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Legislation and Standards Term Paper

… Issues of legal protection, like the degree of recourse given to creditors of investors who have been hurt as a major aspect of the nation's regulatory and legal framework might affect the audit. In the business world where investors have limited authority of the resource, it might expedite the creation of a dominant position for management to impact or miss-use their position, distort the assessment of liabilities, and override controls (Bode, 2007).

Implicit in standards

A nation's norms and values may not be consistent with those that are implied in worldwide standards. The dangers of ISAs have recently been recently highlighted based on philosophy and illustration of the diversity of auditing in some nations. Similarly, while this paper does not explicitly address implicit cultural biases…. [read more]


International Accounting - Evaluate Research Term Paper

… "

Regarding the cooperation between the two major accounting standard setters in the world, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued, on the 29th of October 2002, a memorandum of understanding which represents an important step toward formalizing their commitment to the convergence of United States and international accounting standards. The agreement in October 2002 is proof that FASB and IASB are trying to adopt compatible, high-quality solutions to both present and future accounting issues.

The state and local government entities do not have the same needs as businesses, when it comes to financial reporting. Therefore, they do not use standards that are directly comparable to those of businesses. As a consequence, the Governmental Accounting Standards Board…. [read more]


Harmonization of Accounting and Disclosure Term Paper

… K.). There are, of course, several other issues that will also pose as an obstacle to the goal of harmonization, but for the purposes of this discussion, the stated three suffice to assess the desirability or otherwise of the goal.

On the whole, the benefits from harmonization far outweigh the cost and effort involved in removing the obstacles to the same, as efficient function of global capital markets will surely lead to more stability of the global economy. And this is exactly how the IASB is approaching the issue. For example, the IASB advocates an emphasis on the general principles, while recognizing the need for detailed standards to avoid unintentionally giving choices. The IASB has, thus, based its approach on convergence of national and international…. [read more]


State of Accounting Convergence Among Large Public Companies Introduction

… Convergence

Since 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working towards the convergence of international financial reporting standards and U.S. reporting standard under the generally-accepted accounting principles. The state of this convergence both at the regulatory level and at the practical level in American accounting departments is of interest to a number of stakeholders, including investors, creditors, regulators and the firms themselves. While the FASB and IASB have not outlined a clear end date for full convergence, the SEC has set 2014 as a date by which American firms should be using IFRS, introducing some urgency to the issue.

While there have been studies on the drivers of the convergence process and on the impacts of…. [read more]


indepth analysis of Management Accounting Data Analysis Chapter

… Whereas the industry is projected and anticipated to face a considerable growth steered and instigated by more innovative products and fluctuating demographic trends, the definite growth rate of the industry is projected to lag behind the gross domestic product (GDP) growth. It is anticipated that growth will be sluggish in this post-recession economy, prevailing demand patterns are anticipated to change as the consumers grow into being more health conscious, in the switch from sugar-sweetened beverages to diet drinks or purposeful beverages. In addition, rivalry amongst the industry leaders is estimated to remain forceful and have an impact on profit margins (National Policy and Legal Analysis Network, 2012).

In spite of facing challenges domestically in conjunction with an increasingly changing global setting, the economy of the…. [read more]


Normative Versus Positive Accounting Theory Term Paper

… Normative vs. Positive Accounting Theory

In the past few decades, accounting theory has slowly evolved; as a result, various research methodologies have been utilized to study the development of accounting theory. As accounting theory has developed, debates have emerged regarding the manner in which financial theory should be developed and applied in the accounting profession. This has been essentially a normative, philosophical exercise, imposing a view of how actuarial practice should progress (Thomas & Smith, 1997). In recent years, the differences in application between normative vs. positive accounting theories have become the subject of much debate, raising the awareness of those involved in the accounting profession. The underlying basis of normative theory is that it assists in standardizing the practice and thus facilitates the teaching…. [read more]


Accounting Standards in Use Term Paper

… S. To also converge to these standards if the United States intends to work with other nations in developing one common accounting and reporting language. Hence in one way or another convergence to a single set of accounting standards is a necessary response to economic globalization. This is why the U.S. Securities and Exchange commission has already taken steps towards the adoption of the IFRS standards. The Security and exchange commission has now allowed the foreign companies the latitude of submitting their financial statements consistent with the IFRS framework without having to convert them first to the U.S. Generally Accepted Accounting Principles (GAAP). To further accelerate the process of convergence that U.S. security and exchange commission released a statement in February 2010, in which it…. [read more]


Accounting Theory Why Accounting Research Research Paper

… In many situations, the occurrences of the accounting failures have not been focused by the challenging trends in the market. It is often understood that the present challenges of growth and development do not appear to have a genuine avenue of growth and development (Hall 2013, p. 78). In order to focus on a strong avenue for growth and development, it has become a relevant strategy for the researches to rest within a stable avenue of growth and development in the field (Chapman et, al 2007, p. 32).

Changing trends in the remedies available for enforcing a right or addressing a wrong asserted lawsuit

There are many and changing trends in the general avenues of managing the rights of addressing a wrong assertion over lawsuits…. [read more]


Integration With an Accounting Pathway, I Studied Essay

… ¶ … Integration

With an accounting pathway, I studied business computing, global and cultural environment of business and business ethics. These are all interconnected. In business, different aspects of business cannot be segregated, so one must integrate all of the different skills one has acquired, all the time. So for me, I will be an accountant, but the modern accountant can build a long-term career that incorporates all of the different things that I have learned. The business computing course gives me specific functional skills. These skills will form the basis of what I do, day in and day out.

The global and cultural environment is business frames the setting for what I will be doing. It is where I will perform the skills I…. [read more]


Managerial Accounting Essay

… Part II

The primary difference between absorption and variable income statements is that absorption costing incorporates all costs associated with manufacturing; this includes the cost of direct materials, labor and both variable and fixed overhead associated with manufacturing (Bhide, 2000; Macri, 2000). Absorption income statements take into consideration full costing, so fixed overhead is a product cost until the product is sold. Variable costing online includes the variable manufacturing costs, which include direct materials, labor and the variable overhead associated with manufacturing. Thus, the entire amount of fixed costs is expenses that are incurred during the year (Macri, 2000). When one calculates the contribution margin, the variable cost of goods sold and variable selling and administrative expenses must then be subtracted from sales. Variable costing…. [read more]


California's Accounting Code of Ethics Term Paper

… California's Accounting Code Of Ethics

Ethics has always been an important part of business transactions. Freedoms of information, stricter government regulations and electronic media have made ethics even more essential to business practices. California's code of business ethics expects the accountants and accounting related professionals to be ethical with their clients as well as the accounting system.

In order to perform their work independently and deal with client-accountant relationship Californian system protects accountant-client privilege similar to that of a lawyer-client relationship with a few exceptions.

The accountants have to carryout their work in a professional manner. Code violations such as fraud, misrepresentation, and negligence could make the client liable to civil or criminal liabilities.

Introduction

Ethics for accounting professionals can be described as practice of…. [read more]


US GAAP vs. IFRS Research Paper

… U.S. GAAP vs. IFRS

Accounting procedures across the world confirm to two international standards i.e. U.S. GAAP -- Generally Accepted Accounting Principles and the IFRS -- International Financial Reporting Standards. Major countries like the UK, France, Germany, Japan and Australia use either one of the two standards. Most application of these international standards reveals the institutional framework of the individual countries, confirming the crucial role of national regulators and standard setters in helping companies to attain more comparable international reporting. With the rising proliferation of global business activities, the comparability of financial information between companies from different nations has become a crucial matter. The use of international accounting standards helps in bringing about comparability and transparency in financial reporting. Besides, the drive for companies to…. [read more]


Accounting Information for Decision Making Essay

… That web site is accompanied with reports for the company's 'environmental management plans'. Without particularly mentioning to water usage and consumption, it mentioned that Inghams website is needed to employ an Environment Management Plan (EMP). The EMP objectives are designed in compliance with: relevant legal structures along with other needs; identification from the environment impacts the company's activities, items and services; and, methods for controlling activities having a possibility to impact the atmosphere, continuous environment improvement through having specified aims as well as describe the company's organisational structure as well as monitoring responsibilities structures (Egan and Frost, 2012).

The site also reported particulars from the organisation's method of a yearly site by site self-evaluated 'environmental audit'. Finally, the site noted that 'all employees should be…. [read more]


Global Warming, United States Research Paper

… This is due to the prediction of 4.2% decline in the business capital stock resulting from 3% decrease in the economy's potential. (Kyoto Protocol and Beyond: The High Economic Cost to the United States, 2002).

Bush Administration put forward the 'Clear Skies and Global Climate Change Initiatives' in 2002, which aimed at achieving three fundamental goals. These included firstly reducing the worst of the three recognized air pollutants by an amount of 70%. Secondly, it aimed at cutting down the intensity of GHG by 18% in the upcoming ten years. Thirdly, it aimed at accomplishing goals comparable to the Kyoto Protocol by using approaches from the market (Policies in Focus: Environment, 2008). The U.S. aimed at reducing emissions by shifting towards the use of clean…. [read more]


International Financial Reporting Term Paper

… International Financial Reporting Standards (IFRS) can be described as a set of global accounting standards that show how specific kinds of transactions and other events should be presented in financial statements. These set of international accounting standards are issued by the International Accounting Standards Board. Notably, the International Financial Reporting Standards act as replacement of International Accounting Standards that were issued between 1973 and 2000. The main objective of IFRS is to provide a basis for easy international comparison of financial reporting. However, the realization of this objective is relatively difficult because every country has its specific set of rules and regulations that govern the process. Consequently, harmonizing international accounting standards throughout the world is a continual process in the global accounting community.

IFRS Conversion…. [read more]


Management Account in the Public Essay

… Nevertheless, the idea of utilizing more international standards of accountancy, combined with an increased stakeholder presence, has normalized many of the functional areas of public accounting. This is especially important when one looks at the macroview, in which the Australian government is being tasked with more and more demands for monetary spending on public policy issues (Funnell & Cooper 1998).

Similarly, private sector accounting can not be as hidden or private as before. There is also demand, particularly from stakeholders, that these entitites move into a more deliberate and robust reporting of not only the basics required by law, but the manner in which many of those figures and extrapolations were arrived at. One of the ways this has become endemic in Australia is the…. [read more]


Advanced Financial Reporting and Theory Essay

… IFRS

In a speech on February 9, 2011 in Brussels, the new chairman of the International Accounting Standards Board (IASB) Hans Hoogervorst discusses the issue of the role that financial reporting plays in society. His points were that financial reporting is focused on investors first and other stakeholders were secondary, and that transparency is the primary objective of financial reporting regulations and that economic stability flows from transparency. He disputes the notion that transparency and stability are mutually exclusive objectives, arguing rather that transparency contributes to economic stability. This means that financial statements produced under consistent, transparent methodologies are valuable contributors to overall economic stability.

Transparency

As Hoogervorst notes, one of the most important contributions that financial statements produced under International Financial Reporting Standards (IFRS)…. [read more]


Social Accounting Socio-Economic Essay

… 1995a: 62-3, Monbiot 2001). Business increasingly has seen social accounting as a public relations opportunity in an age where increased emphasis has been placed on business image. As global communication in cyberspace has taken off, social accountings have manifested increasingly on the World Wide Web. From the 1980s onwards, business has reflected the increasing concerns about the ecological environment in their social accounting, displacing other social accounting concerns to some extent (Owen et al. 2005, Gray 1999:9). If environmental accountings have in some cases intermeshed with wider social concerns - a tendency that is marked in some forms of sustainability reporting (Elkington 1998) - such social accounting in practice has continued to be disappointing. Environmental and sustainability accountings may have become increasingly evident in practice…. [read more]


IFRS and GAAP Convergence Research Paper

… Errors that occur during translation of financial records reduce using IFRS.

5. Make recommendations as to whether Walmart should use IFRS or GAAP as its reporting standard. Explain your rationale.

The size of the multinational and it goal to dominate the global market will require the organization to use IFRS. The use of this accounting standard will enable the organization reduce the operating cost due to the audit and accounting charges incurred. As the organization expands its operations, it will need to unify its accounting standards and adopt IFRS, acceptable in other nations. IFRS is the future of accounting standards due to globalization. The use of U.S. GAAP isolates the business in the American market thus limiting the growth. Adaptation of IFRS enables the business…. [read more]


Eitf as Relates Research Paper

… The FASB only steps in when the EITF cannot reach a consensus. Therefore, in the situation where the accounting professional decides to a global set of accounting standards, they will need to be ratified by the EITF in order for the practice to be standardized across the various organizations in the same sector.

Therefore, the EITF would play a role of looking into the adoption of this new accounting practice as an emerging accounting issue and a debate would arise about this. The EITF members will then research into the global set of accounting standards then look at their applicability in the U.S. And what accounting and financial reporting rules would need to be changed for the accounting standards to be made the common practice.…. [read more]


Cash Flow Rather Than Accruals Accounting Essay

… ¶ … reverted to cash flow rather than accruals accounting, in order to measure financial performance, the need to restore confidence in the financial reporting profession would disappear - and along with it much of the controversy over achieving one set of globally accepted accounting standards."

In the United States, there are two generally permissible methods of keeping track of business income and expenses: the cash flow accounting method and the accrual accounting method. Businesses that have sales of less than $5 million per year are free to choose which accounting method to adopt unless they stock an inventory of items that are sold to the public, in which case they are required to use the accrual accounting method by the IRS ("Cash vs. accrual…. [read more]


Organizations Establish Rules Essay

… It would reduce costs for multinationals that must now prepare multiple books. It would also make U.S. exchanges more competitive for listings by eliminating accounting differences." So, the basic difference is that the IFRS uses a simpler standard that can be used around the world and makes accounting for companies involved in global business much more streamlined.

References

Atwood, T.J., Drake, M.S., Myers, J.N., & Myers, L.A. (2011). Do earnings reported under IFRS tell us more about future earnings and cash flows? Journal of Accounting & Public Policy, 30(4).

Crovitz, L.G. (2008). Closing the information GAAP. Wall Street Journal. Retrieved from http://online.wsj.com/article/SB122083366235408621.html?mod=hpp_us_inside_ today

Ernst & Young. (2010). U.S. GAAP vs. IFRS. Retrieved from http://www.ey.com/Publication/vwLUAssets/IFRS_vs_US_GAAP_Basics_March_ 2010/$FILE/IFRS_vs_US_GAAP_Basics_March_2010.pdf

Fowler, T., & Roper, J.C. (2005, Dec 28). Causey pleads…. [read more]


FASB and IASB: The Financial Essay

… d.). According to the organization, some of the major benefits of harmonizing accounting standards include cost- and time-saving and promoting global trade and inter-border securities' listing. Moreover, the synchronization of these standards helps in the growth of developing nations and encourages foreign investment.

Role of FASB and IASB in Setting Accounting Standards:

Based on an analysis of the two organizations, the Financial Accounting Standards Board and the International Accounting Standards Board play a critical role in establishing accounting standards by acting as the accounting policy makers. These bodies initiated a project that is aimed at developing a global reporting model with more predictive value for users of all financial statements (Cain, 2008). Based on the proposal of the two organizations, the new model will be…. [read more]


IFRS and U.S. GAAP Essay

… Contingent assets refer to assets whereby the chances of economic benefits rely on prospective events that cannot be controlled by companies. Because future events are naturally uncertain, these assets do not appear on the balance sheet. Nevertheless, they are present in the financial statement notes of a company. These are assets with rights to a future possible claim and are based on past events. A good example is the possible settlement obtained from a lawsuit. Companies do not adequate guarantee to put the value of the settlement on the balance sheet. As such, companies can only talk about the possibilities in the notes. While GAAP recognizes contingent assets, IFRS does not.

Unique items entail the payment of a lawsuit or sale of the subsidiary. Unique…. [read more]


Ethics the CPA Firm Essay

… 1). Additionally, the AICPA has six principles of the professional code of conduct; these six principles are summarized as members should; 1) exercise sensitive professional and moral judgments, 2) honor the public trust, be professional, 3) maintain a high sense of integrity, 4) maintain objectivity and independence, 5) observe professional technical and ethical standards and competency, and 6) observe the Principles of the Code of Professional Conduct (Ethics in Accounting, 2006).

In the case study, the accounting firm is faced with hiring non-CPA individuals in order to lower their costs to be competitive with other firms. Yet GAAP and AICPA both state that the accountant should be competent and that the accounting firm has a responsibility to its clients to provide competency. The question therefore,…. [read more]


Letter of Intent to Graduate Program in Accounting Term Paper

… ¶ … graduating with a degree in marketing from Concordia University, I was privileged to obtain a wide range of experiences in the field of business. Gradually, it became clear to me that my interests and aptitudes lay in the field of accounting. The detail and rigor of the field compelled me to pursue it further. [My interest in the field of study and the reasons for applying to the program]

One of my most formative and memorable experiences included working for TD Bank where I was able to work with numbers every day, and which used my detail-orientation to its maximum extent. I also worked as a marketing and sales associate for Microsoft which further honed my analytical qualities. Microsoft honed my ability to…. [read more]


FASB, SEC and PCAOB the Financial Accounting Term Paper

… ¶ … FASB, SEC and PCAOB

The Financial Accounting Standard Board -- FASB is seen to be an important organization, the primary goal of which is to devise Generally Accepted Accounting Principles in United States and has close resemblance to Government Accounting Standards Board operating in the sphere of local and state governments in the United States. Its origin is seen in the year 1973 with abolition of Accounting Principles Board and the Committee on Accounting Procedure of the AICPA. It is liable for maintenance of independent standards in accounting conferred by the Congress. The U.S. Securities and Exchange Commission --SEC has the necessary statutory powers to devise financial accounting and reporting standards for publicly held companies under the Securities Exchange Act of 1934. (Financial…. [read more]


Accounting When it Comes to the Success Term Paper

… ¶ … Accounting

When it comes to the success of any given firm, the relevance of cost accounting cannot be overstated. In basic terms, cost accounting arose out of the need for the management to have access to financial information that is more detailed than that which is supplied by ordinary financial statements. In this text, I define cost accounting and the role it plays in the enhancement of the smooth operation as well as success of any given business entity. Further, I highlight the various cost accounting methods and how they are used.

Cost Accounting: A Concise Definition

According to Drury (2007), "cost accounting is concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement." In…. [read more]


Financial Statements All Publicly-Traded Firms Essay

… Thus, a more comprehensive breakdown of the change in equity is valuable to further analyze where the changes in equity that are on the balance sheet come from. In addition, there are other points where the statements relate to one another. Net income, if not distributed in the form of dividends, will become retained earnings. This provides a linkage between the income statement and both the balance sheet and the statement of changes in owner's equity. The statement of cash flows begins with the net income and removes from that figure non-cash items, then adds back other cash items. All told, a change in one statement is likely to result in a change to the others, as they are all closely connected to one another.…. [read more]


Sunbeam Corporation's Fraudulent Accounting Essay

… SAB 99 points out that firms must comply with Sections 13(b) (2) -- (7) of the Securities Exchange Act of 1934 which requires SEC registered companies to "make and keep books, records, and accounts, which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets" (SEC, 1999). The standard for determining "reasonable detail" and "reasonable assurance" is that they would "satisfy prudent officials in the conduct of their own affairs" (SEC, 1999). The degree of manipulation that Sunbeam executives and auditors exercised in reporting Sunbeam's financial transactions far exceeded what most people would consider to be prudent or reasonable.

Implications to Sunbeam and Arthur Andersen

There is room for debate as to whether the penalties handed out to Sunbeam executives and the…. [read more]

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