A Study of the Effects Accounting Standards Have in Financial Reporting Cornelius Andre Morgan Kaplan University AC 558 Professor R. Byers October 28‚ 2014 Financial Reporting of the Volkswagen Group Introduction In today’s economic climate‚ companies are expanding outside of their home countries to continue to compete and expand their share of the marketplace. (Radebaugh‚ Gray‚ & Black‚ 2006) Something to keep note of with the increasing trend of economic globalization will be how the accounting
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some other products‚ such as desktops and laptops. However‚ the fiercest competitive product is smartphone because both of them own their own advantages. We can figure out their emphasis and strategy they use respectively through analyzing their annual report especially the cost of goods sold and gross margin. From the income statement and balance sheet‚ the cost of goods sold in 2012 is $118‚224‚730 million for Samsung and $87‚846 million for Apple. The Gross profit percent is 37.02% and 43.9%
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this occurs‚ the difficulties related to financial statement analysis are compounded. Investors who must evaluate the relative strengths and weaknesses of stock of a diversified company have a difficult task when analyzing such companies which report only the aggregate of their operations. Industry segments and geographic areas of operations can have different levels of risk and opportunities. Strengths and weaknesses of a company are difficult to isolate when only consolidated financial
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In recent years‚ the practice of creative accounting by the management of large listed corporation in the UK has received increasingly more attention and allegations‚ especially from key financial information users. Supported by significant evidence of the practice of creative accounting‚ it is largely believed that such practices misrepresent the underlying reported financial performance of firms‚ instantaneously conflicts key core aims of accounting – to provide consistent and comparable information
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of the Act and the related rules adopted by the SEC require management to assess the effectiveness of the company’s internal control over financial reporting as of the end of the company’s most recent fiscal year‚ and to state in the company’s annual report whether the company’s internal control over financial reporting is effective. The SEC rules implementing Section 404 of the Act include the following within the areas that management must consider in its assessment: 1. Controls over initiating
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KPIs and appropriate record keeping systems fit with taxation and other legal requirements and educate the process/ responsibilities to their staff. What are the reports that can be used for financial planning in an organisation? Profit and Loss Balance sheet Revenue and Expenditure report Cash flow statement Debtors and Creditors reports What is the process for preparing budgets or other financial plans? 1. Identify data that needs to be collected. 2. Identify the appropriate
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• HP® • Dell® • Disney® • Microsoft® Obtain faculty approval of your selection prior to beginning the assignment. Obtain a copy of the organization’s annual report and SEC filings for the past 2 years. Prepare a 1‚400- to 1‚750-word paper in which you analyze the data in the annual reports and SEC filings. Address: • Assess the role of ethics and compliance in your organization’s financial environment. • Describe procedures your organization has in
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objective of the ordinary audit of financial statements is the expression of an opinion on: Student Answer: the fairness of the financial statements. the accuracy of the financial statements. the accuracy of the annual report. the accuracy of the annual report. Instructor Explanation: Page 142 Points Received: 2 of 2 Comments: 5. Question : (TCO 4) If the auditor believes that the financial statements are not fairly stated or is unable to reach an conclusion because
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Insufficent referencing; this includes all graphs/charts/business models/ratio analysis‚ general information‚ comparator company information. Make sure that you provie more information than what the examiner can derive just by reading the annual reports. Read broker reports and press releases. Give 45 references at least. Reference every firgure‚ every fact you give. d. Not reading the information pack thoroughly. As simple as it may sound‚ but yes‚ mostly the reasons for failure can be avoided by just
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Set 1 Q.1 Which stakeholders require financial reports and why? Stakeholders of financial reporting can be grouped into a) Internal stakeholders a. Managers and Owners: Financial reporting provides a comprehensive view of financial position of an organization‚ financial analysis is performance based on data provided in financial reports. This information is used by managers and owners to perform smooth operation and formulate contractual term between the company and other organization
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