financial books. This paper is about information that will address financial reporting practices and ethics. It will address four financial management functions‚ summaries that accept accounting principles by generally accepted accounting principles (GAAP).It will also give an example from an article that has reflected ethical standards of conduct and financial reporting. The basic four components of financial management are planning‚ controlling‚ organizing and directing and decision making. The
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Walters‚ CFA‚ Article from FASB Report‚ August 29‚ 2003 http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175818765436&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs “General Accepted Accounting Principles or GAAP: What does it mean?” By Stephanie Paul - Sep 2008.Web http://www.legalzoom.com/business-management/running-your-business/general-accepted-accounting-principles-or
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Reporting Practices and Ethics Kara Moore HCS/405 August 1‚ 2011 Barbara Archer Reporting Practices and Ethics Financial reporting practices and ethics have manifested an ocean of literature. This has mainly come from organization theorists that address accounting practices. These theorists and professionals have given fresh accountability measures. Their ideals give this industry the tools needed to survive‚ grow and prosper. The way an organization prepares and reports its financial information
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meeting‚ the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (US GAAP) have been gravitating towards one another. In the United States of America‚ the Financial Accounting Standards Board (FASB) currently has the jurisdiction to set accounting standards. The
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is a U.S. subsidiary of a U.K. entity that prepares its financial statements in accordance with IFRS and U.S. GAAP. A draft law in a country where Energy operates in‚ which requires a cleanup of land already contaminated‚ will possibly be enacted shortly after the year-end. Issues: Should Energy recognize a provision‚ (i) in reporting under IFRSs‚ and (ii) in accordance with U.S. GAAP? Analysis: (i) Under IFRSs‚ Energy should recognize a provision for the cleanup costs in its 20x1. IAS
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Tax Law and Accounting Sue Abraham University of Phoenix Tax Law and Accounting The word "tax" did not become a household name until the late 1800 ’s when congress created the nation ’s first income tax law. Prior to this law the government used tariff ’s and imported goods to help support the economy. However‚ in order to bring in more revenue to help cover the costs of the civil war the government had to make necessary reforms and re-establish tax law. The Revenue Act of 1862 (July 1‚
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The alternative method would be to record it under the net method where $50 is recorded (20% of $250) is recorded as commission revenue. 3. I would recommend the company use the net method because that would be in better accordance with SAB 101 or GAAP. It would appropriately record the amount of revenue corresponding to their function as an agent. In addition if we opted for the gross method‚ in event of a restatement requested by the SEC‚ the company could suffer from a decline in market price
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au/admin/file/content105/c9/AASB101_09-07_COMPsep11_07-12.pdf Deloitte (2013). IAS 1 – Presentation of Financial Statements. Retrieved from: http://www.iasplus.com/en/standards/standard5 FASB Staff Document (2012). Revenue Recognition – Potential Changes to U.S GAAP. Retrieved from: http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175823816301&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs FASB (2013). Going Concern. Retrieved from: http://www.fasb.org/cs/ContentServer
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This work comprises ACC 201 Week 3 Assignment GAAP Ethics Business - Accounting Read ATC 6-5 of Chapter 6 and answer part a. Additionally‚ given what you have learned about financial accounting so far‚ think of as many ways that you could “adjust” the financial records to make your company look better yet still follow GAAP and ethical guidelines. (Hint: think of the choices that can be used in the various accounting methods you have learned: i.e.‚ inventory valuation methods.) When
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as generally accepted accounting principles‚ or GAAP‚ for public and private companies. Rather‚ Apple is choosing to make customers pay so that it receives a particular accounting treatment it considers most favorable to it‚ they say. "GAAP doesn’t require you to charge squat‚" says Lynn Turner‚ managing director of research at Glass Lewis &Co. and a former chief accountant of the Securities and Exchange Commission. "You charge whatever you want. GAAP doesn’t even remotely address whether or not you
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