2013/5/19 Group Five GAAP VS. IFRS US GAAP Codification Determination of Inventory Costs 330-10-30-9: Cost for inventory purposes may be determined under any one of several assumptions as to the flow of cost factors‚ such as first-in first-out (FIFO)‚ average‚ and last-in first-out (LIFO). The major objective in selecting a method should be to choose the one which‚ under the circumstances‚ most clearly reflects periodic income. May an entity elect LIFO method for inventory cost? IAS 2 Inventories
Premium Inventory FIFO and LIFO accounting Generally Accepted Accounting Principles
1. Retrieve the SEC’s complaint against ClearOne Communications (link provided on Blackboard with the case). Describe management’s alleged scheme for inflating revenue. Management’s alleged scheme for inflating revenue is that in 2001‚ when the company was not able to meet their sales and revenue goals‚ they would record sales on the books as soon as products left the warehouse. So if ClearOne shipped a lot of products during the last week of the quarter (or swept the floor as they call it)‚ they
Premium Generally Accepted Accounting Principles Accounts receivable
Procedural History : A reviewing court vacated both convictions‚ and Thompson was found not guilty in a retrial on the murder charge. Thompson then filed suits aginst the district attorney’s office. District court : - Brady violation : Brady disclosure consists of exculpatory or impeaching information and evidence that is material to the guilt or innocence or to the punishment of a defendant. a the supreme court they decided this … at the … they decided this …. Facts : Thompson has been convicted
Premium Supreme Court of the United States Jury
assigned to a special task force to respond to recent media publications about the security violations involving the Sony Playstation 3. Some of the accusations include: Sony hasn’t yet recovered from the PlayStation Network outage‚ but it has already been hit ... It alleges breach of warranty‚ negligent data security violation Related video Mobile apps accused of privacy violations Compliance violations via email increase ... A week after shutting down its PlayStation Network (PSN)‚ Sony has
Premium Computer security Sony Computer Entertainment English-language films
2/10/2011 Folkway Violation For my folkway violation I chose to position myself six inches away from someone during a conversation. I chose to try this particular one because I knew my mom would give me the best‚ honest reaction. She has always had a small pet peve that was people getting in her personal space. I thought to myself this is the perfect norm violation for me to use. I was able to easily approach my mom at home where she would be completely clueless of the stunt. I began planning
Premium English-language films Sociology Thought
inflated to meet forecasts by Wall Street analysts. (2004)‚ “Corporate scandals are now staples of front-page news as shareholders demand accountability for billions of dollars lost. Still‚ the U.S. government says the Rigases ’ case is one of the worst ever of financial fraud” (para. 3). Adelphia scandal consisted of six members‚ John Rigas‚ Timothy Rigas‚ Michae; Rigas‚ James Rigas‚ James R. Brown and Michael Mulcahey. These members of the scandal committed many crimes based on selfishness‚ greed
Premium Decision making
Waste Management Accounting Fraud Case Review the SEC’s case against Waste Management in order to answer the following questions: What were the incentives for committing the fraud? What was the relationship between management and the auditors? Why didn’t the auditors prevent the fraud? What (specifically) accounting methods were used to fraudulently inflate Waste Management’s profits? What accounting methods did they use to try to conceal part of the fraud? What were the financial and social
Premium Generally Accepted Accounting Principles Income statement
that almost half of the Asia-Pacific companies are confident of their internal fraud controls (Singapore Press Holdings Limited 2005). But here’s the fact: Only 16 per cent of economic crimes in the region were detected by risk-management systems. In fact‚ the vast majority of incidences of economic crime were detected by accident‚ tip-off‚ and internal and external audit (PriceWaterhouse Coopers 2003). Here in the case study of Informatics Group (Singapore) Private Limited was the 84 per cent where
Premium Ethics Singapore Singapore Press Holdings
hi and then explained myself for such the behavior. In the end she said she did feel violated and that she thought it was quite funny because no one ever did that to her. This was an expectancy violation because I invaded her personal space. What made me choose this as an expectancy violation was because I had a problem choosing what to do and I felt like this was the perfect timing for it since she was by herself. Reward : I’m not sure what I was seen as but I felt it could have been a
Premium Walking Psychology Smile
Problem and Methodology One of many food stamp frauds was discovered when an employee of New York City Human Resources Administration (HRA) noticed and reported irregularities in HRA’s processing of food stamp applications. The New York City Department of Investigation (DOI) investigated the report and found out that Vanee Sykes with other four people‚ including current and former New York City employees carrying out a massive food stamp fraud. Vanee Sykes was a
Premium Management Marketing Strategic management