...Storing and Issuance At East Avenue Medical Center storing and issuance is done to make sure that the First-In First-Out policy has been followed in order to retain the quality and quantity of the food items and it has a standard operating procedure. The objectives of the standard operating procedure are to make sure that proper storage and issuance of food items are done to avoid losses and shortage. The following diagram shows the flow of storing and issuance at EAMC: The first step, storing and issuing of supplies where the storekeeper and MMS staff store should store all items properly. If items are perishable, store food items at the freezer/refrigerator and it non-perishable, store items in a dry storage room. To avoid losses or pilferages, all storage areas must be locked. Second step, record all supplies. The storekeeper should record all food items using the stock card for the control of supplies. The third step is issuance of supplies. The dietary supplies may be issued from NDS storeroom and MMS storeroom. The food to be issued is based on the menu of the day. The storekeeper shall issue food items upon presentation of properly signed RIS. RIS must contain the amount and list of all items needed and must have the signature of the requesting Admin ND. The storekeeper should prepare daily food consumption report and must do a month end inventory and then submit it to the ND who does the preparation of monthly report. Last step is monitoring. This is where all...
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...WORLDCOM, INC: CORPORATE BOND ISSUANCE 1. IS IT A GOOD TIME FOR WORLDCOM, INC. TO ISSUE? CONSIDER FACTORS IN FAVOR AND FACTORS THAT ARE NOT IN FAVOR. Personally I believe that the time is not in favor of WorldCom in undertaking one of the largest bond issues at the time. Even though there are many advantages with proceeding with the issue, I believe that the degree and the uncertainty raised by some of the disadvantages outweigh the advantages of going ahead with the $6Billion bond. In the table below are reflected both the advantages and disadvantages of proceeding with the bond. Advantages Disadvantage 1. MCI Merger, which would be financed by the issue, boosted investor interest and awareness in the company. 2. Credit rating expected to be elevated post MCI merger. 3. Due to Asian crisis investors’ interest has moved from equities to corporate bonds and Treasuries. 4. MCI merger would elevate WorldCom from the 4th largest player in the market to 2nd. 5. The Merger would amplify revenues by more than 4x, which considering the same margins would provide a sufficient interest coverage ratio. 6. The Covenants of the issue are less restrictive then the covenants of the credit facility that it will replace. 1. Corporate yield spreads over Treasuries have increased recently. 2. There are numerous issues in the pipeline for the year. The large supply coming to market is putting pressure on corporate bonds, therefore increasing pricing. 3. There’s...
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...Costs associated with the issuance of debt Ryan Milliron ACC 311 Every established company will require additional capital at some point. They may choose to sell equity, obtain loans, or sell corporate bonds. When they sell bonds they incur an obligation to repay a certain amount, whether with interest or without, as well as administrative costs with the actual sale. The costs associated with either method of issuing bonds are recorded separately and amortized over the contractual life of the debt. For GAAP compliance these costs are debited to an asset account, called the debt issue costs account. IFRS on the other hand, include the costs with issuing the debt by decreasing the cash account, and decreasing the bonds payable by the costs incurred, effectively reducing the amount borrowed (IAS 39). It can be argued that IFRS in principle provides a greater level of understandability by maintaining a level of simplicity, rather than using additional asset accounts for the debt issue costs. Most companies typically do not sell their bonds to the public directly. Rather, they sell the entire issue to institutions such as investment banks who in turn sell the bonds to the public. The investment banks charge an underwriting fee to the company which may take into account the cost the investment bank pays the company for the bonds, and the re-sale proceeds the bank makes on the sale of the company’s bonds. A company may also choose to sell its debt to either a pension fund or an...
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...Form 8-K for CITIBANK CREDIT CARD ISSUANCE TRUST 21-Nov-2011 Other Events Item 8.01 Other Events. The following information relates to the credit card receivables owned by Citibank Credit Card Master Trust I and the related credit card accounts. Some of the terms used herein are used as defined in the Glossary of Terms at the end of this Report. Loss and Delinquency Experience The following table sets forth the loss experience for cardholder payments on the credit card accounts for each of the period s shown on a cash basis. The Net Loss percentage calculated for each period below is obtained by dividing Net Losses by the Average Principal Receivables Outstanding multiplied by a fraction, th e numerator of which is the total number of days in the applicable calendar year and the denominator of which is the total number of days in the trust monthly reporting periods for the applica ble period (365/273 for the nine months ended September 27, 2011, 365/365 for the year ended December 28, 2010, 365/367 for the year ended December 28, 2009 and 366/366 for the year ended December 26, 2008). If accrued finance charge receivables that have been written off were included in losses, Net Losses would be higher as an ab solute number and as a percentage of the average of principal and finance charge receivables outstanding during the periods indicated. Average Principal Receivables Outstanding is the average of principal receivables outstanding during the periods indicated...
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...stocks and bonds The issuance process is coordinated by investment banks. Functions of the investment banks: a) Subscribing = taking the risks of unfavorable price fluctuation while distributing new titles; b) Consultancy = on the issuance calendar; selecting the other members of subscribing syndicate; coordinating the issuance process and coupons cashing/paying commissions to other participating banks; c) Selling the new titles. Stages of the issuance process: 1. The beneficiary contact a coordinating bank (an investment bank) = lead manager; 2. The lead manager organizes the subscribing syndicate, formed of: a) Subscribing group (lead manager plus two-three investment banks) = they undertake the investment risk; b) Banking group (banks and other financial institutions contacted by the subscribing group) = undertakes the issuance risk accepting to buy part of the titles from the subscribing group. If selling all the new titles is not successful, this group will subscribe the titles left; c) Selling group = buys the titles from the banking group and resells it to final buyers at issuance price. The role of this group is to insure a fast sell, but it doesn’t undertake any responsibility regarding the unsold titles (this remains with the banking group); 3. The beneficiary and subscribing group set the terms of the issuance prospect = value of issuance, coupon, maturity, issuance price, reimbursement of...
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...WRITING STYLE GUIDE AND PREFERRED USAGE FOR DoD ISSUANCES 1. GENERAL PRINCIPLES. Write DoD issuances clearly and concisely, applying the following general principles of effective writing. a. When drafting your document, use an outline. This will help you organize your issuance and keep it focused and on track. b. Use short, simple words. Limit sentences to one thought and keep them brief (an average of 20 or fewer words). c. Use the correct words. (See Appendix 1 for a glossary of preferred usage and Appendix 2 for a list of hyphenated modifiers used in DoD issuances.) d. Write in the active versus passive voice; name an actor with the action being taken immediately after the noun. (See Figure 1 for characteristics and examples.) e. Use parallel construction (the same grammatical structure for similar or related ideas). (See Figure 2 for examples.) f. Avoid long, rambling paragraphs. If a paragraph’s longer than 20 lines, it should probably be restructured to include subparagraphs. g. Organize the material. Where the issuance templates don’t provide a specific structure, organize sections, enclosures, and appendixes so that earlier paragraphs serve to make later paragraphs clear. When possible, use paragraph headings to highlight important concepts so the reader can see at a glance what the paragraph’s about. Figure 1. Characteristics and Examples of Passive and Active Voice PASSIVE VOICE Frequently omits the doer of the action An information copy of the board meeting minutes...
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...its shareholder value? The company will be less flexible if it would have a debt-equity ratio of 72%. But since the said D/E ratio would “still be moderate with respect to the industry”, MCI’s bond rating won’t go below a medium grade of BBB. MCI needs to unlevered and then re-lever the target company’s equity beta. Unlevering the target’s equity beta yields an estimated beta comparable to the other major competitors which have different debt structure (see Exhibit B). Thus, re-levering this equity beta to reflect MCI’s target capital structure yields the appropriate risk for MCI to use in estimating a cost of capital if ever the issuance of additional $ 2 billion debt is pursued (see Exhibit A). Comparing the unlevered beta of MCI to the other major players in the industry, the company is relatively riskier than the majority. As a result, the issuance of additional $ 2 B debt would further increase the level of risk of MCI, as reflected in the new WACC (see Exhibit C). Expected EPS will increase...
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...Generally Accepted Auditing Standards 43 AU Section 150 Generally Accepted Auditing Standards (Supersedes SAS No. 1, section 150.) Source: SAS No. 95; SAS No. 98; SAS No. 102; SAS No. 105; SAS No. 113. Effective for audits of financial statements for periods beginning on or after December 15, 2001, unless otherwise indicated. .01 An independent auditor plans, conducts, and reports the results of an audit in accordance with generally accepted auditing standards. Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit. Auditing procedures differ from auditing standards. Auditing procedures are acts that the auditor performs during the course of an audit to comply with auditing standards. Auditing Standards .02 The general, field work, and reporting standards (the 10 standards) approved and adopted by the membership of the AICPA, as amended by the AICPA Auditing Standards Board (ASB), are as follows: General Standards 1. The auditor must have adequate technical training and proficiency to perform the audit. 2. 3. The auditor must maintain independence in mental attitude in all matters relating to the audit. The auditor must exercise due professional care in the performance of the audit and the preparation of the report. Standards of Field Work 1. The auditor must adequately plan the work and must properly supervise any assistants. 2. The auditor must obtain a sufficient understanding of the entity and its environment, including...
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...VERSUS SECURITIZATION Sukuk are of two general types: Islamic bonds and securitizations. Islamic bonds are based upon the credit of an entity that is participating in the transaction, such as the issuer, a guarantor or another provider of credit support. Securitizations involve a transfer of assets from an originator into a trust or similar special purpose vehicle (SPV) with the issuance of securities by that trust or SPV. Payments on the issued securities (the sukuk) are derived solely from the payments received in respect of those transferred assets, rather than any general credit of an issuer or participating party. Thus, securitizations are based upon the credit of the securitized assets. To date, most sukuk issuances have been Islamic bond issuances. True securitization sukuk issues are rare, and issues of this type that have been rated by a major international rating agency are nonexistent. While both types of issuances access the capital markets and are necessary for balanced growth of the capital markets, true securitizations have benefits that transcend those available from bond issuances alone. Securitizations allow, often require, broad diversification of the assets in the securitized pool. The originator of the transferred assets uses the securitization to manage its balance sheet and capital structure. The originator transfers assets that generate deferred payments and receives an immediate cash payment from the capital markets in respect of that transfer. This...
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...DOCUMENTS ARE THE FOLLOWING TO BE SUBMITTED TO GUIDANCE OFFICE FOR THE ISSUANCE OF PRIORITY NUMBER. (PHOTOCOPY ONLY) 1 2 3 4 FRESHMEN FORM 138/ REPORT CARD (1ST GRADING TO 4TH GRADING) BIRTH CERTIFICATE (NSO) ID PICTURE 2×2 (BLUE BACKGROUND) COLOR CODED EXPANDABLE LONG ENVELOPE (ORANGE) 1 2 BS ASTRONOMY Paterno, Chelsea Anne B. Pelayo, Audrey F. Please proceed to the (2nd Floor, RND Building) for the issuance of Interview Slips on May 12, 2015 onwards. Kindly look for Prof. Ruby Dela Cruz - Dept. Head 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 BS CIVIL ENGINEERING Albia, Harold Steeven B. Avila, Walter M. Batbatan, Micah L. Batersal, Maria Lowella A. Bautista, Mellace Boncato, Kier Glenleo P. Catalan, Mary Grace R. Cruz, Ailaine Kate D. G. De Los Santos, Vanessa S. Doctor, Erwin L. Escondo, Erlyn Grace A. Galdiano, Esmelito Jr. G. Gomoc, Sheena G. Itable, Carls Andrew P. Ituralde, Carla Yanessa R. Lacanaria, Rosette Claire E. Lacawan, Aubrey Mae Cassandra M. Lampios, Janine F. Largoza, James Edward G. 20 21 22 23 24 25 26 27 28 29 30 31 32 Las Marias, Ivan S. Lualhati, John Rommin P. Luyan, Nicole E. Malicdem, Ma. Danica Gracia O. Oyangoren, Aldwin R. Quizon, Sheena Mitchele G. Rago, Ryan P. Rapajon, Eula Angela C. Saavedra Jr., Floro G. Senoto, Francis Allan T. F. Solano, Patricia Marie A. Valler, Mark Jose O. Veloria, Neomark G. Please proceed to the (Rm. 113, ITC Building) for the issuance of Interview Slips on May 12, 2015 onwards. Kindly look for Prof. Lorenzo...
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...Rights Offerings An often overlooked means of raising new capital is through a rights offerings or rights issuance. Rights issues occur when a firm sells new shares to those investors who have "rights." Rights give their holders the right to buy the new shares at the subscription price. To see how these work, an example is necessary. The first step is to determine how much the firm needs to raise. For our example suppose a firm needs to raise $50 million dollars. Currently they have 22 million shares outstanding at a price of $25 a share. The next step is to determine a subscription price. The subscription price is the price at which the rights holders purchase the new shares. In this case let the subscription price be $15/share. In the United States it is common to give a right for each share. So there will be 22 million rights granted. How many shares must you sell? Number of new shares = (Amount you need to raise) / (subscription price) So in this case: $50,000,000/$15=3,333,334 new shares How many rights will be needed to buy a single new share? (Number of rights granted) / (Number of shares being sold) 22,000,000 / 3,333,334 6.6 rights / new share The next logical question is what each right is worth. Unfortunately that is not quite as easy to answer. The first thing that must be done is to calculate the price of the stock after the issue and...
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...NASDAQ. To measure the long run operating performance, pre-tax operating cash flow (EBIT) were used instead of net earnings (NI) as taxes and interest can obscure the operating performance, which is the focus of the study, in addition, the operating cash flows represent the economic benefits represented by the firm. The duration picked for the study was the year of the issuance, in addition to 3 years prior and the 3 years after the issuance, making it a total of 7. The operating performance was then analyzed by studying the performance relative to the year before the offering of the convertible debt (year -1), it was shown that there is an improvement of operating performance before the issuance but a large decline in the short period after it. Looking at this from the stock price perspective, the study intercepted how the stock price of the issuing form performed 1 year pre and 3 years post the issuing, after comparing them with matching non issuing companies, similarly to operating performance results, the issuing firm outperforms the benchmark firm before the issuance but falls behind after the issuance. In conclusion, convertible debt issuing firms...
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...Statement on Monetary Policy – February 2012 Box D: Covered Bond Issuance by Australian Banks Covered bonds are on-balance sheet asset-backed securities issued by financial institutions. Investors in covered bonds have a preferential claim on a pool of assets (called the cover pool) in the event that the issuing institution fails to make the scheduled payments on the covered bond. If the cover pool is insufficient to meet the issuer's obligations to investors, they have an unsecured claim on the issuer for any residual amount.[1] Covered bonds typically have a higher credit rating than that of the issuer because the cover pools are usually comprised of high-quality assets such as prime mortgages, covered bond holders rank above unsecured creditors, and extra collateral is held in the cover pool. There is a well-developed global market for covered bonds, particularly in Europe. In Australia, however, authorised deposit-taking institutions (ADIs) have only recently been permitted to issue these bonds, following the passing of legislation – the Banking Amendment (Covered Bonds) Act 2011 – in October 2011. Under the new legislation, there is a cap on covered bond issuance by ADIs to limit the subordination of depositors to covered bond investors. An ADI must limit the value of its cover pools to a maximum of 8 per cent of its assets in Australia. Given that Australian ADIs have set their cover pools at close to 120 per cent of the value of covered bonds – with some variation of...
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...AC 410B Intermediate Accounting II Final Exam Topics Chapter 11: Depreciation, Impairments, and Depletion Questions 1. Explain the meaning of depreciation. 2. Describe factors involved in the depreciation process. 3. Describe the different methods of depreciation. 4. Identify the conditions for impairment of fixed assets. 5. Explain the treatment of impairments for different kinds of assets. 6. Describe the full cost vs. successful efforts concepts for depletion. 7. Explain liquidating dividends. 8. Explain the required disclosures related to depreciation and depletion. Exercises 1. Calculate depreciation using the following methods: [E11-6] a. activity method b. straight-line method c. sum-of-the-years’ digits method d. declining balance method e. group & composite methods [E11-9] 2. Calculate partial-period depreciation. 3. Calculate depreciation based on revision of salvage value or estimated life. [E11-11], [E11-13] 4. Conduct a recoverability test for impairment. [E11-17] 5. Determine the amount of impairment to be recorded on a fixed asset. [E11-17] 6. Prepare the journal entries to record: a. depreciation expense b. the impairment of a fixed asset c. the restoration of impairments d. impairment and restoration of impairment for an asset held for disposal [E11-17] e. depletion of a natural resource...
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...MEASURES SURGE IN DIM-SUM BOND ISSUANCE DIVERSIFICATION OF ISSUERS THE “DIM-SUM SUBSTITUTE”: SYNTHETIC RENMINBI BONDS 6 6 7 9 This report addresses recent developments in the offshore market for bonds denominated in mainland China’s currency, the Renminbi (RMB), whether settled in RMB or another currency. Called “dim sum” bonds when settled in RMB or “synthetic” if settled in other currencies such as U.S. dollars, these debt instruments have so far come out primarily in Hong Kong, with several synthetic convertible bonds in Singapore. However, in future, Chinese authorities may allow offshore RMB transactions elsewhere, and more euro-RMB bonds1 issued in other financial centers could soon appear. A comment answering investors’ frequently asked questions on our approach to rating both types of these bonds will follow within a few weeks. The progressive internationalization of the RMB will facilitate growth in Hong Kong of both kinds of RMB-denominated bonds. In particular, the rapidly expanding volume of the city’s deposits and of trade settlements in RMB has driven growth in dim-sum bonds, and the Chinese government’s allowance last week for Chinese enterprises to settle direct overseas investment in RMB will catalyze this trend. However, the market is still at an early stage, and evolving regulations for RMB business in Hong Kong will determine the speed and sustainability of its growth. A diversification in the types of issuers and issuances for dim-sum bonds has already...
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