reporting division into different business activities and geographic areas is that these have different profit potentials, growth opportunities, degrees and type of risk, rates of return and capital needs. Because of these differences, it is possible that consolidated financial statements are not sufficient (these financial statements summarize the results and financial position for the reporting entity...   [tags: Finance Accounting Essays]

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Financial Reporting

- Financial Reporting Generally accepted accounting principles (GAAP) are uniquely different for each country. Although there has been a push for International Financial Reporting Standards (IFRS) to be the new accounting standards for both domestic and foreign financial statements, local GAAP still remains the current standard for participating countries (CFO, 2008). Regulations regarding an organization’s regulatory environment and issues with foreign currency vary within domestic and foreign companies....   [tags: Accounting GAAP IFRS]

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Revenue Recognition

- Whenever a product is sold, the seller earns and reports the revenue. However, in the real world such sales transactions are not as straight forward, and the principle of revenue recognition is one that creates the most issues for accountants. Now a days the process of selling has become quite complex. There are many issues and procedures involved. Customers have the option to make payments right away when making the sale, or can choose to make the payment in installments as agreed to in the sales contract....   [tags: Business Finance Accounting]

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Cost Management

- Cost Management      On page 92 of our text it says that committed costs are costs arising from the possession of facilities, equipment, and a basic organization. Discretionary costs are determined by management as part of the periodic planning process in order to meet the organization’s goals. They have no obvious relationship with levels of capacity or output activity. Therefore my assumptions of Committed and Discretionary costs are as follows. Committed Costs          Discretionary Costs      Administrator     $60,000     Assistant     $35,000 Accounting and Billing     $15,000     Two Secretaries     $42,000 Consulting     $10,000     Supplies     $35,000 Salaries     $46,000     Adv...   [tags: Accounting Finance Business Essays]

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- Budgeting Some businesses turn deaf ears when it comes to the issue of "budgeting." Businesses have made significant break through in the areas of sales and marketing, but they have not succeeded in the area of budgeting. Budgeting is more important today in businesses than ever before. Competition is intensifying and take-overs are becoming very common. The winners in this type of business environment will be those organisations that minimize wasteful spending and maximize the productivity of their resources....   [tags: Business Accounting]

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- Auditing Auditing has been around since the mid-1800's, which originated in British. Some of firms today have been around since the 1800's, such as Deloitte & Co. Price Waterhouse & Co. In this paper, I will state the functions of auditing, the nature of auditing, how the standards apply to financial, operational, and compliance audits, and some other items that pertain to auditing in general. Nature of Auditing The nature of auditing is that auditors are placed with a special purpose, which is to provide credibility to the information that is reported on the financial statements, along with any other audits that are done by them....   [tags: Accounting Audit]

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- Budgeting Budgeting is the systematic method of allocating financial, physical, and human resources to achieve an organization’s strategic goals. Budgets are utilized by for-profit and non-profit organizations to monitor the progress towards the goals, assist in the control of spending, and help predict cash flow for the organization. The central challenge that budget developers encounter is predicting what the future holds for the internal business and external factors. Reading the future is something that can never be done with perfect precision....   [tags: Finances Accounting Budgets Essays]

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- When many people hear the word Enron, they immediately associate it with the most important accounting scandal of our lifetimes. Enron was an American gas company that began as the Northern Natural Gas Company in 1931. Internorth, a holding company in headquartered in Omaha, Nebraska, purchased the Northern Natural Gas Company and reorganized it is 1979. Enron arose from the 1985 merger of Houston Natural Gas and Internorth. After building a large, new corporate headquarters in Omaha, in 1986 the new Enron named former Houston Natural Gas CEO Kenneth Lay as CEO of the newly merged company, and soon moved Enron's headquarters to Houston, Texas....   [tags: Finance Accounting Scandal Business]

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