...Advanced Accounting Third Edition Susan S. Hamlen University at Buffalo, The State University of New York Ronald J. Huefner University at Buffalo, The State University of New York James A. Largay III Lehigh University Cambridge BUSINESS PUBLISHERS Cambridge Business Publishers ADVANCED ACCOUNTING, Third Edition, by Susan S. Hamlen, Ronald J. Huefner, and James A. Largay III. COPYRIGHT © 2016 by Cambridge Business Publishers, LLC. Published by Cambridge Business Publishers, LLC. Exclusive rights by Cambridge Business Publishers, LLC for manufacture and export. ALL RIGHTS RESERVED. No part of this publication may be reproduced, distributed, or stored in a database or retrieval system in any form or by any means, without prior written consent of Cambridge Business Publishers, LLC, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. STUDENT EDITION ISBN: 978-1-61853-151-3 Bookstores & Faculty: to order this book, call 800-619-6473 or email customerservice@cambridgepub.com. Students: to order this book, please visit the book’s Website and order directly online. Printed in Canada. 10 9 8 7 6 5 4 3 2 1 PREFACE W elcome to Advanced Accounting. We wrote this book with two major objectives in mind. First, we seek to reflect the changing topical emphases and content in the advanced accounting course; coverage is completely updated for new developments concerning...
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...American Journal Of Business Education –Fourth Quarter 2014 Volume 7, Number 4 Olympus Imaging Fraud Scandal: A Case Study Dennis Elam, Texas A&M University-San Antonio, USA Marion Madrigal, Texas A&M University-San Antonio, USA Maura Jackson, Texas A&M University-San Antonio, USA ABSTRACT This case examines the two decade long tobashi scheme by Olympus Imaging Executives to hide $1.7 billion in losses. In the 1980s, a soaring yen and falling dollar caused bottom line income problems for many Japanese companies. Some companies sought to offset the declining revenue with zaiteku, a form of speculative investment. While early activities generated profits in 1987, by 1991 Olympus recorded 2.1 billion losses in yen. Rumors circulated that by the late 1990s, losses had grown larger. Rather than come clean and admit the losses, management continued to ‘double down’ with riskier investments. Olympus created a tobashi scheme to shift losses off the Olympus balance sheet. Olympus created a tobashi scheme to shift losses off the Olympus balance sheet. Companies located in the Cayman Islands were purchased via exorbitant Management and Acquisition Fees. When the first Western President, Michael Woodford, questioned these practices, he was fired after two weeks on the job. Woodford became perhaps the first CEO ever to blow the whistle on his own firm. The subsequent scandal brought arrests of the executive team, an 80% decline in share price, the threat of de-listing on the Tokyo...
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...2009 annual report The DineEquity difference. differentiated brands. disciplined approach. dynamic leadership. dedication to being the best. Our commitment to differentiating the Applebee’s and IHOP brands drives everything we do. At DineEquity, we leverage the resources of the largest full-service restaurant company in the world with the agility to connect with guests on a local level. We are working harder than ever to energize the brands, optimize operations, expand our market share and create value for our shareholders. Look closely at our businesses, and you will see our winning strategies in action in ways both large and small. 01 In challenging times, the best brands 02 To our DineEquity family of shareholders: It has been said that, in difficult times, leaders lead. 2009 was such a year, and I am proud of the many ways that our Applebee’s, IHOP and Shared Services teams rose to the occasion. We focused our efforts on those things within our control, and we are now beginning to reap the rewards. After more than 50 years in business, our IHOP brand is stronger than ever. In 2009, IHOP was the market share leader in family dining for the third consecutive year. IHOP also reported the highest annual system-wide sales in the category, solid same-store sales results and new franchise restaurant development among the strongest Julia A. Stewart Chairman and Chief Executive Officer, DineEquity, Inc. get better. in the industry. With the April 2009...
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...The Innovator in Healthcare Workforce Solutions ANNUAL REPORT I N N O V AT I O N I N H E A L T H C A R E W O R K F O R C E S O L U T I O N S Dear AMN Healthcare Shareholders, 2011 was a year of continued market recovery, solid execution, and evolution. Our clients’ desire for more workforce solutions and innovative service offerings, coupled with AMN’s leading position in this space, has more clearly differentiated our value proposition and put us at the forefront of growth and thought leadership. More than ever, we are leveraging our stronger talent, capabilities and infrastructure as a meaningful differentiator in the market, and have earned the privilege of serving the largest and most diverse group of clients and clinicians nationwide. A REVIEW OF 2011 growth in Travel Nursing, there were a number of other key highlights during 2011: • We expanded our national leadership position in clinical managed services programs by adding over 20 new MSP clients, representing an estimated $80 million in projected annualized gross spend under management. In 2011, our revenues through MSP contracts grew by 38% on a pro forma basis to $185 million, representing a third of our Nurse and Allied Healthcare Staffing business. Penetration of MSP revenues is primarily in Nurse Staffing at this time, and we believe over the next three years there will be a similar shift in the Allied Staffing and Locum Tenens businesses. AMN is well-positioned to capitalize on this continuing trend...
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...Building Value through through Values,Valor & Vision Valor & OSIM INTERNATIONAL LTD Annual Report 2012 Calligraphy: An art form that requires careful thought, strength, character, patience, philosophy and point of view. An apt representation of what drives OSIM forward. Sales $ +$48 million 602 Profit before tax $ +17% million 115 87 million EBITDA $ +13% 126 Profit after tax $ +26% million million For year ended 31 December Sales Profit EBITDA Before tax After tax Net cash flow from operating activities Per share (cents) Basic earnings Net assets value At year end Cash & cash equivalents and fixed income investments Shareholders funds Net cash and fixed income investments Returns on shareholders funds Profit before tax Profit after tax Shareholders value Dividend per share (cents) Special dividend per share (cents) 2012 $602m $126m $115m $87m $103m 12 26 $235m $196m $93m 59% 44% 4 2 2011 $554m $112m $98m $69m $99m 10 22 $205m $165m $71m 59% 42% 3 – Growth +$48m +13% +17% +26% +20% +18% +33% 03 FOUNDER, CHAIRMAN & CEO LETTER Creating successful strokes with vision “I am pleased to present a record set of results for the third consecutive year. Profit before tax is at a high of $115 million. I would like to thank my team for the wonderful achievement despite a tough economic environment. I expect that this growth will continue to be driven by market leadership, continuous innovation and productive execution.” ...
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...2011 Annual Report at every occasion chaiRman’S letteR In an era of constant, rapid and unpredictable change, the concept of staying the course, especially in business, can seem like an impossible mission. It takes strong and confident leadership, a clear and focused strategy and a team of talented people who are willing to go the distance in order to achieve the goal. Since fiscal 2010, the goal at Constellation Brands has been a singular one: profitable organic growth. During this period, we have embarked on an evolutionary journey that has taken us from a collection of stellar brands and acquired businesses to a highly disciplined and tightly aligned company that is, at every occasion, capitalizing on company-wide efficiencies and best practices to strengthen our operations, our people and our brands. Our fiscal 2011 results serve as a shining indicator that our collective efforts are paying off. More importantly, they validate the importance of staying true to one’s commitments. At Constellation Brands, our commitments are unwavering…to continue to grow our business and our premium brands, to enrich the communities where we live and work and to elevate life with every glass raised. These commitments are being realized every day because of our people, who are among the best and brightest in the industry. Dedicated, innovative and determined, our employees have stayed the course through unexpected challenges and increasingly higher expectations placed on them. We are...
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...ch12 Student: ___________________________________________________________________________ 1. Securities classified as held to maturity could be reported as either current or long-term in a classified balance sheet, depending upon their maturity dates. True 2. All investments in debt securities whose fair values are not readily determinable are carried at historical cost. True 3. False All securities considered available for sale should be reported as current assets in a classified balance sheet. True 9. False Both trading securities and securities available for sale are reported at their fair values. True 8. False Routine transfers of debt and equity investments among the trading, available for sale, and held to maturity portfolios need not be disclosed in the financial statements. True 7. False Purchases and sales of securities are always reported as investing activities in a statement of cash flows. True 6. False Net unrealized holding gains (losses) are reported in the income statement for trading securities. True 5. False Both debt and equity securities can be categorized as trading securities. True 4. False False Unrealized gains and losses are included in other comprehensive income for securities that are classified as available for sale. True False 10. When available-for-sale securities are sold, the full amount of any gain or loss realized on the sale is included in before-tax...
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...Journal of Economic Perspectives—Volume 24, Number 1—Winter 2010—Pages 93–118 Did Fair-Value Accounting Contribute to the Financial Crisis? Christian Laux and Christian Leuz I n its pure form, fair-value accounting involves reporting assets and liabilities on the balance sheet at fair value and recognizing changes in fair value as gains and losses in the income statement. When market prices are used to determine fair value, fair-value accounting is also called mark-to-market accounting. Some critics argue that fair-value accounting exacerbated the severity of the 2008 financial crisis. The main allegations are that fair-value accounting contributes to excessive leverage in boom periods and leads to excessive write-downs in busts. The write-downs due to falling market prices deplete bank capital and set off a downward spiral, as banks are forced to sell assets at “fire sale” prices, which in turn can lead to contagion as prices from asset fire sales of one bank become relevant for other banks. These arguments are often taken at face value, but evidence on problems created by fair-value accounting is rarely provided. We discuss these arguments and examine descriptive and empirical evidence that sheds light on the role of fair-value accounting for U.S. banks in the crisis. While large losses can clearly cause problems for banks and other financial institutions, the relevant question for our article is whether reporting these losses under fair-value accounting created additional...
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...Journal of Economic Perspectives—Volume 24, Number 1—Winter 2010—Pages 93–118 Did Fair-Value Accounting Contribute to the Financial Crisis? Christian Laux and Christian Leuz I n its pure form, fair-value accounting involves reporting assets and liabilities on the balance sheet at fair value and recognizing changes in fair value as gains and losses in the income statement. When market prices are used to determine fair value, fair-value accounting is also called mark-to-market accounting. Some critics argue that fair-value accounting exacerbated the severity of the 2008 financial crisis. The main allegations are that fair-value accounting contributes to excessive leverage in boom periods and leads to excessive write-downs in busts. The write-downs due to falling market prices deplete bank capital and set off a downward spiral, as banks are forced to sell assets at “fire sale” prices, which in turn can lead to contagion as prices from asset fire sales of one bank become relevant for other banks. These arguments are often taken at face value, but evidence on problems created by fair-value accounting is rarely provided. We discuss these arguments and examine descriptive and empirical evidence that sheds light on the role of fair-value accounting for U.S. banks in the crisis. While large losses can clearly cause problems for banks and other financial institutions, the relevant question for our article is whether reporting these losses under fair-value accounting...
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...UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2010 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-5424 DELTA AIR LINES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) Post Office Box 20706 Atlanta, Georgia (Address of principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered 58-0218548 (I.R.S. Employer Identification No.) 30320-6001 (Zip Code) Registrant’s telephone number, including area code: (404) 715-2600 Common Stock, par value $0.0001 per share New York Stock Exchange No Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the...
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...Annual Report 2010 On June 16, 2011, IBM marks its centennial. As we reflect on our first century, it has sparked new thinking about the possibilities for our second. Join us at IBM100.com A Letter from the Chairman 1 Dear IBM Investor: I am pleased to report that IBM had another strong year in 2010. Your company continued to outperform our industry and the market at large. We once again achieved record pre-tax earnings, record earnings per share, record free cash flow and improved profit margins, with increased revenues. At the same time, we continued to deliver superior returns to you, our owners. Most importantly, we are well positioned to grow as the global economy recovers. These results were made possible by decisions and actions that we undertook a decade ago, based on where we believed the world was shifting. But even more, they are a reflection of the mindset, ambitions and values that have guided IBM since its inception, 100 years ago. As such, our performance in 2010 marks a fitting conclusion to our first century as a corporation, and a promising start to our second. In this letter, I will explain why the long-term thinking and management that IBM has practiced over the past decade have positioned your company advantageously for the next five years and beyond. 2 IBM today IBM’s performance in 2010 is indicative both of our high-value market position and of the discipline we apply to our strategy and operations. Since 2002, we have added $14 billion to IBM’s...
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...UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2014 OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-01011 CVS HEALTH CORPORATION (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) One CVS Drive, Woonsocket, Rhode Island (Address of principal executive offices) 05-0494040 (I.R.S. Employer Identification No.) 02895 (Zip Code) (401) 765-1500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Common Stock, par value $0.01 per share Title of each class New York Stock Exchange Name of each exchange on which registered Securities registered pursuant to Section 12(g) of the Exchange Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for...
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...ANNUAL REPORT 2012/13 CONTENTS 002 Statistical Highlights 006 Board of Directors 010 Chairman’s Letter to Shareholders 012 Corporate Data 014 Significant Events 018 The Year in Review 020 Network 021 Fleet Management 022 Products and Services 026 People Development 030 Environment 031 Supporting Our Communities 032 Subsidiaries 036 Selected Awards 038 Statement on Risk Management 039 Corporate Governance Report 065 Financials 201 Notice of Annual General Meeting On the Cover: Flight Stewardess Nur Surya Ambiah is featured with the Dendrobium Singapore Girl Orchid. THE SINGAPORE AIRLINES GROUP ACHIEVED A NET PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS OF $379 MILLION FOR THE FINANCIAL YEAR ENDED 31 MARCH 2013. THIS WAS DESPITE RECORDING A LOWER OPERATING PROFIT AMID PERSISTENTLY HIGH FUEL PRICES AND LOWER YIELDS DUE TO WEAK GLOBAL ECONOMIC CONDITIONS. The 2012/13 financial year was one of significant development for the SIA Group, with numerous initiatives to strengthen the three main pillars of our brand promise, namely Service Excellence, Product Leadership and Network Connectivity. 002 SINGAPORE AIRLINES STATISTICAL HIGHLIGHTS Financial Statistics R1 2012-13 The Group Financial Results ($ million) Total revenue Total expenditure Operating profit Profit before taxation Profit attributable to owners of the Parent Financial Position ($ million) Share capital Treasury shares Capital reserve...
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...pumpkinpatch annual report 2012 playing our part! 03 table of contents financial summary chairperson’s letter chief executive officer’s report directors corporate governance 07 08 13 20 24 general disclosures group financial statements auditors’ report shareholder information corporate directory 32 41 100 102 104 05 financial summary Key results Trading Results Group operating revenue - Continuing operations - Discontinued operations Earnings before interest and tax (1) Net Profit After Tax Net Loss After tax (1) (2) 2012 NZ $000 2011 NZ $000 Change % 300,609 30,192 19,203 10,128 (27,527) 291,520 65,302 21,877 12,641 (1,876) 3.1% (53.8%) (12.2%) (19.9%) Financial Position at Year End Total equity Total assets Net bank debt Number of stores Australia New Zealand Ireland Total Company operated online markets Pumpkin Patch Charlie & Me Wholesale/ franchise operations Markets in operation Number of locations (1) (2) 33,457 155,558 54,657 32,451 205,007 60,970 129 51 3 183 8 2 19 369 130 54 3 187 5 19 367 Before reorganisation costs After reorganisation costs 07 chairperson’s letter DEAR ShAREhOLDERS While 2012 was another very challenging year for us as we continued to face volatile retail conditions across all of our markets, I look back on the year with a great deal of satisfaction with the changes we have been implementing, the strategic initiatives we have introduced, and with the focus moving back...
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...Strength. Momentum. Connectivity. 2011 ANNUAL REPORT BUILDING A BANK OF GLOBAL QUALITY WITH A REGIONAL FOCUS WHO WE ARE AND WHERE WE OPERATE OUR PROGRESS ANZ‘s ANZ‘s history of expansion and growth stretches over 175 years. We have a strong franchise in Retail, Commercial and Institutional banking in our home markets of Australia and New Zealand and we have been operating in Asia Pacific for more than 30 years. ANZ ANZ is the only Australian bank with a clearly articulated strategy to take advantage of Australia and New Zealand’s geographic, business and and cultural linkages with Asia, the fastest growing region in the world. Today, ANZ operates in 32 markets globally. We are the third largest bank in Australia, the largest banking group in New Zealand and the Pacifi Pacific, and among the top 50 banks in the world. OUR SUPER REGIONAL STRATEGY We We articulated our super regional strategy in late 2007. The rationale behind our strategy is simple – to deliver shareholders long-term growth and differentiated returns through connectivity with the growth markets of Asia – returns we do not believe to be available through a domestic-only strategy. Our aspiration is for Asia Pacific, Europe & America sourced revenues to drive drive between 25 and 30% of Group earnings by the end of 2017. Connectivity Connectivity is at the heart of ANZ’s strategy by being part of the growth within Asia and supporting the increasing trade, investment ...
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