Essays on Disclosures

Often abbreviated as SOX, the Sarbanes-Oxley Act was signed by the U.S. Congress into law in 2002 (U.S. Securities and Exchange Commission, 2013). The Act was designed to restore public confidence in corporate financial reporting and to initiate reforms in protecting investors from the possibilities of accounting fraud (U.S. Securities and Exchange Commission [SEC], 2013). Congress also enacted SOX 2002 to improve the accuracy of corporate financial disclosures as well as shield the public from bookkeeping inaccuracies (SEC, 2013). According to Jahmani and Dowling (2008), the SOX 2002 was intended to not only advance the accuracy and reliability of ...

Publicly traded companies such as Verizon Communications are required to prepare and file fully audited financial reports according that adhere to U.S. generally accepted principles (GAAP) and International Financial Reporting Standards (IFRS) guidelines. The importance of preparing financial reports is to assist users with information regarding a company’s financial performance to make decisions. Financial reporting analysis helps to determine whether financial reports have any material misstatement or omissions that would influence a potential investor’s decision. An analysis of Verizon Communications’ 2015 annual report will highlight whether the company is complying with accounting policies to ensure information provided ...

The Coca-Cola Company is a giant beverage company that owns over 500 nonalcoholic soft drink brands such as Diet Coke, Fanta, Coca-Cola and Sprite. The corporation strives to develop and accelerate its growth in order to create value for its shareowners and all the beverage distribution system consisting of independent bottling partners, wholesalers, retailers and distributors is designed to meet customers’ needs, lifestyles and desires. All profits are created to benefit world shareholders through dividend payments and key objectives to achieve this goal are expanding share of beverage sales, increasing volume of sold production and maximizing cash flows improving ...

The sustainability report of the Lockheed Martin is based on the Global Reporting Initiative (GRI), which is known as the most significantly used sustainability reporting process in the world. The report is aligned to the GRI G4 Core (the latest guidelines). In addition, the report is prepared in accordance with the principles of defining report quality, such as balance, stakeholder inclusiveness, sustainability context, materiality, comparability, accuracy, timeliness, clarity, and reliability (Global Reporting Initiative 16). The company identified its stakeholders, their expectations and interests like government institutions with the expectation and interest to protect and offer important services to citizens ...

(Tutor’s Name) (Assignment)

Executive Summary The disclosure of engagement partners and other participants in audits of public companies can add to the transparency and accountability of financial reporting significantly as it has been suggested by PCAOB and approved by SEC. With the implementation of this policy change, investors and other financial statement users can know the identity of the engagement partners and other participants in the audit. Therefore, investors can make well-informed investment decisions based on these disclosures. However, these disclosures have both direct and indirect costs that will be ultimately passed on to the company management and ...

Ray WA, Chung CP, Murray KT, Hall K, Stein C. Prescription of Long-Acting Opioids and Mortality in Patients With Chronic Noncancer Pain. JAMA. 2016;315(22):2415-2423. doi:10.1001/jama.2016.7789.

Prescription of Long-Acting Opioids and Mortality in Patients With Chronic Noncancer Pain Wayne A. Ray, PhD1; Cecilia P. Chung, MD, MPH2; Katherine T. Murray, MD2,3; Kathi Hall, BS1; C. Michael Stein, MB, ChB2,3 [+] Author Affiliations JAMA. 2016;315(22):2415-2423. doi:10.1001/jama.2016.7789.

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Abstract ABSTRACT | INTRODUCTION | METHODS | RESULTS | DISCUSSION | CONCLUSIONS | ARTICLE INFORMATION | REFERENCES Importance  Long-acting opioids increase the risk of unintentional overdose deaths but also may increase ...

As your authorized legal adviser on the matters that you have disclosed, I have attached the necessary legal challenges that you are faced with and finally the best possible way of avoiding legal action by complying with the set out legal regimes.

Facts

Reading the information that you have availed in regards to receiving a w9 from your foreign bank, this may elicit many questions as may relate to the reasons of receiving such a letter as well as the consequences of receiving such a letter. However, I will guide you into pursuing the best option to explore since you ...

Abstract 3

Auditors’ Responsibilities and Potential Liabilities 4 Types of Audit Reports and Underlying Reasons for Their Issuance 5 Unqualified Opinion 6 Qualified Opinion Report 7 Adverse Opinion Report 7 Disclaimer of Opinion Report 8

References 9

Abstract This research paper is dedicated to make an important discussion about the different types of reports issued by an external auditor to form an opinion or judgment about the reliability and accuracy of the financial records and statements of the audit client. Generally, auditors issue four types of auditor reports depending on specific situations. Also, different responsibilities of an external auditor are also highlighted while ...

1.0 Abstract Stakeholders are of central importance to every business organization. The success of any business hinges on the relationship that it has with its stakeholders. Disclosure of quality financial reports is significant for the capacity of business organizations to build confidence with their key stakeholders. Corporate governance and the audit quality have attracted the interest of researchers to determine how they impact stakeholders. Additionally, the implementation of IFRS (International Financial Reporting Standards) has impacted the direction of business organizations especially with regards to corporate governance. The question of whether the quality and extent of disclosure of financial information ...

The 1920s was known as the Roaring Twenties in the American history because of changes in the social norms, and the country experienced a strong economic boom (Kennedy: 2). During the time of widespread economic gain, the application of fair value in accounting and lack of regulation in security markets left the investors at great risk. That is the reported figures of stock prices had no information justifying their values. Similarly, financial institutions such as banks were lending recklessly with no guarantees to their clients. Consequently, the gap between the rich and the poor in America increased steadily (pbs.org). ...

Introduction

Over the years, little has changed the way romantic relationships are formed. Both scholars and the average dater agree it usually begins with physical attraction and perceived similarity, and progresses in a somewhat predictable manner from there. Typically, this progression has followed theoretical frameworks such as Knapp’s stages of relational development and Taylor’s (1968) social penetration theory. What these theorists might not have accounted for in the 1970’s (and what seems to be transforming the way young people pursue relationships) is the invention of the Smartphone.

Literature Review

One of the earliest perspectives on communication during romantic initiation ...

My study is about whether there are sufficient disclosures in rape cases to allow for a conclusive investigation and thus a fair judgement. According to Patterson (2012), only a few of reported rape cases are prosecuted in the legal system. Patterson (2012) in his study, identifies that the manner of evidence gathering by detectives is a key determinant of whether or not the rape victim generates strong statements that could lead to a strong case in court. Indeed, in their study involving 20 women who were rape victims, there was sufficient evidence that the level of disclosure by a ...

Contrast the journey to America described by Richard Whyte coming to America from Ireland, with Richard Duden's description of the Midwest as he travels around the countryside in the 1820s seeking to persuade German immigrants to make the trip to lands far richer than anything they can expect to possess back in the homeland. Is one more "right" than the other in his presentation? Both Richard Whyte and Richard Duden pioneered efforts to inhabit America. Richard Whyte’s journey gave hope to many Irish people resulting in waves of immigrants from the country in the United States. The journey ...

Executive Summary

The world experienced one of its worst recession which commenced in late 2007. One of the issues that emerged was criticism on the then accounting standards which prompted standard setters to respond. The G20 countries recommended the formation of financial crises advisory committee which developed various recommendations that led to the improvement of specific International financial reporting standards namely IFRS 10, 11, 7 and 9. Also, the recommendation led to the development of IFRS 12. These development were the key responses by the standard setters which are reviewed to demonstrate how they positively impacted the financial statements

Introduction

Towards the ...

Introduction

The Financial Accounting Standard Board (FASB) is an independent board that incorporates different professionals who are mandated with the responsibility of communicating appropriate standards used for financial accounting and reporting purposes. The concept is referred to as the Accepted Accounting Principles (GAAP) and is often used by organizations in the preparation of financial reporting. Existing standards in FASB face a lot of criticizing for failing to meet the needs of users more effectively as far as financial reporting is considered. The reason why the facets are considered inappropriate and should be amended is that they are not a faithful ...

Introduction

Mark to market, also called fair value accounting, has been one of the most controversial accounting methodologies in financial reporting. Mark to market refers to an accounting process in which the reporting entities report the value of assets and liabilities as per the current market value as opposed to the book price thus making the methodology highly subjective (Association of American Bankers, 2016: Serakibi, n.d.). Therefore, since the reported value is pegged on the prevailing market value, it follows that the value of the financial statement would change as the market changes. In most cases, the change in value ...

There is a considerable and sizeable population of small business in the US economy. Statistically speaking there are over 28 million small business that occurs with small business specifically indicating businesses with fewer than 500 employees. Over 22, million individuals are self-employed without any additional payrolls or having employed other persons. Of the working population, a considerable percentage of over 50% that translates to 120 million individuals work in the small business (US statistics and data, 2016). Small business on average have modest turnovers that attract income taxes on the cash generated. Business entities are relevant in the generation ...

The concept of self-disclosure sounds quite simple but there are some aspects about it that can be further outlined and discussed so that others can better understand the definition and the factors which might influence it. In the field of communication, there are even various different types of self-disclosure. Self-disclosure, in general and how it pertains to the field of communication, can be described as a deliberate disclosure of personal information to others (Jones, ). Self-disclosure can somewhat be determined by things as simple as what a person is wearing, how they behave, or even just a look into how ...

1. Introduction Child sexual abuse is both a global problem and a crime to which there are seldom any witnesses and which more often than not remains undetected. Disclosure by sexually abused children is the most effective method by which assistance and intervention can be provided in a timely fashion. However, there are several barriers to such disclosure. The purpose of this paper is to review and describe the major barriers to disclosure of child sexual abuse and explore the methods to overcome these barriers. The paper reviews literature about child sexual abuse and disclosure with a key focus ...

Executive summary 2

Introduction 3 Brand image of Lufthansa 6 Turkish Airlines brand image and reputation 18 Viral campaign from Miles and Smiles reward program 19 The viral advertisement campaign of KLM Airlines 22 Viral Christmas campaign of WestJet 24

References 26

Appendix A 28 Executive summary The purpose of this research is to investigate The Deutsche Lufthansa AG Company and how it can enhance its brand image by using the social media marketing. The case study is conducted based on the analysis of social media users of Lufthansa Company and the extent of popularity of airline companies on different social media networks. Furthermore, ...

Literature Review

ABSTRACT Communication privacy management model compacts with the degree of exposure of people's personal information and their confidentiality during communications. It concentrates on people relationship management which separates the public information from confidential information about themselves. Communication Privacy Management is a practical model that suggests an appreciation of the way people reach judgments and how often to disclose and when to mask confidential data. The argument assumes that privacy together with the disclosure are entangled in a dialectical pull, and therefore, decisions individuals make are on the complementary level of every individual. Through the use of a metaphorical margin, ...

Introduction

The report presents discussion and analysis of compensation strategies of Nucor Corporation. The organizational structure significantly impacts the compensation system of an organization that affects its ability to attain strategic goals. If the compensation to executives is not aligned with the organizational culture then it may lead to adverse impact on the firm’s performance and lead to other consequences. Several studies indicate that the organizational culture has a significant impact on compensation as well as the firm’s performance. The firms offer different types of compensation to their executives that may affect the compensation structure. However, they are ...

Introduction

The performance of the business is critical for the investors as well as stakeholders. The discipline of corporate finance offers a variety of the techniques for reviewing the financial performance of the business. In the modern competitive world, a financial performance of the business is not enough for the success. Instead, it is critical to have success in multiple dimensions that ensures sustainability. The underlying report is a comparative assessment of the two brewing companies from UK FTSE 250 listing from the Travel & Leisure sectors and Restaurants & Bars subsectors.

Introduction of Greene King Plc and the Marston’s PLC

The selected companies include Greene King Plc and the Marston’ ...

Abstract

This paper presents the ideal purpose of adopting a unitary global set of accounting standards to be applied across the globe. It presents the major characteristics of both the dominant accounting standards used worldwide, the IFRS and the US GAAP. It examines whether the IFRS or US GAAP works best for the present and the future needs of a global finance system. The various differences of these two accounting standards were shown. The major applications of the IFRS as the leading accounting standards and principles were also highlighted in the paper. It also provided various guidelines in this seemingly ...

The importance of accounting analysis was emphasized in the Chapter 3. The authors stated that disclosures of the financial statements are made on the basement of accounting analysis. Also, they noted that understanding of accounting information collected helps use the financial information more effectively.

Chapter 3 of the book highlights three important concepts namely: factors influencing the quality of financial reports based on accounting analysis, the drivers of accounting choices, and incentives of the managers that should be considered when making the financial reports. According to Sarbanes-Oxley Act, CEO, CFO, Board of Directors ...

- Introduction

1.1 Background developments

Traditionally, accounting standards have been developed by different countries on the basis of local legal, economical and cultural institutions frameworks (Elliott and Elliott, 2009, p. 158). As a result, the standard setting was very country specific. With the globalization process at work for the last 3-4 decades and increasing mobility of capital internationally accepted accounting standards have become necessary to facilitate cross border transactions and make financial reporting comparable between countries and companies thereby leading to a greater transparency for investors (Nobes, 2004). IASB has been set up as a private international standard setter with a mandate to create high quality accounting standards ...

Introduction

The importance of the legal environment in business is not only paramount to functioning as a watchdog for unethical, and harmful behavior by big corporations and governmental figures today, but also serves as setting the climate to reduce or deter felonious operational practices. In other words, persons in positions which gives them easy access to abuse funds, lie in accounting records, or devise fraud schemes involving illegal acts, laws help accomplish order and administer proper conduct. Everyone remembers the insalubrious case of the Enron Corporation. This case involved gross ...

Abstract

This report includes the example of Deutsche bank in which the bank is accused of publishing a poor audit report with false figures and inadequate material to made analysis. The paper talks about the importance of the Risk, risk management, disclosure of the risk and the ways to disclose the corporate risk to decreases the impact of it.teh report includes the way through which the display of the information in the report affects the performance of the company. There are many ways through which good reporting can be achieved with even poor digits. The importance of the discloser in the ...

Executive Summary

This dissertation deals with the disclosure obligations of the Charities in the UK in regards to the executive remuneration to the public and stakeholders. One of the means of disclosure is the annual report of the Charities also known as the Trustees’ Annual Report to be submitted to the Charities Commission which is the authority charged with the oversight of the charities in regard to their compliance with what is known as SORP. There were criticisms in the media about the excessive remuneration being paid to the CEOs of the leading charities in the UK. Therefore, this study gains ...

Introduction

Recently, the problem of corporate crime and ethical misconduct had seriously aggravated. More often ethical misconduct and non-compliance occurs in the field of environmental regulation, health care, securities law, and safety regulations. Nowadays whistleblowing is recognized as a tool of detection and prevention of malpractice and corruption. The motivations of whistleblowers are different including protection of human rights, fairly paly, disclosure of malpractices, human safety, and adherence to laws. Thank to whistleblowers, corruption practices are revealed. Meanwhile, whistleblowers often suffer from the disclosures they initiated because disclosure meets with resistance from the side of corrupted structures. Therefore, whistleblowers ...

Why would accepting whistleblowers be good for IBM?

IBM has business presence in more than 170 countries. Further, IBM has approximately 400,000 employees. Retrieved from http://www.ibm.com/ibm/responsibility/basics.shtml. For an organization of this size, it is highly advisable to accept whistleblowing polices to protect whistleblowers, not only from the corporate governance perspective but also to serve the twin objective of compliance with good human resource practices and global anti-corruption laws like Foreign Corrupt Practices Act, 1977 applicable in the United States of America and the UK Bribery Act, 2010 of United Kingdom. IBM Corporate Governance vis-à-vis Whistleblowers Policy

Good corporate governance demands that there are appropriate ...

Fair Value Accounting involves the recognition of changes in fair value as losses and gains on the income statement and reporting assets and liabilities on the statement of financial position at fair value. It goal is to approximate the best it could the prices at which an orderly transaction could occur given the parties’ current position. Thus, it is expected that firms must incorporate updated and relevant information on discount rates and future cash flows in the measurement of their fair values. Under fair value accounting, losses are reported when the fair values of the liabilities increase and assets ...

How will health care reform impact the small, medium, and large employer’s organization?

Major challenges to managing the enrollment information on a managed care plan.

An inefficient database system. This poses the major challenge for all organizations as the database system used influences the nature of information to be processed. The information system in place is a crucial factor that influences the nature and availability of information regarding to the health care enrollment information. Due to this challenge, the state of Illinois has developed various systems to help to store the data in regard to the particular patient. They include integrated care program and primary care case management program. Information backup systems. It is a ...

Introduction

The IFRS are accounting standards, rules and principles that were introduced by an independent organization in the United Kingdom, known as the International Accountants Standards Board. The institution puts forward that the standards would better serve public companies worldwide than the local standards in the country due to the aspect of comparability, transparency and economic growth. There are several countries that have adopted the IFRS over the recent years. The transition to IFRS for the companies in these countries has considerable costs. There are technical and training costs that are incurred that may cause several companies to be cautious ...

The Horizontal Analysis

In the horizontal analysis of the company, one considers the various line items in the income statements and the balance sheet with similar items in the previous years. Looking at the year 2008, the company did not perform well. In terms of sales, there was a decrease in the sales compared to the year 2007. There was a decrease of $ 897,000 which is 15% of the sales revenue. As a result of the low sales, the company suffered a loss in the gross profit. The profit reduced from $1.6M to $1.4M. When analysing the expenses, the website creation and maintenance is a ...

Nurses are often confronted by various ethical challenges or dilemma situations during their professional practice. It is therefore important that they be familiar with the ethical codes of conduct and decision-making. As one of the most trusted professions, the nursing ethical codes of conduct were first adopted by the International Council of Nurses in 1953. The codes guide nurses in decision-making whenever they face barriers in executing their professional obligations. One of the difficult situations in which these codes help nurses to navigate through is in maintaining patients’ privacy and confidentiality. This is particularly true for student nurses who ...

With the increased consumer awareness, organizational success is now more dependent on their actual and/or perceived commitment to socio-economic, environmental, and other aspects of sustainability. It is no longer acceptable as proper for organizations to thrive in isolation from the communities that are affected by such a firm’s actions. Corporate social responsibility (CSR) is an important way for firms to strike a balance between economic, environmental and social responsibilities in operations, which in turn ensures that they cater for the interests of all their stakeholder’s interests and expectations. CSR has different meanings and has varying definitions depending on every ...

The Name of the School

Research Question Has the introduction in Australia of a continuous statutory-backed disclosure policy and subsequent amendments led to an increase in reporting of economic events experienced by firms? This is to verify that the legislation has relevance for firms.

Relationship of Proposed Study to Prior Research

The implementation of Australia's statutory-backed continuous disclosure policy is meant to make corporate behavior more transparent to stockholders. Under the disclosure regime, an Australian Stock Exchange-listed issuer is required to release material information about the company as soon as it becomes aware of it. The Australian Stock Exchange takes firsthand responsibility for regulating and monitoring itself. Statutory sanctions provide a regime ...

LITERATURE REVIEW

Although the concept of corporate governance has been in practice for several decades, it gained worldwide popularity and significance since the collapse of a number of corporate giants and bank chains in the United States in the early 2000s. The idea of corporate governance is the major factor that links stakeholder interests with the objectives of the organization. As Solms and Solms point out, corporate governance could be defined as “the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled” (Solms & Solms, 2008, p.2). In the current business context, shareholders, ...

Whistleblowing refers to the confidential disclosure by someone of any concern that has been encountered at the workplace. The concern normally relates to a perceived wrongdoing. Therefore, whistleblowing policy is extremely fundamental to an organization’s professional integrity. It reinforces the value that the organization places on its staff to be respected and honest members of their professions. This policy offers a method of appropriately addressing genuine concerns, which individuals within the organization might have. It also offers the whistleblower protection from harassment, disciplining proceedings or victimization. Without a doubt, whistleblowing is an imperative aspect of transparency and accountability since it enables ...

Sarbanes-Oxley Act is an act by the United States congress in 2002 aim at protecting investors through corporate disclosures accuracy and reliability. It mandated strict reforms aimed at improving financial disclosures and possibly prevent accounting fraud. The scandals of early 2000s such as Tycoon, WorldCom and Enron predicated the enacted of SOX. These scandals shook investor confidence, and an overhaul of regulatory standards was required. The SOX Act outlined rules as well as enforcement policies, which amended or supplemented existing legislation. There are two key provisions of the 2002 Sarbanes-Oxley Act which are section 302 and section 404. Section ...

Jaarat (15) says that human resource is a vital entity in every business entity since it controls and directs other resources. The accounting department recognizes the human resource as an important asset in stating the financial position. Whenever there is, a lack of measurement in the use of the financial resource, the human resource in the company is accountable. According to Jaarat (15), a model for measuring and recognizing human resource in the statement of financial position can better the organization. Jaarat (16) confirms that human resource is the most expensive resource in every business entity. This resource applies directly through ...

Introduction

Entities of health care recognize revenue for which a little portion of the total amount is billable or billed or the final collection is not assured reasonably at the time the services are rendered. There have been concerns raised by the constituents that these kind of accounting practices lead to gross-up revenue for unexpected amounts to be collected in the end. To add to it, due to the fact that entities of health care make their own decisions as far as bad debts and adjustment to revenues is concerned, the decisions are different from one another and it is not ...

Professional Skepticism means an approach towards accounting which includes a questioning mind and being in a position which questions a possibility of fraud, errors or misstatement and is a critical evaluation of audit evidence. It is essential for a quality audit. Professional skepticism is a skill which is very similar to professional judgment and helps in providing an opinion for an audit engagement. Professional skepticism helps in asking questions which make sure that any information provided is true. It is an approach which is similar to a judgment and auditors with professional skepticism tend to make good decisions as well as provide correct information on the ...

Intellectual property is employed in multiple areas to govern individual rights to and ownership of products and ideas of the mind. These laws play a big role in encouraging people to be more innovative and creative to come up with new ideas. Protection of these ideas is essential as one will be credited for their contribution to the innovation. In essence, intellectual property rights have a general benefit to the society. The originator of the idea or work/ creation is granted a bundle of rights to own and use the ideas or the intellectual creation as they may desire (Charnley, 2011). In ...

1a) FTC targeted POM wonderful because of misleading advertising of POM products which duped the customer. All claims made by the company ( a total of 36 advertisements were analyzed by the court) were related to serious health ailments such as prostate cancer, penile dysfunction etc. whereas experts held that all known information does not show any such beneficial properties in POM products (made of Pomegranate juice). The Resnick husband and wife and Matthew Tupper who was employed as the President were served with a “cease and desist” order for twenty years. b) Here too, the respondents were charged with misleading advertising. ...

1 Introduction This research paper discusses the history of financial auditing. Studies indicate that financial auditing has been evolving through many stages. In the 18th century, the practice of financial auditing was a traditional conformance to the role of auditing. It is clear that the auditing paradigm has been changing and will continue shifting into the future. Financial auditing originated from checking procedures in ancient civilizations such as Greece, Egypt and China. The industrial revolution period established the role of financial auditing. The Institute of Certified Public Accountants in America and The SEC (Securities Exchange Commission) play a critical role ...

Purpose

This paper contains the patient’s privacy rights and policies. It provides an overview of patient rights under the Health Insurance Accountability Act Portability Privacy Rule Act of 1996. The rule obligate patients the control over their medical information, which also includes the rights to evaluate and acquire a duplicate of their health reports and request changes. The HIPPA Privacy Rule ensures general principles to care for a person’s’ medical accounts and other private medical data and pertains to health procedures and healthcare providers that carry out health care connections by electronic means.

Definitions of Acts

HIPAA- A 1996 ACT checking Health Insurance ...

[Author]

Current strategies

After its fast expansion in the earlier years, Monster Worldwide incurred costly mistakes in their selection of markets where to open physical offices. Deteriorating revenues forced it to regulate its own expansion programs and rationalize market selection strategies. It realized that certain markets failed to live up to their expectations in withstanding deteriorating market conditions. As a result, it cut down on non-profitable regional offices as part of its current strategies of rationalization and cost-cutting. It sold its Careers-China and similar operations in Latin American and Turkey in 2012. It cut down its workforce in North America and Europe ...

Accounting Standard followed by the company

i) General Mills Inc:

Referring to Note 1 of the financial statement, we notice that General Mills Inc follows Generally Accepted Accounting Principle(GAAP).

ii) Meiji Holdings: Referring to the Note 1 of the consolidated financial statements, we find that Meiji Holdings are following Generally Accepted Accounting Principle(GAAP) in Japan. In addition, the company specifically declares that the consolidated financial statements of the company are not prepared in accordance with GAAP standards prevalent in countries or jurisdictions other than Japan.

Accounting Standard followed by the auditors

i)General Mills Inc: Referring to the report of external auditors, we find that the consolidated financial statements of the company have been audited by KPMG LLP using standards of Public Company Accounting Oversight Board(United States). The ...

[University]

Importance of disclosure to financial reporting users

Disclosure is very essential to financial reporting. Many leaders use a range of disclosures when determining whether the individual or an organization should get a loan. When leaders use disclosure in financial statements, they use them as a snapshot of the company’s general overview financial health. Disclosures are used as the baseline and the starting point which is regarded as to be more reliable if all the company statements have been audited. However, financial statements may not be the most current information available to the users when making important decisions and auditing the annual financial statement. Disclosures are important ...

Introduction: Need for regulatory environment

It was the time of early 2000’s when the headlines of major newspaper were full of corporate fraud and the companies filing for the bankruptcies. Most of the companies were involved in the accounting restatements, i.e. major corrections of their financial statements and the count of such companies were growing everyday and were also posing a major impact over the stock market performance. Although the list was exhaustive, but the major corporations, that were found to be involved in the financial scandals were: - Enron - Worldcom - Xerox - Sunbeam - Adelphia ...

The aim of this paper is to examine the impact on quality of the financial reporting before and after the adoption of International Financial Reporting Standards (IFRS). ‘The purpose of financial statements is to deliver information about the financial situation, functioning and financial flexibility of a business that is valuable to an extensive variety of stakeholders in taking important financial decisions‘(Kwame and Manesh). In order for the investors to make vital invest decisions regarding the future of their business, immense importance is placed on the standard and quality of information available to them in the accounting genre. This is ...

Audit Plan

In accordance to ISA 300, an audit plan refers to the general plan and detailed approach that the auditor intends to use in the process of conducting the audit with reference to the spread of the audit the scope and timing. Also, the plan takes into consideration matters that relates to risk and materiality concepts (Moeller, 2010). A plan is essential to the audit process since it is used to improve on the efficiency of carrying out the audit process hence ensuring that the process is concluded in a timely manner. However, the form and the nature of the audit ...

Introduction

McDonald is one of the largest food retailers worldwide. McDonalds has a chain of restaurants which are all over the world. It is famous for its burgers and its fast foods. McDonalds has matured to a large corporation and continues to broaden as it sets up more of its restaurants in various countries. The following essay shows the annual report for McDonalds.

(SEC 26)

Consolidated Balance Sheet

(SEC 28)

Consolidated Statement of Cash Flows

(SEC 28) (McDonalds Corporation Annual Report 2013)

Audit Committee Report

Dear Fellow Shareholders: The Audit Committee is composed of four Directors, each of whom meets the independence and other requirements of the New York Stock Exchange. As ...

1. What are the main business activities of the selected company? Rosneft is the leader of the petroleum industry in Russia and is the world’s largest publicly traded oil company. Its worldwide business operations include upstream offshore projects, exploration and production of hydrocarbon, refining of crude oil and hydrocarbon, and gas and product marketing. 2. Examine its Balance Sheet. Make a list of different accounts of Assets, distinguishing between Current and Non-Current (Tangible and Intangible), and Liabilities, distinguishing between Current and Long-Term Liabilities. The current asset accounts of Rosneft include cash and cash equivalents, restricted cash, other ...

Rethinking Stress Testing

In keeping with the trend to deliver better and more sophisticated ways to understand the global financial markets, new ways of stress testing are is viewed. There were many opinions expressed by different writers which included Dr. Tony Hughes, Anna Krayn and Thomas Day, Nicolas Kunghehean and Dr.Christian Thun. While Dr. Tony Hughes discussed the use of the Comprehensive Capital Analysis and Review (CCAR) as a stress testing mechanism, Anna Krayn and Thomas Day suggested the use of top-down and bottom-up approaches for stress tests. Anna Krayn and Thomas Day, in using the Dodd-Frank Act Stress Testing requirements, said that “ ...

International Accounting Standards

IAS 1 – Presentation of Financial Statements Introduction to the IAS: This is an international financial reporting standard which was adopted by the IASB(International Accounting Standards board).It refers to the skeleton and the way in which the financial statements are presented in order to reflect the proper view enabling analysis of information and decision making. The minimum requirements for the contents are well elaborated in this standard. This standards is therefore practically applicable to all financial statements based on the IFRSs (International Financial Reporting Standards).This standard was initially issued in the year 2007 by the ...

The story of Edward Joseph Snowden who was born on June 21, 1983, began as soon as he broke American and international law and presented many classified documents that were simply stolen from secure databases. His career as a computer specialist and former NASA contractor developed successfully. Until it was some certain moment, when Snowden delivered about 200,000 documents to press. Day by day, and week by week, they were published in Guardian, claiming some day that only 1% of the overall amount of documents was published. That gave many opponents and proponents to expect many more documents, as ...

The issue of national security is a very critical and sensitive issue in the U.S., because of past terrorist attacks. The government has a duty to protect its people and hence it puts in place measures that can prevent future attacks. The NSA ”Information Assurance (AI)” is tasked with the responsibility of executing measures that prevent enemies of the U.S. from gaining access to sensitive information or classified security information (NSA). The “signals intelligence (SIGINT)” collects, analyses, processes, and dispatches foreign information signals for purposes of intelligence, counterintelligence, and support of military operations (NSA). The NSA’s is crucial because timely ...