...often does not occur until a material accrual is recognized for that loss contingency, sometimes taking investors by surprise. b. The at least reasonably possible threshold for disclosing loss contingencies has not resulted in the disclosure of the full population of an entity’s existing loss contingencies that would be of interest to financial statement users. c. The amounts recognized in the financial statements related to loss contingencies are not transparent to users. In order to improve the disclosures about certain loss contingencies, such change of standards is necessary.” In response to this concern, the Board made two roundable discussions and got some feedback from respondents and finally issued an exposure draft stating that “An entity shall disclose qualitative and quantitative information about loss contingencies to enable financial statement users to understand all of the following: a. The nature of the loss contingencies. b.Their potential magnitude. c.Their potential timeing (if known).” It is reasonable the Board revised some proposal in insponse to the comment letters from respondents. For example, respondents argued that some unnecessry disclosure of certain remote loss contingencies would show fianancial statement users and mislead loss contingencies information. “ The Board agreed with this opinion that it is not clear whether changing the disclosure threshold from at least a resonable possibility to more than remote would have a significant effect on the population...
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...Computers: The Perfect Idols More often than not in today’s world you will tend to use computers. Directly or indirectly they have been increasing their influence on our lives from their invention in the 50’s, until the current state of their presence in every aspect of our lives. What before was done on paper, today is done on the same paper, a computer, a copy, and a form to input the data into the computer. The paperless revolution has turned sour. The very purpose of the computer as a business machine -- to reduce clutter, to organize data better and faster, and mostly to reduce the paperwork -- has been abandoned for a system dictated to us by the needs of our computers. This is only one way that computers are being misused in our society. Think for example of the regular answer you would get if you call up any bureaucratic agency, such as a bank or a government agency, with any problem. The first response would probably involve something like: “Our computer doesn’t show that record”, or “The computer doesn’t say you did so and so.” That is also probably as far as you will get to solving that problem. The computer is the perfect cover-up for the clerk on the other end of the phone line. If the computer says so, how can anyone argue? The computer shows no record of such and such a paper, and therefore it must not exist, and that is the end. The clerk need not involve himself/herself in though as to why the record is not in the computer, or how it got out of the computer...
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...Findings The Department of Trade and Industry has a semi-automated accounting system. The entity uses Electronic New Government Accounting System (E-NGAS) along with Microsoft Excel, Payroll Credit System (PACS), Land Bank of the Philippines (LBP) Bank Transmittal and Check Preparation System to prepare their payroll. The City Government of Legazpi has a fully automated accounting system. Like the Department of Trade and Industry, it uses Electronic New Government Accounting System (E-NGAS). However, in addition to E-NGAS, the City Government of Legazpi uses a software called Base Bytes Payroll System specifically designed to prepare their payroll. Meanwhile, the Department of the Interior and Local Government is using a manual accounting system. The strengths ans weaknesses of automated accounting information systems do not apply to the manual accounting system used by the Department of Interior and Local Government. Delays sometimes happen and the cashier and employees claim that some errors are found in their payroll. The employees also report complaints. The semi-automated accounting system, as used by the Department of Trade and Industry, is simple, fast and flexible. Data is well-organized and consistent. Storage and accessibility of information is highly reliable and it provides complete and credible information. Using a semi-automated accounting system, reports are released and payroll is distributed on time. Employees support this claim by stating they...
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...Task 1.1 Disjoin subtype: Basically disjoin subtype is a type of scenario that is often run into in data modelling. IN this modelling there is a one specific thing that this each subtype of entity is described with different own table. For example if we create a table name Animal there should be different entities for all subtype it should be like Living, instincts, marine lives, there are three different types of entity type that are disjoint types. (Enhanced E-R Model, 2001) Overlapping: Overlapping subtype are the subtypes that contain non-unique subsets of the super type entity relationship sets. In simple wording it can be said that this type of super type is contain one or more subtype on the same time. For example here if here we talk about a professor of the university he can be administrator of any department on the other hand a student can be a professor at that university. It means there is overlapping between student and professor. Figure 2 (E-R Modelling) Task 1.2...
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...principles for reporting financial information by segments. The disclosure of this information will: (a) help users of the financial statements to better understand the entity’s past performance and to identify the resources allocated to support the major activities of the entity; and (b) enhance the transparency of financial reporting and enable the entity to better discharge its accountability obligations. Definition of a Segment A segment is a distinguishable activity or group of activities of an entity for which it is appropriate to separately report financial information for the purpose of evaluating the entity’s past performance in achieving its objectives and for making decisions about the future allocation of resources. Reporting By Segments Under this Standard, public sector entities will identify as separate segments each distinguishable activity or group of activities for which financial information should be reported for purposes of evaluating the past performance of the entity in achieving its objectives, and for making decisions about the allocation of resources by the entity. In addition to disclosure of the information required by paragraphs 51 to 75 of this Standard, entities are also encouraged to disclose additional information about reported segments as identified by this Standard or as considered necessary for accountability and decision making purposes. I. Users and Uses of Segmental Reporting A. Investors 1. Interested in cash flows...
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...System (Goods and Services Tax) Act 1999, it can be concluded that the GST has a neural effect on business-to-business transactions and that only the ultimate customer pay for the GST. The registration of entities is the basis of the goods and services tax (GST) system. According to section 23-1 GSTA, only these entities which are carrying on enterprise can be registered. The enterprise is defined in the section 9-20, which consist of activities done in form of business or in form of an adventure or concern in the nature of trade. These rules indicate that the ultimate customer, who is not carrying on enterprise, cannot be registered in the GST system. For these entities which are carrying on enterprise when entities’ GST turnover reach the registration turnover threshold, that is$75,000 ($150,000 for non- profit entities), they are required be registered by section 23-5 and 23-15 GSTA. It means that the small business is able to choose to be registered or not. The GST system only works on these registered entities except importations. According to the section 13-1GSTA, GST is payable on taxable importations regardless whether or not the entity is registered. Therefore, GST system works on registered entities and importation. GST operates in a way that registered entities that make “taxable supplies” must pay GST at the rate of 10% on the value of taxable supplies, section 9-40 and 9-70 GSTA. Section 9-75 GSTA said that the value of taxable supply is the 10/11 of the price...
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...disposal stores and equipments shall be aggregated for all departments of a procuring entity; (d) The aggregation of disposal requirements shall take into account- (i) the market relationships between the items if any; (ii) items which are of a similar nature and are likely to attract the same potential bidders; (iii) the optimum size and type of contract to attract the greatest and most responsive competition or the best prices; (iv) items which shall be subject to the same method of procurement and bidding conditions; (v) items which shall be subject to the same conditions of contract; (vi) the appropriate size of contract to facilitate the application of any preference and reservation scheme. (e) a procuring entity shall not, with the intention of avoiding a particular method of disposal or the benefits of scale, split up disposal requirements which can be disposed of as a unit. (f) Splitting of disposal requirements, which are broadly similar or related, shall only be permitted when the split offers clear economic or technical advantages. (2) Where assets have been identified for disposal, the procuring entity shall undertake the valuation of the assets or property either using its own staff or an independent valuation expert in order to determine the estimated reserve price which shall be confidential and shall not be disclosed to the bidders..Disposal committee 55. (1) A public entity shall establish a disposal committee for the purposes...
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...A brief overview of 3 Methodologies for comparison Structured Systems Analysis and Design Method (SSADM) • Developed by the UK government in 1982; mandatory use for some Civil Service applications; now mature and widely used • Use supported by many CASE tools (including Select) • Builds on the traditional Systems Development Life Cycle and has clearly defined stages; it thus lends itself to project management techniques • Provides development staff with detailed guidelines, requiring, for example, the completion of pre-printed documents • Data driven ; based on assumption that systems have an underlying data structure that changes little over time – however, later versions of SSADM have placed increasing emphasis on user • Thorough quality assurance: deliverables at every stage reviewed in structured walkthroughs and signed off by users • Separates the logical view of the system from the physical • Provides 3 main views of the system, the Data Flow Diagram, the Entity Relationship Diagram and the Entity Life History, which can be cross-checked one against the other. Rapid Applications Development (RAD) • The name speaks for itself – need for RAD driven by rapidly changing business needs • Can be viewed as an example of the spiral model for systems development. The spiral model acknowledges the stages that form the SDLC but builds into each stage iteration, prototyping and extensive user involvement. • Prototyping may be of whole system...
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...enterprise’s variable interest or interests give it a controlling financial interest in a variable interest entity. Under Statement 167, an enterprise that has both of the following characteristics is the primary beneficiary of the variable interest entity: • The power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance • The obligation to absorb losses of the entity that could potentially be significant to the variable interest entity or the right to receive benefits from the entity that could potentially be significant to the variable interest entity In addition to the new consolidation model described above, Statement 167 also amends: • Certain guidance for determining whether an entity is a variable interest entity • Guidance on when a service or management contract is a variable interest • When an enterprise is required to assess whether the enterprise is the primary beneficiary of the variable interest entity (requires ongoing reassessment) • When the related party guidance is applied in the consolidation model • Disclosures about an enterprise’s involvement in a variable interest entity (requires disclosures generally consistent with FASB Staff Position FAS 140-4 and FIN 46(R)-8, Disclosures by Public Entities (Enterprises) about Transfers of Financial Assets and Interests in Variable Interest Entities, which was nullified by Statement 167) Statement...
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...Question #5: Identify controls that could have helped prevent or detect this theft, had they been in place Answer: * By providing fiscal policies and procedures in writing that are approved Board of Directors the entities sets a major underlying foundation for behavior that is expected and required. * These policies should include conflict of interest and code of ethics section. * Procedures should be updated every year * It is important that employees are taught and trained in the policies so that they learned of their existence and they get a sense of what is expected of them. * It is also important to exercise segregation of duties in the workplace. This means require different parties to perform key parts of the transaction. Specifically, separate the authorization, custody, record keeping and reconciliation duties. In the case, not only is Jessica in charge of the custody and record keeping duty, but there also seems that there isn’t any supervising bank reconciliation activity being performed. There are different controls that this entity could have used to avoid segregation of duties problems experienced that led to the burglary of funds by Jessica. Some of these are: * Implement a bank lockbox system that receives the entity payments. These system would have avoided Jessica or any employee to have to deal with cash by just getting bank notifications of the daily deposits for recording. * If a lockbox system is unavailable/undesirable...
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...Global Consulting. The E-R model can provide ACME Global with a specific, but open-ended design that is tailored to the company’s needs. This also allows us to sketch the design of a database informally and incorporate changes in order to avoid problems later on. The E-R model allows for growth beyond its ideas at inception. It lays the groundwork for later database relational designs. 3. List and describe essential components of the model such as entities, attributes, keys, relationships, roles, and dependencies specific to ACME Global Consulting. Entity: real-world object or thing with an independent existence and which is distinguishable from other objects. Examples are a person, car, customer, product, gene, book etc. Attributes: an entity is represented by a set of attributes (its descriptive properties), e.g., name, age, salary, price etc. Attribute values that describe each entity become a major part of the data eventually stored in a database. A key is a set of attributes for one entity set such that no two entities in this set agree on all the attributes of the...
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...10ISB303 - Database Design | Report Explaining The Data Model For Creating A Conference Database | Loughborough University Department of Information Science | | Cherry Louise Maguire-A913339 | 3/1/2011 | | Contents 1.0 Introduction 3 2.0 Background 3 3.0 Entity Relationship Diagram 4 4.0 Relationship Statements for Database 5 5.0 Justification 6 5.1 Seminar Table 6 Seminar Table 6 5.2 Workshop Table 7 Workshop Table 7 5.3 Chair/Speakers Table 8 Chair Table 8 Speakers Table 8 5.4 Workshop presenters Table 9 Workshop Presenters Table 9 5.5 Presentation Table 10 Presentation Table 10 5.6 Exhibitions Table 11 Exhibitions Table 11 5.7 Exhibitors Table 11 Exhibitors Table 11 5.8 Delegates Table 12 Delegates Table 12 5.9 Costs Table 13 Costs Table 13 6.0 Word Count 13 1.0 Introduction This report includes an explanation of a data model for a Conference database. It will include my rationale behind the database design I have chosen, including an entity-relationship diagram and the expected structure of my database. ------------------------------------------------- 2.0 Background Loughborough University’s Department of Information Science annually hosts a seminar on ‘Electronic Public Information Provision’. This is typically a one-day event which has proved popular due to the events and extras included. The day includes presentations from various speakers, an exhibition and an array of workshops. Throughout...
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...productive in their daily workday schedule. As we all recognize that productivity is one of the many keys to a successful business. Advantages of the Entity Relational Model: a. Structure: The structure of the E-R Model DBMS is the ease of use. This system will allow the users to communicate with each other on the basis that it is not so technical. Your company would have a low percentage rate of mistakes during data entry throughout the daily workforce. This structure also allows employees to communicate and interact with each other more effectively should problems arise. A more efficient workflow would be established due to the different employee groups understanding each other and would be able to solve different issues that may arise within the DBMS. b. Components: Another advantage to having this E-R- Model DBMS is that the components will allow your employee groups to distinguish the differences between these different components in the model. Some of the components are entities that represent a person, place, event or an object in the real world that is modeled in the DBMS. Another component is attributes; this represents the defining qualities or properties of the entity type. Another entity is called a superkey; this is an attribute that uniquely identifies an entity instance, which allows us to identify one entity instance from another. The candidate key is another key that...
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...example of each term. a. Entity Set - A collection of like entities. Example: If a customer is an entity, then the entity set would be a collection of two or more customers. b. Entity Instance - Each row in the relational table. Example: A row of information beginning with the entity itself and showing the relations of that specific entity and none other. c. Attribute - A characteristic of an entity. Example: The information used to describe the entity. If the entity is CLIENT, then the attributes would probably contain things like ‘address’, or ‘name’ or other specific bits of information. d. Connectivity - This is the name given as a label for the different connection types, one to one, one to many, and many to many. Example: If the Relationship is between a mechanic and how many cars they can fix, then the connection would be many to many, because one mechanic can fix many cars. e. Identifier - Is also called the Primary Key, and is an attribute, or combination of attributes, that uniquely identifies a row. Example: A student ID number, or driver’s license number is an example of a unique identifier. f. Foreign Key - This is a primary key of one table that is present in other tables so the database has common attributes. Example: an example here is if a table identified the brand of car people buy. The foreign key would be the attribute that allows somebody to g. Associative Entity (Composite Entity) - This is an entity that seeks to convert a many...
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...of the entity types, relationships, and constraints. The high-level data model is also used as a reference to ensure that all users’ data requirements are met and that the requirements do not include conflicts. 3.2 List the various cases where use of a null value would be appropriate? Null value would be appropriate when a particular entity does not have an applicable value for an attribute. There are two cases for such situations. The first case arises when it is known that the attribute value exists but is missing. An example for cases like such would be if the Height attribute of a person is listed as null. The second case arises when it is not known whether the attribute value exists. An example would be is the HomePhone attribute of a person is null. 3.3 Define the following terms: entity, attribute, attribute value, relationship instance, composite attribute, multivalued attribute, derived attribute, complex attribute, key attribute, value set (domain)? Entity Entity is a “thing” in the real world with an independent existence. It can also be an object with physical existence (i.e. person, car) or conceptual existence (i.e. company, job). Attribute An attribute is a particular property that describes entity (i.e. person name company name). Attribute Value Attribute values are major data stored in the database. Relationship Instance Relationship Instance is an association of entities, where the association includes exactly one entity from...
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