Governmental Financial Reporting Presented by David R. Koeppen‚ Ph.D.‚ CPA Department of Accountancy Boise State University dkoeppen@boisestate.edu Topics • • • • • Introduction Reporting Basics Fund Accounting Government-wide Financial Statements Summary and Conclusion Introduction • • • • Purpose of Financial Reporting Generally Accepted Accounting Principles Characteristics of Governmental Entities Effects of Characteristics on Financial Reporting Purpose of Financial Reporting • Private
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1. Is this an example of fraudulent financial reporting or misappropriation of assets In this case‚ it is misappropriation of assets because the fraud is the consequence of the employee theft. As it is stated in the case “manager at Aspen store was stealing payments by customers on accounts. That’s why subledger was out of balance with the GL. To cover it up‚ the manager debited the sales account‚ which was why the gross margins didn’t make sense.” 2. What created an opportunity to commit the fraud
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Microsoft’s Financial Reporting Strategy 1. What are the factors that likely explain the difference between Microsoft’s market value of equity and its reported book value of equity? One of the factors that explain the difference between Microsoft’s market value of equity and its reported book value of equity is the lack of effectiveness to record certain intangible assets such as stock of knowledge (i.e.‚ human capital) customer loyalty‚ and brand value. These former intangible assets mentioned
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In this paper the financial reporting practices and ethical s------ in health care will be discussed. Financial essential in any organization. There are four key components of financial management; ------- controlling‚ organizing and directing‚ and decision making. It is vital that the financial and other managers understand all four of these to be able to promote a ------ organization. The upmost to follow the ---------statement‚ vision and values through honesty and integrity‚ to toward the staff
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offering financial statements for 2009. Also‚ its main subsidiary’s revenue was deliberately inflated according to powerful evidence. As a result‚ the CEO‚ Jacky Chun‚ was arrested because of irresponsibility of proper records on purpose‚ and some auditors related violated Professional Accounting Ordinance due to publicizing the annual reports with false information. This ethical issue connects to fraudulent financial reporting by management personnel and accountants. Fraudulent financial reporting
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Financial Reporting Problem Financial Reporting Problem In every company there are challenging that must be overcome to maintain a healthy business. It is important for a corporation like Wal-Mart to be aware of their competition. The ability to study and learn from other business in the same market can drastically influence the success of an organization. It is equally important to ensure that a corporation is aware of their own strengths and weaknesses. A corporation as large as Wal-Mart
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CORPORATE FINANCIAL REPORTING Assignment #1 On * Sukuk (in context to Pakistan) * Listing requirements by KSE * IFSB * History of Accounting Standards and Adoption of IFRS * Deloitte Pakistan/Global Deloitte (1) Sukuk (in context to Pakistan) Sukuk is the Arabic name for financial certificates‚ but commonly refers to the Islamic equivalent of bonds. Since fixed income‚ interest bearing bonds are not permissible in Islam‚ Sukuk securities are structured to comply
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Financial Reporting Practices Financial Reporting Practices Health Care Financial Accountin September 7‚ 2011 Ethical standards in financial reporting are essential. Tools have been set in place to ensure that this takes place. Some of these tools are agencies that have been established‚ elements of financial management‚ and Generally Accepted Accounting Principles. Several administrative agencies have been established to strive to create a more standardized and ethical standard
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Phase 1: DB 2—Financial Reporting Model Colorado technical University ACCT300-1202B-01: Intermediate Accounting I I am a coworker and friend to Mr. Ethics. This morning at break‚ he appeared to look worried and under a lot of stress. Being his friend‚ I ask if he needed to talk. He told me that Mr. Fraud‚ the CEO of the company for which we work‚ called him into his office and asked him to adjust the books so that a spot of land purchased is recorded at book value of $50‚000 rather than the price
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most cases‚ are not liked by organisations and professionals concerned. The latter rather detest the regulatory bodies with enough biting power. So‚ it is quite natural on the part of the accounting professionals to oppose the formation of the Financial Reporting Council (FRC) through an act of parliament. The Institute of Chartered Accountants‚ Bangladesh (ICAB) has been opposing tooth and nail the move to set up the FRC on the plea that the institute remains an effective oversight body for the accounting
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