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  • Internationalization Of Accounting Standards For Consolidation Japan
    2,188 words
    Internationalization of Accounting Standards for Consolidation - Japan: A CaseStudyThe purpose of this paper will be to examine problems with internationalization of accounting standards for consolidations on methods from an international perspective - specifically, in the US and Japan. This is an especially timely topic as standardization of financial markets is a prerequisite to international free trade. Given the trends toward greater globalization, the motivations of companies for seeking a ...
  • Use Of Financial Statements
    2,185 words
    To: Elizabeth Bruce - Line Manager From: Charvin Ebanja - Accountant Date: 7 November 2002 Subject: Introduction and discussion of Directors (Pentium plc) concerns about the use of published financial statements for evaluating the success of a company. You should discuss the purpose of financial statements for various stakeholders. You should also discuss the impact the different accounting policies have on the final published figures. The company we have chosen to focus on is the Selfridges Gro...
  • Financial Statement Representation Of A Transaction
    1,106 words
    I - A". Representational faithfulness is accomplished when transactions and events affecting the entity are presented in financial statements in a manner that is in agreement with the actual underlying transactions and events" (CICA, Financial statement Concepts 1000.21 (a), 2003). It means that all of information in the financial statement such as numbers and descriptions must be factual. The independent auditors checked the computer ID tags on each piece of equipment to confirm the actual numb...
  • Usefulness Of Information In Financial Statements
    1,762 words
    Preface Financial statements are prepared and presented for external users by many enterprises around the world. Although such financial statements may appear similar from country to country, there are differences which have probably been caused by a variety of social, economic and legal circumstances and by different countries having in mind the needs of different users of financial statements when setting national requirements. These different circumstances have led to the use of a variety of ...
  • Balance Sheet And Statement Of Owner's Equity
    411 words
    Memo In any business no matter how big or small financial statements are crucial if achieving success is the ultimate goal. There are three main types of financial statements, they are: Income statement, balance sheet and statement of owner's equity. All three of these financial statements can be looked upon to see where changes can be made in a company to ensure better success. The income statement is important because it presents the revenues and expenses allowing a company to see the net inco...
  • Generally Accepted Auditing Standards
    626 words
    GENERALLY ACCEPTED AUDITING STANDARDS April 10, 1996 Generally Accepted Auditing Standards are those guidelines which auditors must adhere to while conducting an audit of a company's or government entity's financial statements. It must also be stated in the audit report that the audit was conducted following Generally Accepted Auditing Standards. This has been required since 1941 after the investigation of a large drug company, McKesson & Robbins, Inc., which had had funds embezzled by its presi...
  • Implications To Current Audit Practice
    1,463 words
    Mautz and Sharaf presented an interesting idea about the postulates of auditing. In their study, they stated that the postulates were the basis, the assumptions, and the starting point for building the auditing structure. My generalization about the postulates is as follows: In my opinion, the postulates were valid in 1961. This was because Mautz and Sharaf carefully conducted a study and experimented about the nature and activities of auditing before they came up with the postulates. They were ...
  • Accounting For Derivative Instruments And Hedging Activities
    1,593 words
    According to Peter Coy of the International Swap & Derivative Association, the estimated derivative market worldwide encompasses over 150 trillion dollars. This is in far excess of the yearly Gross National Product of the entire United States! But what exactly are derivatives? Derivatives are financial contracts in which two or more parties take opposite positions as to how a price, index, or interest and currency rates are going change. They, in effect, "derive" their value based on an underlyi...
  • Four Fundamental Accounting Concepts
    1,461 words
    Financial statements, profit and loss accounts, balance sheets, cash flow statements etc, are produced on an annual basis to report to parties outside of organisation on its financial performance, financial position, and its cash flow over the period. Although the double entry system is a mechanical operation, accounting is sometimes subjective. Preparing financial statements is not absolutely automatic. Their content and layout are influenced by company law, accounting standards and accounting ...
  • Module 2 Areas Of Judgement Financial Statements
    871 words
    Introduction This report provides data obtained through ratio analysis, about the profitability, liquidity, asset management and debt utilization of Mayne Group Ltd. for the years 2001-2002. Mayne Group Limited is one of Australia's leading providers of private healthcare services. Mayne Group is mainly involved in the manufacture of pharmaceuticals & consumer products, and providing of healthcare and logistic services. In this report Mayne Groups financial status has been compared with two comp...
  • Important Costs To A Company And Investors
    1,576 words
    General Electric is a diversified technology and services company dedicated to creating products that make life better -- from aircraft engines and power generation to financial services, medical imaging, television programming and plastics. GE was formed in 1892 from a merger of two electric companies. Today, GE operates in more than 100 countries and employs more than 300,000 people worldwide. Since 2000 Jeffrey F. Im melt has been Chairman of the Board and CEO of General Electric Company. The...
  • Group'I 1 4 Cash Flow Statement
    1,267 words
    The financial statements are suggested as the intermediate component between the reporting entity and report users in the reporting process. The major objective is argued as to provide useful information about the reporting entity'I 1/4 financial performance and financial position to a wide range of users. Thus they can make economic decisions as well as assess the stewardship of the entity'I 1/4 management. Generally, financial statements comprise a balance sheet, a profit loss account and a ca...
  • Statement Of Financial Position As An Asset
    1,662 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 ge...
  • Presentation Of Financial Statements
    2,500 words
    1. Introduction Accounting is often said as the language of business (Lavoie, 1987). As a business language, one of the main functions of an accounting system is to provide information, through periodic reports known as financial statements, regarding the financial position, the results of operations and cash flows of a business entity to assist users of such reports in making decisions. The primary objective of Islamic accounting information according to Adnan and Gaffikin (1997) is to facilita...
  • Nonprofits Report Contribution Information In Financial Statements
    1,666 words
    Children Now A Non-Profit Organization Tonya Whitlock-Robinson September 4, 2003 Research Paper Professor Malone What is a nonprofit organization? A nonprofit is a tax-exempt organization that serves the public interest. The purpose of a nonprofit organization is to be charitable, educational, scientific, religious or literary. Nonprofit organizations do not declare a profit. They utilize all their revenue available, after paying normal operating expenses, to serve the public's interest. A nonpr...

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