...ENHANCEMENT OF EMPHASIS SALON SYSTEMS, INC. FINANCIAL ACCOUNTING POLICIES AND PROCEDURES STUDY PROBLEM AND GENERAL PURPOSES OF RESEARCH STUDY PROBLEM: Financial accounting procedures and policies in Emphasis Salon Systems, Inc. RESEARCH PURPOSE: Improvement and standardization of financial accounting policies and procedures. Different types of purposes include: Exploration Description Explanation Prediction/Control Solution The purpose of this study is to determine: 1. What were the implemented financial accounting policies and procedures? 2. How was it implemented? 3. What were the impacts to the employees and to the company? 4. Is there any need for revisions or improvement? 5. If certain policy or rule was violated, what were the solutions that the company did to solve it? 6. In terms of financial assistance to employees, what are the requirements needed to grant it and how far does it affect the flow of company’s operation ABSTRACT: Policies and procedures are designed to influence and determine all major decisions, actions, and all activities that take place within the boundaries set by them. Procedures are the specific methods employed to express policies in action in day-to-day operations of the organization. Policies and procedures ensure that a point of view held by the governing body of an organization is translated into steps that result in an outcome compatible with that view. A set of policies are principles, rules and guidelines...
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...Introduction: The primary purpose of financial and accounting management is to organize, plan, control and direct the financial and accounting activities, but to ensure that every stakeholder is adequately served. The effectiveness of financial and accounting management, therefore purely depends on the policies, regulations and frameworks that are designed and being evolved from time to time. According to Gray, Owen and Adams (1996) financial management is the core business discipline which is meant to ensure that financial resources are deployed in the most effective manner, within the best interest of every group of stakeholder. Moreover, the importance the financial management also increases in current business context because of the fact that economic and financial contexts have become uncertain and unpredictable in every region across the world. At the other end, financial management also supports the business activities and operations which include investment decision making, pricing, financial reporting as well as to meet the legal and regulatory obligations. This report also focuses on the different aspects of financial analysis and management to reflect its validity, reliability and usability in practice. The purpose of this report is to understand and examine the different aspects of financial management, which will be helpful to understand the effectiveness of financial management and its different aspects. In order to achieve the report’s objectives, below paper...
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...IAS 1 — Presentation of Financial Statements Page 1 of 14 IAS 1 — Presentation of Financial Statements Quick Article Links Overview IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows. IAS 1 was reissued in September 2007 and applies to annual periods beginning on or after 1 January 2009. History of IAS 1 Date March 1974 January 1975 Development Exposure Draft E1 Disclosure of Accounting Policies IAS 1 Disclosure of Accounting Policies issued Comments Operative for periods beginning on or after 1 January 1975 June 1975 Exposure Draft E5 Information to Be Disclosed in Financial Statements published October 1976 IAS 5 Information to Be Disclosed in Financial Operative for periods beginning on Statements issued or after 1 January 1975 July 1978 Exposure Draft E14 Current Assets and Current Liabilities published November 1979 IAS 13 Presentation of Current Assets and Current Operative for periods beginning on Liabilities issued or after 1 January 1981 ...
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...daily living and survivor in life. I will discuss in this paper the entity that I chose from the list of each health care financial environment and described in the Financial Environments Worksheet. I will address and compare the environment that I selected in week one assignment. I will describe the organizations financial structure. I will explain which unique policy to the financial environment that I selected from week one assignment. I will discuss financial management practices that are prevalent in the financial environment. I will in this paper discuss what are the effective financial management that is more difficult in health care than in other industries. Describe the financial structure. The mission of the Department of Veterans Affairs is a government entity that serves veterans of the United States and their dependents, and beneficiaries with compassion and dignity and veterans principal advocate to ensure they receive social support, benefits, medical care, benefits, and lasting memorials. (va.gov, 2016). Department of veterans' affairs financial structure consists of consolidated financial structure consolidated balance sheets that are base dollars in the millions. The assets are kept on this sheet with treasury fund balance. The financial statement is kept up on a yearly basic The balance statement consists of Investments, The financial statement will have a report that state veteran loan guarantees or the Direct Loans for the veteran or families that try...
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...Comparative Summary In this paper, the student will identify one for-profit, one nonprofit, and one government financial environment identified in the week one assignment. Under each category, a detailed discussion of each entity will describe the financial structure and financial policies unique to each environment. The student will discuss financial management practices prevalent in each environment. To conclude, an explanation will ensue of why effective financial management is more difficult in health care than in any other industries. Not-For-Profit “In the United States in 2007 there was 1,569,572 tax-empt organizations accounting for 8.11% of all wages and salaries paid with $2.6 trillion in total assets” (Gary, 2011, p. 1). The American Heart Association is one such entity. The American Heart Association (AHA) is an educational and research organization (Heart, 2013). Not-for-profit (NFP) funders do not have anything to do with the organization’s missions or programs (Gary, 2011). The funders only give money to the organizations, which in-turn the money is transferred into program achievements through the operations. Approximately three-fourths of the funds the AHA receive are allocated to educational and research programs. The AHA believes education and research programs will give the most benefit to the communities. The AHA, like other NFPs are run by board members who make decisions for the best interest of the organization, missions it has, and goals it wants...
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...FIN ANCI AL SERVICES BO ARD S T R AT E G I C P L A N 2010/11 – 2012/13 INDEX PAGE DEFINITIONS ............................................................................................................................. 3 1 2 2.1 2.2 2.3 3 3.1 3.2 3.3 3.4 3.5 4 4.1 4.2 4.3 4.4 5 5.1 5.2 INTRODUCTION ............................................................................................................. 4 FSB VISION AND MISSION .......................................................................................... 5 Vision .............................................................................................................................. 5 Mission ............................................................................................................................ 5 Values ............................................................................................................................. 5 OVERVIEW OF FSB OPERATIONS ............................................................................... 6 FSB Governance Structure.............................................................................................. 6 FSB Operational Structure............................................................................................... 7 Line Departments ............................................................................................................ 8 Line Support Departments .........................................................
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...FINANCIAL SERVICES BUSINESS PLAN 2007 – 2010 C Salter Chief Financial Services Officer Audit Exchequer & Procurement Projects Revenues Development & Supplies Accountancy Service Strategic Technical Venues Accountancy Estates Accountancy Management http://web1.com/finance Issue 1 March 2007 Process Owner: Chief Financial Services Officer Authorisation: Christine Salter Page 1 of 17 FINANCIAL SERVICES BUSINESS PLAN 2007 - 10 Contents 1. Overview of Service 1.1 1.2 1.3 Service Aims Services Provided Resources Summary 2. Contribution to Corporate Plan and Service Context 3. Performance Report 3.1 3.2 3.3 Performance Indicators Customer Focussed Services Achievements Against Corporate and Service Objectives 4. Future Service 4.1 4.2 Programmes, Projects & Improvement Actions Developing Internal and External Communication 5. Aligning Resources 5.1 5.2 5.3 5.4 5.5 Finance & Assets Efficiency People IT Delivered Systems Knowledge 6. Action Plan 6.1 6.2 6.3 Risk Assessment Sustainability & Equality Appraisal Business Continuity Appendices A. B. C. D. E. F. Issue 1 Business Objectives Matrix 2007/10 Business Objectives Update 2006/07 Workforce Planning Template 2007/08 Budget Analysis (i) Sustainability & (ii) Equality Appraisal Matrix Business Continuity Template March 2007 Process Owner: Chief Financial Services Officer Authorisation: Christine Salter ...
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...------------------------------------------------- Course Syllabus FP/101 Foundations of Personal Finance Course Start Date: 08/13/12 Course End Date: 10/14/12 Please print a copy of this syllabus for handy reference. Whenever there is a question about what assignments are due, please remember this syllabus is considered the ruling document. Copyright Copyright ©2010, 2009 by University of Phoenix. All rights reserved. University of Phoenix© is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft©, Windows©, and Windows NT© are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix© editorial standards and practices. Facilitator Information Carol Ward, MBA, DBA cward123@email.phoenix.edu (University of Phoenix) ciward123@yahoo.com (Personal) (901) 270-9434 (Central Standard Time) Facilitator Availability Dr. Ward is available from 9 a.m.-9 p.m. Central Time on most days, but I attempt to reserve Sunday for my family. During the week, I am online most of the time during that 9 a.m.-9 p.m. time...
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...security for LJB, and compliance with current policies. In order to be receptive to recommendations and change, it is imperative that a thorough understanding of how internal controls and security play into the profit and growth of the company. Effective internal control gives reasonable assurance, not guarantee, that all business objectives will be achieved. It extends beyond the aim of ensuring that all financial reports are reliable. It includes the efficient operation and compliance with laws, regulations, policies, and contractual obligations. It requires concerted effort on an ongoing basis; businesses are now systematically documenting, testing, evaluating, and improving their internal control and security measures. Effective internal control does not necessarily cost more, it reduces costly risks of avoidable losses and business failure and enable to operate in a more safely and profitable manner. After describing the merits of internal control, the business definition of internal control; Systematic measures (such as reviews, checks and balances, methods and procedures) instituted by an organization to (1) conduct its business in an orderly and efficient manner, (2) safeguard its assets and resources, (3) deter and detect errors, fraud, and theft, (4) ensure accuracy and completeness of its accounting data, (5) produce reliable and timely financial and management information, and (6) ensure adherence to its policies and plans. (Internal Control ) There is also...
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...Effective patient billing have firm financial policies and procedures. The financial policies and procedures are there to explain payment responsibilities to patients. To understand what is expected of patients and members of staff they must understand the financial policies. The process of co-pays, how to make arrangements for balances that are unpaid, collecting deductibles, balances that are past-due, discounts for patients that are considered low income, prepayment, and services that are not covered by insurance are explained by effective financial policies in a medical office. Forms of payment that the office accepts are too, explained by the financial policies. To help with the education process, the medical staff can mail brochures that discuss the billing processes of the office to patients. Another way the staff of the medical office can educate their patients is to verbally communicate and have signs of the policies in their office. Patients are less likely to be shocked about being billed for services or performed procedures done by the office, because they will be knowledgeable of what is expected of them from the medical office. Patients will be affected in a negative way if they are not informed properly. Let us say a patient’s insurance does not pay for a certain procedure, the patient would be very upset to receive an unexpected bill. It is less stressful to a patient when they understand before hand that their insurance will not pay for certain procedures. That...
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...the intended goals. These goals or factors can range from: finances, public relations, policy development, personnel recruitment or overall strategic planning in light of student performance. This strategic plan will focus on the financial aspects of an organizations plan. Establishing and implementing effective financial policies are fundamental in an educational organizations success. One essential component of a strategic plan is the establishment of financial policies and procedures. Financial policies are the rules that govern the financial decisions making process of an organization. Educational organizations adopt these policies and follow them to guide them when making financial decisions. Upon adoption of the organizations financial policies, the organizations financial decisions making process is simplified, because the institutions governing body has already developed the financial policies needed to make important decisions. Many times financial policies result from "past experiences." These experiences can range from the financial climate change within the organization to financial change within the state. Also factors such as funding from federal, state, local, and private parties can drastically impact the establishment of financial policy for organization. Educational organizations should adopt financial policies for a number of reasons. Why adopt financial policies? Adopting...
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...minimum policies and procedures that each licensee needs to have in place and apply within its credit risk management programme, and the minimum criteria it should use, to prudently manage and control its credit portfolio and exposure to credit risk. Experience indicates that credit quality goes hand in hand with financial soundness. Deterioration in credit quality is often a sign of problems in an institution. The major risk accompanying a weakening of the credit portfolio is the impairment of capital or liquidity. For most institutions, extending credit comprises the major portion of their business. To a great extent, therefore, the quality of an institution’s credit portfolio determines the risk to depositors Credit risk management must be conducted within the context of a comprehensive business plan. Although this document focuses on an institution’s responsibility for managing and controlling its credit portfolio and exposure to credit risk, it is not meant to imply that credit risk can be managed in isolation form asset/liability management considerations, such as the need to maintain adequate liquidity, or other risks. B. DEFINITION Credit is the provision of, or a commitment to provide funds or substitutes for funds (both on- and off-balance sheet), on a secured or unsecured basis to a debtor who is obliged to repay, on demand or at a fixed or determinable future time, the amount borrowed together with fees and/or interest thereon. Credit risk is the risk of financial loss...
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...The pursuit of financial stability* It gives me great pleasure to address this gathering at the 7th Annual Conference on Money and Finance in the Indian economy organised by the Indira Gandhi Institute of Development Research (IGIDR). Issues related to monetary policy and financial sector continue to attract a lot of research interest all over the world and this is all the more true for emerging economies like India which are gradually integrating with the rest of the world. Accordingly, the initiatives taken by the IGIDR to hold annual conferences on the topic of Money and Finance to bring together researchers and policymakers are indeed welcome. 2. With growing financial openness, globalisation and liberalisation, financial stability issues have come to the forefront. These issues have ranged from discussions on basic issues of the definition of financial stability itself to issues of measurement, issues of choice of instruments to achieve the objective of financial stability and even issues on the degree of activism that central banks should adopt in pursuing this objective. 3. Traditionally, it has been believed that monetary stability leads to financial stability. However, as the events of the 1990s show, it need not necessarily be the case. While there are complementarities between these two objectives, especially in the long run, the same need not hold in the short-run. A stable macroeconomic environment - low and stable inflation, sustained growth and low interest...
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...trilemma How can emerging economies protect themselves from the rich world’s monetary policy? Source: The Economist Aug 31st 2013 SINCE the beginning of May the Indian rupee has plunged by 23% against the dollar. The Turkish lira fell by 15% in that time, and the Indonesian rupiah by 16%. Headlines warn of a replay of the Asian crisis of the late 1990s. Complaints from emerging-market officials that rich-world monetary experiments are to blame for the trouble look like sour grapes. But new research presented to the world’s top central bankers at their recent gathering in Jackson Hole suggests they may have a point. At issue is how the flood (and ebb) of foreign capital affects economies. The traditional rule has been that countries face a “trilemma”: they must choose between free capital flows, a fixed exchange rate and an autonomous (independent) monetary policy. “The impossible trinity” sounds like new-age theology (religious truth) but simply posits (presents) that an economy can choose at most two of these three. An economy open to free movement of capital can keep a fixed exchange rate, for example, only by subjugating monetary-policy goals to its defence—by raising interest rates sharply, say, when capital outflows put downward pressure on the currency. Yet the trilemma also implies that an economy can enjoy both free capital flows and an independent monetary policy, so long as it gives up worrying about its exchange rate. Emerging-market leaders have...
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...Economic Policy Assignment 1 The nature of the ongoing financial crisis merely confirms what Economists have known for some time, namely, that the interconnectedness of global economic activity renders macro-management by single governments redundant. Their function is now to regulate markets to ensure economically efficient solutions. Module Leader :Paul McKeown Student Name: Chen JiaHui Student number: G20555142 1.0 Introduction This report argues that the ongoing financial crisis merely confirms the global political consideration what economists have known for some time. Firstly, it briefly explains how the financial crisis spread around the world in such a short time by globalisation. This report points out that the global financial system is inherently flawed, showing how economies go from stability to instability. Subsequently, it focuses on the link between economic globalisation and macro-management by single government, considering whether Macro-management of a country’s economy is redundant, given the global interconnectedness economy’s activity and business. This report shows government policy has reduced the effectiveness of interconnected economies, such as fiscal policy and monetary policy. After that, it emphasizes that it is imperative for governments to regulate financial markets so as to ensure economically efficient solutions. Consequently, this report concludes that although macro-management by single government is less effective, it still...
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