accounting for subsequent events is important because investors’ opinions could be dramatically altered by the events and transactions that occur after year end. If subsequent events are not given proper consideration‚ the financial statements that are issued at year-end may be misleading. Accounting Standards Codification (ASC) 855 provides guidance on the proper accounting for and disclosure of subsequent events. Due to the potential impact subsequent events may have on the financial statements‚ accountants
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Andersen’s failure to detect accounting irregularities. Auditors should have looked closer at the complex and complicated SPEs transactions in whish the company was venturing. What is the Emerging Issues Task Force (EITF)? Is it the same as FASB? Does a Consensus of the EIFT have the same power of GAAP as an FASB Statement? No they are not the same. The EITF was formed in 1984 in response to the recommendations of the FASB’s task force on timely financial reporting guidance and an FASB invitation
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I - A. " Representational faithfulness is accomplished when transactions and events affecting the entity are presented in financial statements in a manner that is in agreement with the actual underlying transactions and events" (CICA‚ Financial statement Concepts 1000.21 (a)‚ 2003). It means that all of information in the financial statement such as numbers and descriptions must be factual. The independent auditors checked the computer ID tags on each piece of equipment to confirm the actual numbers
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of minor parties in the United States‚ the Democratic Party and the Republican Party continue to dominate the political system to the point that we say the U.S. has a “two-party system.” Why have minor parties been so unsuccessful? Why have minor parties been so unsuccessful? Well there are many reasons‚ including their parties way to young‚ our political system‚ and lastly different ideologies of the parties cause them to be unsuccessful as well. So to begin with‚ these minor parties are way too
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Thousands of people die every year from tobacco and smoking related illnesses‚ and hundreds of innocent people die every year in auto accidents caused by drunk drivers. It ’s even possible to die from alcohol poisoning‚ but marijuana has never been directly attributed to any deaths. Despite all this‚ public opinion on marijuana is still based on myth and prejudice even though it remains relatively harmless. The harmful effects of marijuana have been exaggerated. In the 1930 ’s the United States was flooded
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Throughout history there have been a certain that effect not only the certain people or region‚ but the rest of the world. Those two events were French Revolution and Enlightenment. French Revolution ‚ this calls for freedom and equality for the French people later effected not only France or Europe‚ but the rest of the world. The Enlightenment‚ changing live between people and their government. The Enlightenment thinkers‚ Thomas Hobbes and John Locke. Hobbes believed
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World War 2 itself caused redrawing of boundaries and change of political powers. Also had not only been a war in Europe but now included many other countries. Some events that had caused world war 2 would be the U.S. stock market crash‚ Japan invading Manchuria‚ Treaty of Versailles‚ Hitler becoming Chancellor of Germany‚ German invasion of Poland‚ Pearl Harbor Attack‚ and German occupation of the Rhineland. The U.S. stock market crash had led the industrial world and America to fall into the Great
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Current issue of offshore banking Illegal (criminal) financial transactions Most of the illegal financial transaction in offshoring is related to underground economy activity. The illegal economy includes all sorts of criminal activities‚ which are in conflict with the legal system. According to Siska (1999)‚ drugs‚ violence‚ nightmare‚ weapon‚ economy and property is the main field of organized crime. A person in a country A will move the fund abroad by contact underground banker and deposit a
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Business systems that have been hacked Student’s name: Professor’s name: Course title: [Pick the date] Introduction The concept of technological environment is considered to be the most dramatic force in today’s time‚ which has been shaping our destinies in a continuous fashion. Technology has released wonders in all the fields possible and has greatly been affecting mankind‚ whether be it robotics‚ medical science‚ miniature electronics or businesses engaged in the online market
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Historical Events that Have Influenced The Foundations and Structure of American Legal History Even though Mr. Korematsu defied and evaded moving to a relocation camp in conjunction with the Civilian Restrictive Order No. 1‚ 8 Fed. Reg 982 he was still able to successfully prove that this order was unconstitutional and violated his rights. This order‚ Civilian Exclusion Order No. 34 of the Commanding General of the Western Command‚ U.S. Army stated “All persons of Japanese ancestry should
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