Executive Pay: Who should decide? In a recent editorial in the Seattle Times‚ the editors complained that the executives of a public company‚ Simon Property Group‚ should have their salaries determined by the shareholders. Among the many things wrong with this piece is first‚ how do shareholders know anything about the performance of the executives in question? They don’t. They don’t work beside them on any kind of basis. They do not know what kind of challenges the company faced and whether the
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FRAMEWORK FOR FINANCIAL REPORTING SCOPE OF THE FRAMEWORK The existing framework deals with the ■ Objectives of financial statements; ■ Qualitative characteristics of financial statements; ■ Elements of financial statements; ■ Underlying Assumptions; ■ Recognition of the elements of financial statements; ■ Measurement of the elements of financial statements; and ■ Concepts of capital and capital maintenance OBJECTIVES The objective of general purpose financial reporting. The objective is
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FINANCIAL REPORTING (FRS 108 ACCOUNTING POLICIES‚ CHANGES IN ACCOUNTING ESTIMATES AND ERRORS) ASSIGNMENT Question 1: Sycamore Bhd arranges to lease a machine from Oak Bhd starting on 1 July x3. The terms of the lease are that Sycamore will make three annual payments to Oak of RM30‚000 each. The first payment will be made on 1 July x3. The purchase price of the machine for cash‚ and the cost to Oak is RM74‚746. The interest rate implicit in the lease is 22%. Each company makes up its accounts
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1. Is this an example of fraudulent financial reporting or misappropriation of assets In this case‚ it is misappropriation of assets because the fraud is the consequence of the employee theft. As it is stated in the case “manager at Aspen store was stealing payments by customers on accounts. That’s why subledger was out of balance with the GL. To cover it up‚ the manager debited the sales account‚ which was why the gross margins didn’t make sense.” 2. What created an opportunity to commit the fraud
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cost. The company president and company controller have discussed this problem and the controller has mentioned this idea that if the company changed from LIFO TO FIFO it might be possible to maintain earning growth in 2008. He prepaid a memo to president explain how inventory flow assumption work and provides per forma income statement that show for one product adopting FIFO would allow Merrimack to report higher income in 2008 than it did in 2007 but higher income taxes would have to be paid. First
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people that says “Actions speak louder than words”. I’m sure many of us have been in a situation where we say one thing‚ but end up doing another. If this is the case‚ how can we trust people’s word? Is what they say really that important if so many people lie daily? Actions do in fact speak louder than words‚ because what you choose to do in any situation will show how you feel‚ no matter what you tell others. The main reason why actions mean more than words is because many people don’t live the way
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EXECUTIVE SUMMARY OBJECTIVES OF THE AUDIT ENGAGEMENT The objectives for the audit engagement are as follows: * to act as auditors of Ayala Land‚ Inc. and to express an opinion its consolidated financial statements in accordance with the requirements of the prescribed financial reporting framework; * to highlight key issues that have been of relevance in the forming of our audit opinions; * to serve as a framework for the audit; * to ensure that an effective and efficient
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EXECUTIVE SUMMARY Introduction App Automation is an enterprise software product owned and developed by InIT LLC. This product will help several companies efficiently manage and operate their web based applications (web technologies)‚ thereby increasing their productivity. The company has already started working with two of its prospective clients‚ of which one is a major global telecomm provider and the other is an insurance giant in US. So far‚ the feedback from these clients has been very promising
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Republic of the Philippines REGIONAL TRIAL COURT National Capital Judicial Region Pasig City PEOPLE OF THE PHILIPPINES‚ Plaintiff‚ -vesus- Crim. Case No. 12345-H Violation of R.A. 6539 (Anti-Carnapping Act) ROMULO TAKAD‚ Accused. x----------------------------------------------------------------------------------x DEFENDANT`S MEMORANDUM Defendant‚ by counsel‚ respectfully submits its memorandum in the case: The Case The prosecution‚ through the undersigned Public Prosecutor
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PR Communication Memo COM/530 PR Communication Memo Press Release: Pride Enterprises CFO Resigns November 23‚ 2013 – Pride Enterprises‚ Inc. (Prison Rehabilitative Industries and Diversified Enterprises‚ Inc.) a company that is “nationally recognized in inmate training operating general manufacturing and services facilities throughout the state of Florida” (Pride Enterprises‚ Inc.‚ 2013). Today Pride is announcing the resignation for Bob Thompson‚ Chief Financial Officer effective immediately
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