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Free research papers and essays on topics related to: financial reporting
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- Financial Reporting - 1,148 words
Financial Reporting On September 28, 1998, Chairman of the U.S. Securities and Exchange Commission Arthur Levitt sounded the call to arms in the financial community. Levitt asked for, "immediate and coordinated action... to assure credibility and transparency" of financial reporting. Levitts speech emphasized the importance of clear financial reporting to those gathered at New York University. Reporting which has bowed to the pressures and tricks of earnings management. Levitt specifically addresses five of the most popular tricks used by firms to smooth earnings. Secondly, Levitt outlines an eight part action plan to recover the integrity of financial reporting in the U.S. market place. Wha ...
Related: financial information, financial reporting, financial statement, reporting, market value
- Financial Reporting - 1,147 words
... purchased in the MFS merger. The expense includes $1.6 billion associated with UUNET and $0.54 billion related to MFS. (2) Additionally, 1996 results include other after-tax charges of $121 million for employee severance, employee compensation charges, alignment charges, and costs to exit unfavorable telecommunications contracts and $343.5 million after-tax write-down of operating assets within the companys non-core businesses. On a pre-tax basis, these charges totaled $600.1 million. The dollar amounts are staggering and the future implications far reaching. Since this approach was introduced by IBM in 1995 these charges have become commonplace for acquisition accounting. A popularity, ...
Related: financial accounting, financial reporting, financial system, personal financial, reporting
- Accounting Differences - 1,245 words
Accounting Differences General Comments about the Insurance Industry Insurance Companies generate revenues by selling insurance policies. These policies provide a known amount of revenue for an unknown amount of losses offsetting that revenue. This can make the matching principle difficult. Some of the potential losses can come years after the insurance policy was written and the premiums received. The liabilities for these future losses are estimated by actuaries and are subject to a certain amount of interpretation by management. The accounting for the premium revenues is reflected in written vs. earned premium. Various statutory requirements are based on written premium, which is the amou ...
Related: accounting, insurance policies, revenue growth, chief executive, ratio
- Business Ethics - 1,729 words
... r=s decision. Example 2: Price-fixing-Managers of firms manufacturing paper bags used for packaging foods, coffee, and other goods were fined for getting together and conspiring to fix the prices of those paper bags. When firms are operating in an oligopoly market, it is easy enough for managers to meet secretly and agree to set their prices at artificially high levels. Example 3: Manipulation of Supply-When hardwood manufacturers met periodically in trade associations, they would often agree on output policies that would secure high profits. Firms in an oligopoly industry might agree to limit their production so that prices rise to levels higher that those that would result from free co ...
Related: business conduct, business ethics, code of ethics, ethics, financial reporting
- Debt Service Funds - 227 words
Debt Service Funds A major goal of governmental financial reporting is assessing financial performance, that is, how well the government is doing with the money entrusted to it. From the standpoint of making judgments about the performance of government funds and government finance, the financial reports are a good place to start. These reports can provide a considerable amount of the information for gauging financial compliance, success, and health. Governmental and nonprofit accounting both use the concept of fund accounting. In fund accounting, the entity is divided into subsets or funds each with its own self-balancing set of accounts. Even though GASB Statement #34 will dramatically cha ...
Related: debt, fixed assets, various types, government finance, considerable
- Government Accounting System - 761 words
Government Accounting System On June 30, 1999 the GASB passed statement number 34. Statement 34 establishes new accounting requirements for state and local governments that are scheduled to begin on June 15, 2002. There are three phases scheduled for the implementation of statement 34, each depending on the size of the government. The largest governments must meet the requirement first while the smaller governments have more time to comply with the statement. Statement 34 will improve the governmental accounting system in many ways. First, statement 34 will create easier to understand financial statements. This will allow people other than accountants to understand the information within a g ...
Related: accounting, accounting system, government accounting, government officials, financial position
- Ibm Company - 1,808 words
... cused on forming both a decentralized and interlinked company. Therefore, it was difficult to counter the strong competition IBM divisions are facing from meaner rivals. 2.2. There is a slow pace of product introductions due to slow market researches: one of the most difficult challenges of IT markets is that products must be updated in a regular and very frequent basis. As you may have already noticed, a brand new computer will lead the market for only 5 to 6 months. That's why researchers must continually look for new technologies to apply to their products. However, the research process at IBM takes too much time, and this costs huge amounts of money, leading to a higher price than th ...
Related: consulting services, generally accepted accounting principles, market share, pace, division
- Introduction : - 1,172 words
... e dividends form part of the share's finance costs and, as such, are charged to the P & L account with other finance costs to achieve a constant rate on the outstanding instrument. However, the standard did not mention about what should be done with the credit that arises as a result of charging the cumulative dividend to the P & L account as an appropriation when the company has no distributable profits. For instance, it could be credited to liabilities as a dividend payable, but this does not answer - the dividend cannot be declared without distributable reserves from which to make the payment. In addition, there are no transitional provisions in the standard and, therefore, it appears ...
Related: standards board, more effective, interest rate, apply, charging
- Materiality In Financial Statements - 855 words
Materiality In Financial Statements It is the responsibility of an independent auditor to plan and perform an audit of financial statements that will provide reasonable assurance of detecting errors and irregularities that are material in nature. According to the Financial Accounting Standards Board, the essence of the concept of materiality is: "The omission or misstatement of an item in a financial report is material if, in the light of surrounding circumstances, the magnitude of the item is such that it is probable that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item." Materiality is a term that i ...
Related: financial accounting, financial performance, financial report, financial reporting, standards board
- Thin Client - 1,183 words
Thin Client A Thin Client is a PC which has no hard drive. It depends on another machine for operation. The advantages of a thin client are added security, because obviously the machine it depends on, actually controls the life blood of the thin client. This way, whatever security is set up on the host machine, is what rules the thin client's access. A thin client is really just a fancy way to allow a serving machine to host a client. Mainframe and other terminal type systems work on this principal. The client's screen and access to software and file structures is secured at the host. In a business setting, the costs of LAN maintenance is reduced because there is little ability of the thin c ...
Related: client, thin, market segments, user interface, distributing
- Truth And The Evolution Of The Professions: A Comparative Study Of Truth In Advertising And True And Fair Financial Statement - 4,990 words
... to six months imprisonment or to both fine and imprisonment. (Retailers Would Put Teeth 1921, 190) The Canadian government, in passing the Fraudulent Advertising Act, had followed some U.S. states in implementing a watered-down version of legislation requiring proof of intent to deceive. This, of course, made it very difficult to obtain convictions. Fifteen years later, the act had yet to be used and was soundly criticized by a Canadian lawyer writing in the retitled EA, now called Marketing. It [the Fraudulent Advertising Act] serves only to bring law into general contempt; for though it proscribes lying in advertising, lying continues to flourish with impudent impunity (Wilson 1929, 2 ...
Related: advertising, advertising agency, advertising industry, comparative, comparative study, evolution, false advertising
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