“A sound financial reporting system‚ supported by high quality accounting standards and backed by a solid regulatory‚ governance and ethical framework‚ is a pre-requisite for economic development”. Accounting has been around since the beginning of civilization and played an important role in the development of cities‚ trade and the concepts of wealth. Nowadays‚ business is very complex and therefore there is an increased need for providing accurate and reliable financial information. Moreover
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Chapter Two Legal/Ethical Challenge Wal-Mart What would you do if you were an executive at Wal-Mart? 1. Give Casias his job back. He is a great employee and is not violating state law about using marijuana for medical conditions. If I were an executive at Wal-Mart‚ I would amend the drug policy. I know that according to the Controlled Substance Act‚ marijuana is a controlled substance primarily because it has a high potential to be abused and there is no currently acceptable use. Under
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By Afra Sajjad Introduction In recent years‚ particularly since the advent of the global financial crisis‚ the debate has grown over whether annual reports have relevance to investors and other users‚ and enable them to make proper decisions on companies’ prospects. To bridge the perceived information gap‚ and to satisfy the information requirements of the standard setters‚ narrative reporting has come to the fore. In its various guises – Business Review‚ Management Commentary‚ Management Discussion
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Ethical Issues in Business and Accounting Barbi Hammond October 31‚ 2010 Ethical Issues in Business and Accounting The business and accounting worlds are full of ethical dilemmas and scandals. The works of great philosophers of the past can be directly applied to current situations in today’s business and accounting ethical situations. David Hume is one of the philosophers whose works could be applied to the business world today. David Hume was a Scottish philosopher. Hume introduced the
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Research cost | 2‚800 | Audit fee | 100 | Development cost | 4‚800 | Legal suit* | (800) | Amortisation expense | 8‚000 | Legal cost | 200 | | 15‚600 | | 43‚900 | | | *Since outcome of litigation is only 20% (remote)‚ it is not appropriate to provide for damages. The unrecoverable legal costs are a liability as the start of legal action is past event and should be provided in full. KASTURI Bhd Statement of Financial Position as at 31 March 2011 | Notes | RM | RM | Non-current Assets
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Describe the legal and ethical issues surrounding Andersen’s auditing of companies accused of accounting improprieties The largest bankruptcy of a non-profit organization‚the investors of Baptist Foundation of Arizona sued Andersen which served as the auditor for $217 million for issuing false and misleading approvals of BFA financial statements and also lost $570 million donor funds. BFA management allegedly took money from other investors to pay off the current investors which the court held
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In today’s electronic age‚ many employers are faced daunting task of making a legal call when determining if monitoring employee behavior is appropriate at all times. In essence‚ “Little Brother” is always watching. According to Schulman (2013)‚ Little Brother represents the tremendous capabilities technology as provided for employers to keep track of what their work force is up to. Several programs are available that search e-mails‚ as well as software to block objectionable websites. The most
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AC1010 Financial and Management Accounting for Managers Course Work for Semester 2 Submitted by: Emerson K.Yip G-number: Date: May 1‚ 2013 Table Content : Page 1. Calculation of Standard Cost per unit for each of the products 3 2. Reconciliation Statement between Standard cost at actual 7 production and Actual Cost of Production. 3. List of possible reasons for each of the variance
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IMPACT OF INFORMATION TEHNOLOGY ON CORPORATE GOVERNANCE AND FINANCIAL REPORTING 1.0 INTRODUCTION The introduction of the computer and advent of the Internet has changed the way we live in the modern world. This spans across every aspect of human life. Modern innovations have led to the description of the age in which we live as “the Information age”. Information technology and management therefore plays a vital role to the extent that timely access to Information could save a life while improper
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Ethical and Legal Issues in Nursing Over the last several decades‚ professional nursing has evolved and changed because of the influence of ethical and legal issues. There may be a variety of reasons for the changes. Examples in changes are advances in medical technology‚ legal changes about abortion and euthanasia‚ a push toward patient rights and litigation‚ and ever decreasing resources in which to provide nursing care. With all these influences affecting care‚ it has become increasingly
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