• Accounting Standards Iasc Iasb International
    708 words
    "The role and history of the International Accounting Standards Board, including an examination of the Board's evolution and stance on ethics issues." The International Accounting Standards Board, (IASB), began life as the International Accounting Standards Committee (IASC) in the 1973. The IASC was created in June 1973 as a result of an agreement by the accountancy bodies of Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States....
  • Segmental Reporting Information Segment Segments
    2,757 words
    Index 1 Introduction to segmental reporting 22 Origin of segmental reporting 22. 1 The fineness-theorem 22. 2 Market efficiency theory 22. 3 Agency theory 22. 4 Accounting theory 33 The most important segmental reporting standards 33. 1 International Accounting Standard 14 (IAS 14) 33. 1. 1 The International Accounting Standards Committee 33. 1. 2 The International Accounting Standards Board 43. 1. 3 IAS 14: Segment reporting 43. 1. 3. 1 Objective of IAS 14 (revised) 43. 1. 3. 2 Applicability...
  • Plan To Improve Oversight Of Financial Reporting Process
    485 words
    10 point plan to improve oversight of financial reporting process. 10 point plan to improve oversight of financial reporting process The New York Stock Exchange and The Blue Ribbon Committee saw a need for improvement in corporate auditing. They released a report of IO far-reaching recommendations intended to improve the quality of corporate financial reporting, Point # 1. Revise the definition of independent director. They say the definition should read as follows Members of the audit committee...
  • Audit Engagement Exton Industries
    994 words
    To: Pat Johnson From: PWC Date: March 12, 2003 Subject: Assessment of Exton Industries, Inc. Dear Ms. Johnson: I have recently reviewed the Control Environment Questionnaire for Exton Industries, Inc. After evaluating the evidence collected by our staff member, I have come up with an assessment of the fraud risks. From the evidence gathered, I have concluded that Exton Industries has a weak control environment. Overall, it will not do an effective job of preventing fraudulent activities. While ...
  • Financial Reporting Earnings Levitt Accounting
    2,359 words
    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. Levitt 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 ...
  • Accounting Financial Reporting
    381 words
    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. Levitt's 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 mo...
  • Accounting Standards International Ifrs Financial
    267 words
    To help you imagine what your company's accounts might look like under International Financial Reporting Standards, we have published fictitious financial statements for various types of entities to illustrate the disclosure and presentation requirements. In May 2002 the International Accounting Standards Board (IASB) published a revised Preface to International Financial Reporting Standards which defines IFRS to include standards and interpretations approved by the IASB as well as International...
  • International Accounting Standards 2005
    2,838 words
    Australian Companies are required to adopt International Accounting Standards by 1 st January 2005. What are the reasons for this move and what problems does it cause for financial reporting by these companies? Before we touch on the reasons and problems on financial reporting by Australian Companies, I shall give a brief introduction of International Accounting Standards and its impact on Australian Companies. Introduction Under the strategy announced by the Financial Reportin...
  • Financial Reporting Differences Accounting Companies
    480 words
    As we know that, there are major international differences in accounting practices is not obvious to all accountants, let alone to non-accountants. This also includes the differences in the ownership and financing of companies that could lead to differences in financial reporting. One of the differences in the ownership and financing of companies could lead to differences in financial reporting is external environment and culture. Clearly, its environment, including the culture of the country in...
  • People Asset Or Expense
    1,719 words
    Introduction A common claim or statement made by many organisations is, " Our greatest and most valuable asset is our people. " Certainly organisations need people and their efforts in order to operate. This statement however could fall under the category of marketing or public relations. When viewed from a purely financial reporting or accounting perspective however, the statement would be considered as incorrect or misleading. When organisations produce their financial reports, people are not ...