Financial Reporting Problem Part 1 XACC/290 March 1‚ 2015 Financial Reporting Problem Part 1 J.P. Morgan is a company in the banking industry. J.P. Morgan was established in 1799 and despite multiple stock market crashes and recessions; it is a company that continues to do well in its sector (JP Morgan‚ 2014). J.P. Morgan Bank is the publicly traded company that I chose to analyze the 2013 annual report. At the end of 2013‚ the total assets of J.P. Morgan was 1‚945‚467‚000‚000; one trillion‚ nine
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need for corporate governance stems from the separation of ownership and control in publicly held companies in the 19th century‚ it is pertinent at this point to note that this separation has brought about overzealous managers and passive owners. Investors seek to invest their capital in profit-making firms so that they can enjoy these profits in the future. Yet many investors lack the time and expertise necessary to operate a firm and ensure that it provides an investment return. As a result‚ investors
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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”. Economic development is affected by many factors; some believe that a strong financial reporting system is one of them. Throughout the report this will analysed and discussed to come to a sound understanding whether it does and if so‚ how effective it really is. High quality accounting standards
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Ethical Practice within the financial services industry Why is ethical practice important? Firms that operate within the financial services try to be as open and honest with their consumers with all types of business in order to create confidence among customers. Not all banks/services have profit as their primary goal‚ there are several financial services which focus on creating social and environmental benefits. So why are ethical policies important? Well it comes down to the customer and their
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for Financial Reporting The Conceptual Framework was issued by the IASB in September 2010. It superseded the Framework for the Preparation and Presentation of Financial Statements. © IFRS Foundation A21 Conceptual Framework CONTENTS paragraphs FOREWORD THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING INTRODUCTION Purpose and status Scope CHAPTERS 1 2 3 4 The objective of general purpose financial reporting The reporting entity to be added Qualitative characteristics of useful financial information
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The term disparities are referred to as differences. Health disparities are differences between groups of people in health. These differences vary from presence of disease‚ access to healthcare‚ from racial/ethnic groups‚ gender‚ age groups‚ environment‚ and socioeconomic groups. These differences exist largely in the United States with minorities consisting of African Americans‚ Asian Americans‚ Latinos‚ and Native Americans. For example the cancer rate of African Americans is ten percent higher
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Ethical relativism is a moral belief that what may be deemed acceptable by “one person or group‚” is not necessarily acceptable nor applicable by or for another. Thus‚ according to this viewpoint morals are based upon individual or cultural philosophies of life. Consequently‚ relativism expels moral absolutes‚ beings morality is “a matter of personal taste or preference.” In this forum I am to determine whether I agree or disagree with this viewpoint‚ I disagree. To approve of this mindset‚ I
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Code of Ethical Principles and Rules of Conduct Version 2.12 ISBN: 1-55219-024-2 Additional copies can be obtained from: Certified General Accountants Association of Canada 100 – 4200 North Fraser Way Burnaby‚ BC Canada V5J 5K7 © CGA-Canada‚ 2011 All rights reserved. These materials or parts thereof may not be reproduced or used in any manner without the prior written permission of the Certified General Accountants Association of Canada. Second Edition‚ Version 2.12 Printed in Canada
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REGULATIONS OF FINANCIAL REPORTING IN NIGERIA INTRODUCTION Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Financial Reporting Council‚ Securities and Exchange Commission and the
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transparency in the financial reporting. This transparency is rapidly occurring in India as the country catapults into becoming a major economic power propelled on by the combined forces of the technological revolution‚ the opening up of its borders and the privatization of many infrastructure industries such as transportation and communication. This paper addresses the adoption and applicability of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)‚ issued
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