| | |Financial Statement Fraud | |Navistar International Corporation | |
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What Is the History of the Accounting Profession? By an eHow Contributor ? Accounting has been around for centuries. The Romans had a modern tax system complete with sales tax‚ land tax and a flat rate citizen tax. The Roman Empire employed tax collectors that kept track of collections through a rudimentary accounting system. Today‚ accounting is a career. Most U.S. colleges and universities offer tax or accounting degrees at the bachelor’s‚ masters and doctorate levels. Double-Entry
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Harmonisation of accounting standards International accounting harmonisation can be defined as "the process of bringing international Accounting Standards into some sort of agreement so that the financial statements from different countries are prepared according to a common set of principles of measurement and disclosure". Harmonisation means that deviating rules‚ which do not exclude themselves‚ can continue to exist next to each other. That means harmonisation does not focus on the elimination
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Abstract The Financial Reporting Council decided in 2002 that Australian would move to International Financial Reporting Standards (IFRS) in 2005. Prior to that‚ Australia had its own standard-setting processes. The introduction of IFRS in Australia replaced the original accounting standards and brought several brand new standards. Until now‚ Australia was the first country with a tradition of its own standard-setting to implement international accounting standards for general purposes. Therefore
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(headquartered in New York)‚ forming what‚ at the time‚ was the world ’s largest accounting firm. The company is organized as a partnership rather than a corporation. Today‚ Ernst&Young is one of the “Big Four” accounting firms in the world‚ along with Deloitte‚ KPMG and
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2) Grant Thornton IFRS Page 40. Expenditures related to research are expensed as incurred. Internally generated intangibles representing development shall be capitalised if certain conditions are met. Page 41 Research costs shall be expensed as incurred (IAS 38.54). Intangible assets arising from development shall be capitalised if an entity can demonstrate all of the following: Technical feasibility of completing the intangible asset
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not able to make a U$ 150MM bond payment and raised the attention of the entire market. When the fraud was brought up‚ Calisto Tanzi (Parmalat founder) and Fausto Tonna (CFO) was arrested along with another 10 individuals. Grant Thornton and Deloitte & Touché were Parmalat’s accounting firms during the last 2 decades. Partners of both firms were charged for fraudulent activity. Case analysis From the analysis we made‚ there are several items that can be appointed as accounting principle violation:
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RECENT CORPORATE SCANDALS IN MALAYSIA Air-freight firm Transmile Group Berhad hit the business news headline for the wrong reason in 2007. The share price suffered turbulence when it was revealed that auditors of Deloitte & Touche were unable to substantiate the accounts of year 2006. The fraud was discovered after a special audit conducted by Moores Rowland Risk Management Sdn. Bhd.‚ stating that the company has been overstating its revenue between the periods of 2005-2007 to reduce the net loss
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“lifestyle and accessories” company based in Sausalito‚ which she co-founded with textile designer Serena Dugan in 2003. Lily opened the store after an eighteen-year career business and technology‚ primarily in management positions at Microsoft‚ Deloitte & Touche‚ IBM and Microsoft‚ where she created the its first flagship store in San Francisco and was its business manager. Lily worked at Microsoft for five years‚ during which time the value of her stock doubled and then redoubled. When she left Microsoft
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References: Andersen‚ J.E.‚ P.A. Andersen‚ and L.W. Lusting (1987) ‘Opposite Sex Touch Avoidance: A National Replication and Extension’‚ Journal of Nonverbal Behavior‚ Vol Carton‚ J.S. and E.R. Carton‚ (1998) ‘Nonverbal Maternal Warmth and Children’s Locus of Control of Reinforcement’
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