...International Accounting Standards are not always implemented into companies around the globe. Most industrialized countries have their own organizations, such as the United States Financial Accounting Standards Board, that govern their accounting standards. This can cause major difficulties for multi-country corporations, as well as confusing for investors who are trying to compare company financials. To rectify this problem, the SEC has prepared a roadmap that proposes requiring all U. S. companies to implement an improved version of International Financial Reporting Standards as soon as 2014. What would be required to implement these changes? Are accountants today ready and able to implement these news standards or will continuing education be vital to prepare them? If the U. S. takes on these changes, are other countries willing and able to implement changes as well? What will be accomplished with the implementing of a more universal system? Implementing International Financial Reporting Standards As the countries of the world become increasingly interdependent, language barriers must be transcended in order to promote adequate communication. This is true not only of spoken language, but also of accounting, which is commonly known as the language of business (Spiceland, Sepe & Nelson, 2011, p. 4). Global commerce has sounded the call for financial entities worldwide to speak one common language. Historically, the standardization of accounting principles has...
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...Project Details: Integrated Distributors Incorporated (IDI), a publically traded company, has its home office located in Billings, Montana. IDI has more than 4000 employees in the following locations: ▪ Billings, Montana, 600 employees ▪ Sao Paulo, Brazil, 580 employees ▪ Warsaw, Poland, 975 employees ▪ Sydney, Australia, 340 employees ▪ Tanzania, Africa, 675 employees ▪ Japan, China, and Hong Kong, 700 employees IDI has accounts with major market retailers, Federal governments, and large State governments. IDI operates a fleet of trucks in each country and has network interface agreements with subcontractors for freight forwarding, storage, and delivery. IDI is responsible for the movement of goods, from multiple manufacturers and distributors to its clients, in a timely and efficient manner using cost-effective methods. Alternatively, IDI may transfer this responsibility to one of its JVs or SAs, if it is more cost-effective and the income differential is within acceptable limits. IDI is also under pressure for several of its competitors in the logistics industry. The competitive market is driving IDI to improve its routes, delivery methods, fleet vehicles, and other facets of its business to increase profits (a strategic goal) and to reduce costs. The company realizes that the information technology infrastructure has been neglected for some time and that many operating locations are running...
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...Contents lists available at SciVerse ScienceDirect Knowledge-Based Systems journal homepage: www.elsevier.com/locate/knosys Bankruptcy prediction models based on multinorm analysis: An alternative to accounting ratios Javier de Andrés ⇑, Manuel Landajo, Pedro Lorca University of Oviedo, Spain a r t i c l e i n f o a b s t r a c t In this paper we address the bankruptcy prediction problem and outline a procedure to improve the performance of standard classifiers. Our proposal replaces traditional indicators (accounting ratios) with the output of a so-called multinorm analysis. The deviations of each firm from a battery of industry norms (computed by nonparametric quantile regression) are used as input variables for the classifiers. The approach is applied to predict bankruptcy of firms, and tested on a representative data set of Spanish firms. Results indicate that the approach may provide significant improvements in predictive accuracy, both in linear and nonlinear classifiers. Ó 2011 Elsevier B.V. All rights reserved. Article history: Received 9 February 2011 Received in revised form 2 October 2011 Accepted 3 November 2011 Available online 30 December 2011 Keywords: Bankruptcy prediction Classification techniques Nonparametric methods Quantile regression Accounting ratios 1. Introduction Under the current economic conditions, bankruptcy early warning systems have become tools of key importance in order to guarantee the stability of the economy, as a consequence of...
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...lead to a consolidation of the financial systems. The strengths and weaknesses of the financial sector will be analyzed in order to see the changes needed to maintain its competitive position. The first part of the paper will briefly explain the subprime crisis, origins and impact on the financial world as new form of contagion. In the second chapter the consequences of the subprime crisis in the Spanish banking sector will be described. The last chapter of the thesis will present an analysis of the reforms made, using legal intervention. It will be concluded with a general point of view regarding the present situation of the Spanish banking system, the potential results of the current measures and the perspectives of new reforms. Contents 1 | Introduction | | 2 | Introducing the Subprime Crisis i. The subprime crisis: origins and evolution ii. Implications of the mortgage bubble The Spanish Banking sector: Before and after i. The evolution of Spanish economy until the Subprime Crises ii. A unique model in Spain: Banks and Spanish Savings Banks iii. Spanish economy snapshotThe change in the banking sector regulation | | 3 | * Banking regulatory failure and moral...
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...RMIT International University Vietnam Bachelor of Business (Accountancy) Assignment Cover Page | Subject Code: |ACCT2163 | | | | |Subject Name: |Accounting Theory | | | | |Location & Campus (SGS or HN) where you study: |RMIT Vietnam | |Title of Assignment: |Individual assignment | | | | |Student name: |Pham Thanh Huong | |Student Number: |S3275153 | | | | |Teachers Name: ...
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...people began to invest money into large corporations. The Stock Market crash of 1929 and various scandals made auditors realize that their roles in society were very important. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. The auditors’ job became more difficult as the accounting principles changed, and became easier with the use of internal controls. These controls introduced the need for testing; not an in-depth detailed audit. Auditing jobs would have to change to meet the changing business world. The invention of computers impacted the auditors’ world by making their job at times easier and at times making their job more difficult. Finally, the auditors’ job of certifying and testing companies’ financial statements is the backbone of the business world. Introduction Auditing has been the backbone of the complicated business world and has always changed with the times. As the business world grew strong, auditors’ roles grew more important. The auditors’ job became more difficult as the accounting principles changed. It also became easier with the use of internal controls, which introduced the need for testing, not a complete audit. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. Computers...
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...INVESTMENTS IN EDUCATION. EVIDENCE FROM SPANISH REGIONS Journal: Manuscript ID: Manuscript Type: JEL codes: Keywords: peer-00677964, version 1 - 11 Mar 2012 http://mc.manuscriptcentral.com/cres Email: regional.studies@fm.ru.nl ee Regional Studies CRES-2009-0336.R1 Main Section O18 - Regional, Urban, and Rural Analyses < O1 - Economic Development < O - Economic Development, Technological Change, and Growth, O47 - Measurement of Economic Growth|Aggregate Productivity < O4 - Economic Growth and Aggregate Productivity < O - Economic Development, Technological Change, and Growth, R11 - Regional Economic Activity: Growth, Development, and Changes < R1 - General Regional Economics < R - Urban, Rural, and Regional Economics economic development, education, productivity, rate of return rR ev ie w On ly Page 1 of 37 Regional Studies 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 PROFITABILITY OF INVESTMENTS IN EDUCATION. EVIDENCE FROM SPANISH REGIONS Enrique López-Bazoa Fo rP a Rosina Morenob University of Barcelona peer-00677964, version 1 - 11 Mar 2012 European Commission, Joint Research Centre (JRC), Institute for Prospective Technological Studies (IPTS), C/ Inca Garcilaso 3, 41092 Seville, Spain ee rR & AQR Research Group—IREA, Dept. of Econometrics, Statistics and Spanish Economy, University of Barcelona...
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...Claremont Colleges Scholarship @ Claremont CMC Senior Theses CMC Student Scholarship 2011 The Effect of Culture on the Implementation of International Financial Reporting Standards Mitchell A. Skotarczyk Claremont McKenna College Recommended Citation Skotarczyk, Mitchell A., "The Effect of Culture on the Implementation of International Financial Reporting Standards" (2011). CMC Senior Theses. Paper 165. http://scholarship.claremont.edu/cmc_theses/165 This Open Access Senior Thesis is brought to you by Scholarship@Claremont. It has been accepted for inclusion in this collection by an authorized administrator. For more information, please contact scholarship@cuc.claremont.edu. CLAREMONT McKENNA COLLEGE THE EFFECT OF CULTURE ON THE IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS SUBMITTED TO PROFESSOR MARC MASSOUD AND DEAN GREGORY HESS BY MITCHELL SKOTARCZYK FOR SENIOR THESIS SPRING 2011 2 Table of Contents I. Introduction…………………….……………………………………………………………….4 II. Literature Summary………………………………………...………………...….……………..5 III. IFRS……………………...……………………………………………………..……………11 IV. Carve-outs…………………………………………………………………………………....18 V. Culture and Accounting………………………………………………………………………25 VI. Conclusion………………………………………………………………...…………………30 Appendix………………………………………………………………………………………...32 Bibliography……………………………………………………………………………………..37 3 I. Introduction As globalization increases at a blistering pace, more...
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...COMPANIES EVIDENCE. ABSTRACT The main objective of this paper is to analyze the relationship between the composition and characteristics of corporate governance on the financial reporting quality of Portuguese companies. The major reference case studies on the relationship between corporate governance and the financial reporting quality are not validated by the results obtained. The results show that the board composition changes and its degree of independence do not produce any influence on the quality of the accounting information. Our study shows that although the main international guidelines relating to the rules of good governance have been followed closely by Portuguese institutions, the actual implementation of these rules did not occur. 2 1. INTRODUCTION The aim of this paper is to contribute to the study of the influence of the type of corporate governance on the financial reporting quality in countries with a tradition of continental accounting. Despite the profuse literature about this topic, adapted to Anglo-Saxon environments, its applicability to companies with different structures, specifically companies in Latin markedly based on Roman law, less flexible and more closed, is still at a very early stage of understanding. The Portuguese state falls within this context and needs to be widely known and understood. The effect of the introduction of corporate governance rules as results of mandatory...
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...The IUCN Anti-Fraud Policy February 2008 – Version 1.0 Office of the Director General The World Conservation Union Rue Mauverney 28 1196 Gland, Switzerland Tel: +41 22 999 0296 Fax: +41 22 999 0029 www.iucn.org Policy Version Control and Document History: The IUCN Anti-Fraud Policy Title Version Source language Published in French under the title Published in Spanish under the title Responsible Unit Developed by Subject (Taxonomy) Date approved Approved by Applicable to Purpose IUCN Anti – Fraud Policy 1.0 released February 2008 English Politique de l’UICN de lutte contre la fraude Política para la Prevención de Fraudes de la UICN Office of the Director General IUCN Oversight Unit Fraud, Internal Control, Risk Management November 2007 Director General and Global Management Team All IUCN Staff Members world-wide The aim of the IUCN Anti-Fraud Policy is to safeguard the reputation and financial viability of IUCN through improved management of fraud risk. It sets out explicit steps to be taken in response to reported or suspected fraud, as well as measures that will be taken to prevent or minimize the risk of fraud. IUCN Internal Control Policy Framework COSO Standards IUCN Code of Conduct and Professional Ethics for the Secretariat Sent to all staff members world-wide, available on the IUCN Knowledge Network (intranet), provided for information to all partner organizations and suppliers with contracts with IUCN, and available publicly on request. Is part of Conforms...
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...GAAP-based Accounting Amounts Comparable? Mary E. Barth* Stanford University Wayne R. Landsman, Mark Lang University of North Carolina Christopher Williams University of Michigan August 2011 * Corresponding author: Graduate School of Business, Stanford University, 94305-5015, mbarth@stanford.edu. We appreciate funding from the Center for Finance and Accounting Research, Kenan-Flagler Business School and the Center for Global Business and the Economy, Stanford Graduate School of Business. We appreciate comments from Elicia Cowins, Julie Erhardt, Margot Howard, Elmar Venter, an anonymous reviewer, and workshop participants at the University of Cologne, ESSEC Business School, George Washington University, Giessen Business School, University of Graz, IESE Business School, University of Leeds, University of Missouri, Oklahoma State University, Shanghai University of Finance and Economics, Singapore Management University, Southern Methodist University, Stanford University, Washington University at St. Louis, and the European Accounting Association Congress. We also thank Dan Amiram and Mark Maffett for assistance with data collection. Electronic copy available at: http://ssrn.com/abstract=1585404 Are IFRS-based and US GAAP-based Accounting Amounts Comparable? Abstract This study documents whether application of IFRS by non-US firms results in accounting amounts comparable to those resulting from application of US GAAP by US firms. IFRS firms have greater accounting system...
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...not load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be as dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.” Adam Smith Introduction Enron’s bankruptcy in 2001 was a milestone in recent times as far as corporate governance regulations it is concerned. Besides the executives, the external auditors were accused and found guilty as accomplices in distorting the accounting information the Securities and Exchange Commission (SEC) required from them as a public company that traded its securities in the New York Stock Exchange (NYSE). US Government’s reaction was to increase the regulation on the activities performed by all public companies by issuing the Sarbanes-Oxley Act (SOA) and creating the Public Company Accounting Oversight Board (PCAOB). It was now required that the Chief Financial Officer (CFO) of each company signed a statement on the effectiveness of the Company’s internal control and that the external auditors issued a report on this management’s statement, besides their previously required report on the fair presentation of its financial statements. The auditors became also subject to many regulations on the quality controls of their procedures and were now going to be overseen by the PCAOB. The objective of this essay is to analyze how the initial regulation on public...
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...Services: A Management Accounting Approach Jordi Carenys Professor at the Management Control Department. EADA Business School EADA, c/o Aragó 204, 08011 Barcelona, Spain E-mail: jcarenys@eada.edu Tel: 934 520 844; Fax: 933 237 317 Web: www.eada.edu Xavier Sales Professor at the Management Control Department. EADA Business School E-mail: xsales@eada.edu Abstract The present study aims to outline the characteristics of the cost systems used in banking institutions. It does so by describing the partial costs and full cost systems in banking institutions. It then looks at the limitations of these approaches to the current competitive conditions and goes on to consider the applicability of the activity based costing system in the allocation of indirect transformation costs to branches, products and customers. Finally, we will look at the findings of a questionnaire to Spanish savings banks in order to evaluate how widespread these systems are and how they are used in savings banks. We found that direct costs systems predominate in customer and products entries whereas full costs systems are much more widespread in the case of branches. Furthermore, we also found that the use of activity based costs systems is very limited. Keywords: Saving banks Cost structure Management accounting Cost systems Activity based costing. JEL Classification Codes: M41 – Accounting G21 - Banks; Other Depository Institutions. 1. Introduction Historically, management accounting in banking institutions...
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...|Student Website User Manual |[pic] | | | | Table of Content I. Introduction 1 A. Summary 1 B. Purpose 1 C. Glossary of Terms 1 II. Center for Writing Excellence 2 A. Introduction to the Center for Writing Excellence 2 B. WritePoint 2 C. Tutor Review 3 D. Plagiarism Check 3 E. How to submit a document for review 3 F. Writing Tools 4 1. Tutorials and Guides 4 2. Writing Manuals 5 3. Finding Help 5 III. Library Services 6 A. Introduction to Library Services 6 B. Search FAQ’s 7 C. Ask a Librarian 7 D. Request a Specific Document 8 E. View the Research Tutorial 9 F. Read the Library Guide 9 G. Library Resources 9 1. Article Databases – Major 10 2. Article Databases – Specialized 10 3. Books, Dissertations, and Theses 10 4. Canadian Indexes 10 5. Company Directories and Financials 10 6. Country Profiles and Economic Data 10 7. Encyclopedias and Dictionaries 10 8. Journal Indexes and Abstracts 11 9. Test Guides and Preparation 11 10. Writing and Publishing Resources 11 11. Choose Databases by Subject 11 12. Find a Specific Publication 11 13. Biblioteca in Español 11 14. Library Resources Location 11 IV. Center for Mathematics Excellence 13 A. Introduction...
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...Running head: E-Business (QRT2) Task 2 1 E-Business (QRT2) Task 2 Proposal for Online Business Expansion Part 2 E-BUSINESS (QRT2) TASK 2 E-Business (QRT2) Task 2 Proposal for Online Business Expansion Part 2 Gaia’s Organic Dog Treats is a small but rapidly growing business located in Atlanta, Georgia, which derives the majority of its income from the production and direct-to-consumer sale of organic, grain-free, gluten-free dog treats. Its two best-selling products are 100% organic meat jerky (no additives or other ingredients besides meat) and organic dog biscuits made of unique, non-grain ingredients and offered in distinctive shapes such as miniature cupcakes, pizzas, etc. At present the company does not have an online strategy; it has only a single extremely basic web page referring customers to an email address. All sales are local and distribution is through breeder’s clubs, dog shows, farmer’s markets, and two small boutiquestyle retail stores catering to very high-wealth individuals. Although growth in the local market remains strong, the company is aware of the potential for eventual saturation. More importantly, it is clear based on the success of their existing product line that there is a tremendous opportunity to grow their sales by expanding beyond the Atlanta metropolitan region. As the owner of a premium, very high quality and high margin brand, having limited capital due to its relatively small size (roughly $500K in annual sales), the company does not...
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