offering financial statements for 2009. Also‚ its main subsidiary’s revenue was deliberately inflated according to powerful evidence. As a result‚ the CEO‚ Jacky Chun‚ was arrested because of irresponsibility of proper records on purpose‚ and some auditors related violated Professional Accounting Ordinance due to publicizing the annual reports with false information. This ethical issue connects to fraudulent financial reporting by management personnel and accountants. Fraudulent financial reporting
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kind of benefit attached to that company and are present inside that company for example. 1. Stockholders 2. Employees 3.
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Financial Reporting Practices Financial Reporting Practices Health Care Financial Accountin September 7‚ 2011 Ethical standards in financial reporting are essential. Tools have been set in place to ensure that this takes place. Some of these tools are agencies that have been established‚ elements of financial management‚ and Generally Accepted Accounting Principles. Several administrative agencies have been established to strive to create a more standardized and ethical standard
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Running Header: BREWSTER LESTER_ECOM 210 World Wide Web LESTER BREWSTER DEVRY UNIVERSITY ONLINE ECOM -210 Table of Content Page Introduction 3 Internet History 3 Development of the World Wide Web 5 Growth of the World Wide Web 6 Commercialization of the World Wide Web 8 The Bubble Burst 9 Aftermath of the Bubble 10 Conclusion 11 Reference 13
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1. Is this an example of fraudulent financial reporting or misappropriation of assets In this case‚ it is misappropriation of assets because the fraud is the consequence of the employee theft. As it is stated in the case “manager at Aspen store was stealing payments by customers on accounts. That’s why subledger was out of balance with the GL. To cover it up‚ the manager debited the sales account‚ which was why the gross margins didn’t make sense.” 2. What created an opportunity to commit the fraud
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In this paper the financial reporting practices and ethical s------ in health care will be discussed. Financial essential in any organization. There are four key components of financial management; ------- controlling‚ organizing and directing‚ and decision making. It is vital that the financial and other managers understand all four of these to be able to promote a ------ organization. The upmost to follow the ---------statement‚ vision and values through honesty and integrity‚ to toward the staff
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most cases‚ are not liked by organisations and professionals concerned. The latter rather detest the regulatory bodies with enough biting power. So‚ it is quite natural on the part of the accounting professionals to oppose the formation of the Financial Reporting Council (FRC) through an act of parliament. The Institute of Chartered Accountants‚ Bangladesh (ICAB) has been opposing tooth and nail the move to set up the FRC on the plea that the institute remains an effective oversight body for the accounting
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There are many benefits of having a railroad run through your city in 1800s. But there are also many drawbacks too. In this document I will explain to you the drawbacks and benefits of having a railroad. There will be many different things you will be learning about to having a railroad in the city. Some benefits of having a railroad run through your city is that you can be able to import goods or you can also export goods.This means that they will be able to trade food / goods with other states
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Financial Reporting Financial reports are the documents and records that you put together to track and review how much money your business is making (or not). The purpose of financial reporting is to deliver this information to the lenders and shareowners (the stakeholders) of your business. If someone else is supporting part of your business‚ financial reporting must be part of the essential contract between you and them. Your lenders and investors have the right to know if their money is being
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to answer this question one must first identify what the phrases “accounting standards” and “financial reporting” refer to. Accounting standards refer to the accounting methods used in an accounting system like the IFRS. Financial reporting refers to the representation of financial information‚ in order to be uniform the financial reporting must be based on a fixed set of rules‚ invole complete objectivity and no bias. The IFRS (International financial reporting standards) has indeed helped the uniformity
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