CASE 4-1: Bessrawl Corporation Reconciliation of net income from U.S. GAAP to IFRS 2011 Net Income according to U.S. GAAP attributable to equity holders of Bessrawl Corporation ………… $1‚000‚000.00 IFRS adjustments: Add: Reversal of inventory cost written down to replacement cost….. 10‚000.00 Less: Additional depreciation of building after 2011 revaluation……..
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ENRON Introduction Enron was the country’s largest trader and marketer for electric and natural gas energy. Its core business was buying energy at a negotiated price and later‚ selling the energy when prices increased. As an energy broker‚ Enron provided a service by allowing producers to negotiate a certain price while Enron took the risk that prices would fall below what it bought energy. Buyers of energy also benefited because Enron could ensure the supply of energy. In 2000 Enron was listed
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Case 1.1 - Enron Corporation ------------------------------------------------- Discussion 1 The parties we believe to be most at fault for the crisis in this case are a) the Audit Firm engaged in the Enron audit (Arthur Andersen); b) Enron Management (Kenneth Lay‚ Jeffrey Skilling‚ Andrew Fastow; and c) the SEC. The Public Accounting Firm: Arthur Andersen The auditor has the responsibility to evaluate the risk of material fraud‚ including: * Incentives and motives for fraud : Enron was a fast
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or affected by‚ the collapse of Enron? All stakeholders were‚ obviously‚ affected by the collapse of Enron. However‚ several of them were critical‚ especially those being considered as market stakeholders such as suppliers‚ creditors‚ employees‚ and stockholders. These mentioned stakeholders seem to be Enron’s most recognizable as the essential contributors to its organization. They dared of giving up an available alternative in order to take a risk with Enron in hoping of some benefits in return
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1. The “crisis of confidence” on the public accounting profession was not something that happened overnight and it is not the fault of one group of people or individuals. The accounting profession is partly to blame for this crisis‚ as the necessary rules‚ regulations and guidelines were not in place to hold companies and accounting firms responsible for their actions. The lack of regulations also allowed companies to partake in misleading transactions. These transactions were perfectly legal
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often appears that the senior directors involved walk away with a clear conscience and they seem to be unaffected by the corporate collapses they have created. They present themselves as glibly unbothered by the chaos around them‚ unconcerned about those who have lost their jobs‚ savings and investments‚ and lacking any regrets about what they have done. Some of these individuals display characteristics of psychopaths‚ and some of them are in fact psychopaths. In the Diagnostic and Statistical Manual
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Examine social issues raised by the use of the new reproductive technologies (eg artificial insemination and in-vitro fertilisation) by exploring the role that science and medical imagery play in medicalising women’s bodies. * In Western societies birth ‘fear’ has been associated with pregnancy complications‚ increasing childbirth interventions‚ emergency and elective Caesarean Section (CS)‚ postnatal depression (PND)‚ Post Traumatic Stress Disorder (PTSD) and impaired maternal–infant connection
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Managing Gender Issues in Corporate Author: Shobhna Jha ‚Asst Prof‚ Sabar Institute of Management Dr B. K Nirmal‚ Prof‚ Sabar Institute of Management Gender equality refers to the equal valuing of the roles of women and men. It works to overcome the barriers of stereotypes and prejudices so that both sexes are able to equally contribute to and benefit from economic‚ social‚ cultural and political developments within society. Traditionally‚ there was a misconception about woman’s ability to balance
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opinion or work because he/she is basing the student’s performance on his/her race and culture‚ then that student has a narrow chance of succeeding in the classroom. Systemic racism describes what happens when institutions discriminate‚ either deliberately or indirectly‚ against certain groups of people to limit their rights. Systemic racism in America exists and all students are not treated equally when everyone needs to have the same opportunities to excel. Accordingly‚ educational resources in
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Based in Houston‚ Texas an American energy‚ commodities‚ and services company named ENRON CORPORATION was Ranked number 7 on the fortune 500 list in 2000‚ it was one of the most famous and largest integrated natural gas and electricity companies in the world. The company went bankruptcy on December 2‚ 2001. But before that it marketed natural gas liquids around the world and was working as one of the biggest natural gas transmission systems in the world‚ with transmissions over a massive area of
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