Assignment: The Enron and World Com Scandals ACC/260 September 17‚ 2010 Pp 106-107 1. Which segment of its operations got Enron into difficulties? The segment of operations that started the difficulties with Enron went back to the guarantee of loans in order to bridge financing with investments of an outside investor that was never found. Documents were later forced to be restated with activities of other companies that had to be consolidated into Enron’s accounts. 3. Did Enron’s directors
Premium Enron Corporate governance Accounting scandals
Mark A. Beck Executive Vice President Environmental Technologies & Life Sciences Investor Meeting February 8‚ 2013 Forward Looking and Cautionary Statements Certain statements in this presentation constitute “forward looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward looking statements are based on current expectations and involve certain risks and uncertainties. Actual results might differ from those projected in the forward
Premium Corning Incorporated Income Income tax
and disclose their financial statements. Whereas‚ U.S. GAAP guidelines are pretty much standard across the board and is established by the Financial Accounting Standards Board (FASB). I think the challenges facing accounting professional‚ is knowledge. I think it is essential that accounting professional gain a complete understanding of IFRS rules. I also think it is important to implement IFRS guidelines into GAAP‚ without manipulating GAAP principles and SEC regulations. Carla References: Warfield
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
to interested users Establish criteria- gasp financial stmts- assertions the company is making 1. footnotes 2. stmt of cash flows 3. income statement 4. balance sheet Objective outsider = auditor -obtains and evaluates evidence GAAP -fasb - apb -arb -gasb aicpa -acsec -eitf - sec Assumptions 1st Existence (balances) or Occurrences (transactions) -is it really there 2nd Completeness (balance/transactions) and cut off -are those all the components? 3rd Rights
Premium Auditing Financial audit
Baseball Club Roster Depreciation ✓ Economic Reality =US GAAP I agree that most of the players actually improved their skill with experience‚ so if anything‚ there should be an increase in roster values over time. So from the perspective of economic reality‚ this is valuable asset like intangible assets. This asset is similar to the good will. Under previous US GAAP‚ the goodwill should be depreciated but in new US GAAP‚ it has been changed not to be depreciated. So it should be evaluated
Premium Generally Accepted Accounting Principles Depreciation Goodwill
Throughout history‚ many components have shaped the way a country develops itself both economically and financially. To fully understand a country’s accounting standards one must explore such environmental factors as the history‚ demographics‚ economy and the legal system of a country. South Africa is a dynamic country full of diversity. It is hard to understand the structure of the accounting profession without first learning how South Africa developed into the country it is today. The history
Premium South Africa Africa
Managerial Accounting for Decision Making Assignment 1- GAAP‚ JIT‚ and TOC Question/Prompt Please describe the implications of GAAP in an international company and how JIT and TOC are important to making managerial decisions on inventory and activity based accounting. Please delineate various cost categories and briefly describe each cost type and application within an enterprise. Review of Subject Generally Accepted Accounting Principles (GAAP) is a widely accepted set of rules‚ conventions‚
Premium Theory of Constraints Financial Accounting Standards Board Decision making
show that the Group’s profit was favorable was very vital. The Fiat Group first-time adopted IFRS and the reporting date of its first IFRS statement was December 31‚ 2005. After changing to IFRS‚ R&D costs were affected the most. Under Italian GAAP‚ R&D costs incurred were capitalized or charged to operating expenses. For the Fiat Group‚ it has primarily expensed its R&D costs when they were incurred. Under IFRS‚ the Group has capitalized
Premium International Financial Reporting Standards Generally Accepted Accounting Principles Financial statements
References: Ashbaugh‚ H.‚ Olsson‚ P.‚ 2002. An exploratory study of the valuation properties of cross-listed firms’ IAS and U.S. GAAP earningsand book values Ashbaugh‚ H.‚ Pincus‚ M.‚ 2001. Domestic accounting standards‚ international accounting standards‚ and the predictability of earnings Atwood‚ T.J.‚ Drake‚ M.S.‚ Myers‚ L.A.‚ 2009. Book-tax conformity‚ earnings persistence
Premium International Financial Reporting Standards Financial statements Generally Accepted Accounting Principles
have public accountability. Globally‚ more jurisdictions may be encouraged to replace existing local GAAP with IFRS for SMEs. As a result‚ it holds important implications for US companies with multinational subsidiaries. The United Kingdom Accounting Standards Board (UK ASB)‚ for example‚ has already issued a Consultation Paper asking for comments on its proposal to replace existing UK GAAP with IFRS by 2012. 2 PricewaterhouseCoopers Overview of Income Tax Accounting Treatment
Premium Taxation Progressive tax Financial statements