Week 2 Reflections Weekly Reflection Week 2 Reflections In our first week we learned the relationship between financial statements and the components of the annual report. These reports give you an overall look at the company and their financial information. The financial statement can be used by creditor‚ potential employees‚ possible investors‚ etc. to help them determine if they want to do business with the company. Collectively as a class‚ the discussion was very interesting‚ as we
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versus GAAP Harris‚ P.‚ Stahlin‚ W.‚ Arnold‚ L. W.‚ & Kinkela‚ K. (2013).The Financial Accounting Standard Boards ( FASB) and International Accounting Standard Board ( IASB) are both working on financial instruments that include classification and measurement of the financial instrument and impairment of financial assets. However‚ the boards did not converge and set down different paths. The IASB issued IFRS 9 a financial instrument in July 2014‚ IFRS now introduces a new model for classification
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dimensions on a country and the financial reporting rules and practices in a particular country. In short‚ it states that the cultural values shared by members of a society will influence the accounting values of the accounting subculture. Then‚ the shared values of the accounting subculture will in turn affect the financial reporting rules and practices found within a country. Using this model‚ some implications arise when discussing global harmonization of financial reporting standards. By looking
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Brazil is one of the many companies that have switched to the IFRS accounting standards. Due to a significant turn-around in their economy over the last 16 years‚ the country decided to move from a domestic reporting system to a global financial reporting system. Since they had become economically stable and were regarded as a strong democratic country‚ they felt this movement was best. (Bruce‚ 2010) The goal of the country was to have all listed companies using IFRS by 2010. Brazil started
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members of parliament could draft‚ discuss‚ and enact accounting rules. For that reason‚ policymakers rely on private entities to establish financial accounting and reporting standards. The two most influential standard-setters are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). The International Financial Reporting Standards (IFRS) are standards developed by the International Accounting Standards Board (IASB). The IASB is an independent accounting
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the true value of the corporation’s stock and by management’s willingness to commit fraudulent acts while directing subordinates to participate. Critical factor #1: Increase in management compensation a major incentive in creating fraudulent financial reports. By making the managements incentives focal to the ‘dramatic rise’ in stock options‚ the Enron senior execs gave their managers all incentive to manipulate the earnings report so that their compensations would be greater. John Coffee‚
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disclosure requires that financial statements and their notes present all information that is relevant to the users’ understanding of the company’s financial condition. In other words‚ the statements should offer any explanation that is needed to keep them from being misleading. Explanatory notes are considered an integral part of the financial statements. For instance‚ a change from one accounting procedure to another should be reported. In general‚ the form of the financial statements can affect their
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(2012-13) One Paper Unit Part A : 1. 2. 3. 4. 3 Hours 80 Marks Periods Accounting for Partnership Firms and Companies Accounting for Partnership Firms - Fundamentals Accounting for Partnership Firms - Reconstitution and Dissolution Accounting for Share Capital Accounting for Debentures Marks 10 25 18 7 60 24 20 42 12 8 20 86 40 12 24 12 12 26 4 6 4 6 20 86 Part B: Financial Statement Analysis 5. Analysis of Financial Statements 6. Cash
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Tax Law and Accounting Paper In today’s financial world‚ preparation and reporting of income taxes has become one among the other main reasons why individuals and businesses are keeping and maintain their financial records. However‚ there has been some controversy between tax laws and accounting under the General Accepted Accounting Principles (GAAP). Simply because IRS is not always agrees with GAAP’s principles and thus creates its own tax laws. This paper will discuss the objectives of modern
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Reporting Practices and Ethics Paper Theresa Kamara HCS/405 Health Care Financial Accounting July 31‚ 2015 Mark Williams Properly managing the financial accounts of healthcare organization is the key to the organization success. Financial management is a crucial part of healthcare and must not be taken lightly. Most healthcare organizations used financial records as a part of the management process to determine the organization next move. Making good financial decisions is in the best interest
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