...REGULATORY GUIDE 90 Example Statement of Advice (SOA) for a limited financial advice scenario for a new client August 2005 REGULATORY GUIDE 90: EXAMPLE STATEMENT OF ADVICE What this guide is about This guide explains how and why we have developed an example Statement of Advice (SOA). The example SOA was developed in consultation with stakeholders, and we acknowledge their valuable contribution throughout the process. 1 2 This guide: (a) sets out the purpose of the example SOA (Section 1); (b) outlines the framework in which the example SOA was developed (Section 2); and (c) explains why certain information has been included, or not included, in the example SOA (Section 3). Note: For the example SOA, see Appendix B. For details of the financial advice scenario on which the example SOA is based, see Appendix A. This guide should be read in conjunction with guidance we have issued on how we will administer the SOA requirements, including: 3 (a) Policy Statement 175 Licensing: Financial product advisers— conduct and disclosure [PS 175]; (b) Licensing: The scope of the licensing regime: Financial product advice and dealing—An ASIC guide (November 2001, reissued May 2005); (c) Policy Statement 167 Licensing: Discretionary powers [PS 167]; (d) Policy Statement 168 Disclosure: Product Disclosure Statements (and other disclosure obligations) [PS 168]; (e) Media Release [MR 04-062] FSR disclosure to be clear, concise and effective (10...
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...an income statement. Prepare a statement of owner’s equity and a balance sheet. Define the accounting terms new to this chapter. LP2 Chapter NEW TERMS accounts payable accounts receivable assets balance sheet break even business transaction capital equity expense fair market value fundamental accounting equation income statement liabilities net income net loss on account owner’s equity revenue statement of owner’s equity withdrawals 3. 4. 5. 6. www.southwest.com Rollin King and Herb Kelleher had a simple notion when they got into the airline business: If you get your passengers to their destinations when they want to get there, on time, at the lowest possible fares, and make darn sure they have a good time doing it, people will fly your airline. What began as a small Texas airline has grown to become one of the largest airlines in America. Today, Southwest Airlines flies almost 100 million passengers a year to 63 cities all across the country. In an economy where airlines struggle to stay out of bankruptcy, Southwest has flourished. Other airlines have tried to imitate its business strategy of operating high-frequency point-to-point service routes, but none have been as successful as Southwest, thanks to the company’s unique culture. Consistently voted as one of the top places to work, Southwest has established a culture that encourages employees and customers to have fun. From chili cook-offs to paper airplane contests and dance competitions, you never...
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...Green Cycle Recycling Company May 2014 Dear Jonathan Doe, Green Cycle Recycling Company is pleased to provide you with your overview 2014 Total Compensation Statement. Within every successful organization, you will find hardworking and dedicated employees. At Green Cycle Recycling, we realize that employees such as you, who efficiently utilize their time and talents to further the growth of our organization, are our most valuable asset. That is why we proved competitive salaries and comprehensive employee benefits. This total compensation statement will briefly outline the benefits that are provided by Green Cycle Recycling, as well as the cost of those benefits. Please read this information carefully and if you should have any questions, do not hesitate to contact Kelly Wilmington at 877-967-5464. It is our hope that your benefit package will provide added security for you and your family. We appreciate your contributions and dedication to our team. Sincerely, Kelly Wilmington, President and CEO Statement period 2013 to 2014 Your Personalized 2013 Compensation Statement Jonathan Doe 302 North Dupont Highway New Castle, DE 19720 Benefits Medical Medical benefits are provided through Dental Dental benefits are provided through Life Insurance Life Insurance coverage is offered free of charge through BLANK at one times annual earnings up to $50,000. Short Term Disability Coverage is offered through Long Term Disability Coverage is offered free...
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...Responsibilities. Your document should consist the pointers outlined below. 1 statutory responsibilities and rights of employees and employers Rights at work Your rights at work will depend on:- Your contract of employment cannot take away rights you have by law. So if, for example, you have a contract which states you are only entitled to two weeks' paid holiday per year when, by law, all full-time employees are entitled to 28 days' paid holiday per year, this part of your contract is void and does not apply. The right you have under law (to 28 days' holiday in this case) applies instead. If your contract gives you greater rights than you have under law, for example, your contract gives you six weeks' paid holiday per year, then your contract applies. There are special rules about the employment of children and young people. Statutory rights Statutory rights are legal rights based on laws passed by Parliament. Nearly all workers, regardless of the number of hours per week they work, have certain legal rights. There are some workers who are not entitled to certain statutory rights Sometimes an employee only gains a right when they have been employed by their employer for a certain length of time, and when this applies, the length of time before the employee gains the right is listed below. Unless you are in the group of workers who are excluded. you will have the following statutory rights:- • the right to a written statement of terms of employment within two...
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...taking money for various items many other scandals have been stopped. Many top D1 college athletes are being paid or selling their items for money. These actions go against the NCAA rules and stipulations for the players. College athletes are adored...
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...FRANK WOOD’S business accounting TENTH EDITION 1 FRANK WOOD & ALAN SANGSTER Additional student support at www.pearsoned.co.uk/wood FRANK WOOD’S business accounting 1 Visit the Business Accounting, tenth edition Companion Website at www.pearsoned.co.uk/wood to find valuable student learning material including: l l l l l l Learning objectives for each chapter Multiple choice questions to help test your learning Review questions and answers Links to relevant sites on the web Searchable online glossary Flashcards to test your knowledge of key terms and definitions Frank Wood 1926–2000 FRANK WOOD’S business accounting TENTH EDITION 1 FRANK WOOD BSc (Econ), FCA and ALAN SANGSTER BA, MSc, Cert TESOL, CA Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE and Associated Companies throughout the world. Visit us on the World Wide Web at www.pearsoned.co.uk First edition published in 1967 Second edition published under the Longman imprint in 1972 Third edition published in 1979 Fourth edition published in 1984 Fifth edition published in 1989 Sixth edition published in 1993 Seventh edition published in 1996 Eighth edition published under the Financial Times Pitman Publishing imprint in 1999 Ninth edition published in 2002 Tenth edition published 2005 © Frank Wood 1967 © Longman Group UK Limited 1972, 1979, 1984, 1989, 1993 © Pearson Professional Limited 1996 © Financial Times Professional Limited 1999 © Pearson Education Limited...
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...Administration does not necessarily constitute an endorsement of the views and opinions of the authors or the products and services of the companies with which they are affiliated. All of SBA's programs and services are extended to the public on a nondiscriminatory basis. ______________________________________________________________________________ TABLE OF CONTENTS INTRODUCTION 1 COVER SHEET 1 STATEMENT OF PURPOSE (MISSION STATEMENT) THE BUSINESS Legal Structure 2 Description of the Business 2 Products or Services 3 Location 3 Management 3 Personnel 3 Methods of Record Keeping 3 Insurance 4 Security 4 Summary 5 MARKETING Target Market 5 Competition 5 2 Methods of Distribution 5 Advertising 7 Pricing 7 Product Design 7 Timing of Market Entry Location 8 Industry Trends 8 7 FINANCIAL DOCUMENTS Summary of Financial Needs 8 Sources and Uses of Funds Statement Cash Flow Statement (Budget) 9 Three-year Income Projection 10 Break-even Analysis Graph 15 Actual Performance Statements 16 Balance Sheet 16 Summary 21 SUPPORTING DOCUMENTS Personal Resumes 22 Personal Financial Statement 22 Credit Reports 22 Copies of Leases 22 Letters of Reference 22 Contracts 22 Legal Documents 23 Miscellaneous Documents 23 9 PUTTING YOUR BUSINESS PLAN TOGETHER KEEPING YOUR BUSINESS PLAN CURRENT Making...
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...1. Explain why investors should use the statement of cash flows. Cash flow is one of the most important measurements used by investors in valuing a company. You will hear the term used in the context of understanding how much a company is really growing (or not) after accounting conventions are stripped out of the income statement. Cash flow measures the amount of cash that a company brings in and uses during the course of an accounting period (quarter or year) after all fixed expenses are eliminated. This number is frequently called earnings before interest, taxes, depreciation and amortization (EBITDA). The reason investors are interested in cash flow is that it gives them a clearer picture of what the company is truly doing. Deductions When you begin deducting interest, taxes, depreciation and amortization, you distort what positive or negative cash flows the company’s operations generated. The four items (interest, taxes, depreciation and amortization) have nothing to do with the company’s actual operations and are accounting conventions for reducing income for tax purposes. Here’s how each one distorts operating performance: * Interest – Companies can deduct interest expense from their income for tax purposes. This deduction will change from year-to-year as more or less debt is on the books. * Taxes – Taxes are subject to change as laws change and the company’s business and accounting practices may change. This deduction also reduces net income. ...
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...Personal Finance: Turning Money into Wealth, 5e (Keown) Chapter 2 Measuring Your Financial Health and Making a Plan 2.1 Using a Balance Sheet to Measure Your Wealth 1) Insolvency results from taking in more than you consume financially. Answer: FALSE Diff: 2 Topic: Net Worth 2) In some cases insolvency can lead to bankruptcy. Answer: TRUE Diff: 3 Topic: Net Worth 3) Having negative net income will not affect your net worth. Answer: FALSE Diff: 3 Topic: Net Worth 4) The house that you are leasing from the landlord is a good example of a tangible asset on your balance sheet. Answer: FALSE Diff: 2 Topic: Assets 5) Current liabilities are those that can typically be paid off in full within twelve months. Answer: TRUE Diff: 1 Topic: Liabilities 6) To determine your level of net worth, subtract your liabilities from your positive net equity. Answer: FALSE Diff: 2 Topic: Net Worth 7) Before you can hope to achieve your financial goals, you will need to first measure your current financial health and develop a plan and a budget. Answer: TRUE Diff: 1 Topic: Nothing Happens Without a Plan 8) When measuring your current financial condition it is important to create A) positive net worth. B) a personal balance sheet. C) an income statement. D) positive net income. E) both B and C are required. Answer: E Diff: 2 Topic: Balance Sheet 9) Assets that you purchase for the purpose of accumulating wealth to satisfy your...
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...Why Americans Should Not Use Credit Cards My thesis will be covering why I think that American’s should not use credit cards and the consequences that come along with being in such an industry. It will be covering the regulation’s benefits many companies have and the don’ts on having them and what will come along with accepting them. I will talk about hidden fees along with annual fees and all the fine print that everyone seems to not read. I will also touch basis on the way how one can stay out of debt in the paying process even though everyone wants a credit card some should not have one due to mismanaging of their incoming funds period. Writing on how my views on the credit card industry and why it is targeting the venerable and the young college students and people they know need credit and give it to them at a APR that is out of this world keeping them bound and in debt to them. My views on the credit card industry are that if they know that a person has more outgo then income then they should not extend the credit. Some people are so desperate and they know it that they will give them the credit but it will cost them just as much for the credit than the credit itself. My view from my stand point of view because I been there is that as long as you pay on time regardless if it’s the minimum they will keep extending credit to you so you can stay in debt to them and by the time you have paid one thing off you could have bought three of the same thing. In my thesis...
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...7/3/2015 1. According to the appeals court, when will it hold an individual shareholder personally liable for the debts of a corporation? Why? A corporation is a legal entity that has one or more owners known as shareholders. Shareholders investment is usually there only liability in the corporation and they are usually held personally liable for the debts of the corporation. The court will ignore the corporate structure and will “pierce the corporate veil” when the corporation is being used to “perpetrate a fraud, circumvent the law, or in some other way accomplish an illegitimate objective.”(pg67) According to the appeals court it will hold an individual shareholder personally liable for the debts of the corporation when a controlling shareholder conducts business a haphazardly manner and it is hard to distinguish the business from the shareholder. Another reason to pierce the corporate veil is if the privileges of the corporation are being use by a shareholder for personal gain and to avoid responsibility. One factor that is a common cause for the courts to pierce the corporate veil is “the corporation is set up never to make a profit or always to be insolvent, or it is too “thinly” capitalized. That is, it has insufficient capital at the time it is formed to meet its prospective debts or potential liabilities.”(68) This factor is present in this case when Anthony D. Lee CPA looked into the financial history of CSI and testified that the company was “undercapitalized...
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...Trades Recognition Australia Migration Skills Assessment Applicant Guidelines (March 2015) Table of Contents Section 1 Overview of TRA Migration Skills Assessment 5 1.1 Purpose of the TRA Migration Skills Assessment Guidelines 5 1.2 TRA Migration Skills Assessment Summary 6 1.3 Program objective 6 1.4 Relevant legislation 6 1.5 Program delivery 7 1.6 Fees payable for the TRA Migration Skills Assessment 7 1.7 Paying fees 8 1.8 Refunds 8 1.9 TRA roles and responsibilities 8 1.10 Applicant roles and responsibilities 9 1.11 Authorised representatives for Migration Skills Assessment applicants 9 1.12 Privacy 9 1.13 False or misleading information 12 1.14 Certification of documents and statutory declarations 12 1.15 TRA Migration Points Advice 14 Section 2 TRA Migration Skills Assessment requirements and processes 15 2.1 Overview of the TRA Migration Skills Assessment 15 2.2 Purpose of the TRA Migration Skills Assessment 15 2.3 Nominated occupation for the TRA Migration Skills Assessment 15 2.4 Eligibility for a TRA Migration Skills Assessment 16 2.5 The TRA Migration Skills Assessment process 16 2.6 Meeting the eligibility requirements: qualifications 19 2.7 Meeting the eligibility requirements: apprenticeships 22 2.8 Meeting the eligibility requirements: employment 23 Section 3 Contact details for Trades Recognition Australia 30 Section 4 Glossary 31 Section 5 Acronyms 34 * Document particulars TRIM ID | ED11/017630 | File...
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...Pension Questionnaire To make sure that you are offered the correct pension options, your employer and Civil Service Pensions (CSP) need to know about your pension history. Please answer the questions on the following pages. Your employer will use your answers to work out which of the CSP schemes you can join. Try to answer the questions as accurately as you can. Once you have completed this questionnaire return it as soon as possible and CSP will let you know what your pension choices will be. Make sure you add your National Insurance (NI) number at the top of each page. Section 1 | Your personal data | | | Your full name | | | | Your NI number | | | | Your date of birth | | | | Your start date | | | | Your NI number: | | Section 2 | Your pension information | Have you ever been a member of a public service pension scheme? Public services employers include the Civil Service, judiciary workers, teachers, members of the armed forces, fire and rescue services, the police, health service workers, and local government employees. You can find more information here: www.legislation.gov.uk/ukpga/2013/25/schedule/1Answer this question with details of your latest period of pension scheme membership. | | Which scheme? | At which employer? | | What date did you leave? | | Sections to complete | | | | | | | | | | | | | Civil Service pension arrangements | | | | | 3, 4, 5, 7 | | | | | | | | |...
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...crisp, clear descriptions of the following elements: | |· Company history | |· Company objectives | |· Product/service offerings | |· The market | |· Competitive advantage (A persuasive statement of why and how the business will succeed) | |· Projected growth for the company and the market | |· Key management team members | |· Funding requirements, including a...
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...accounting to different types of organizations and describe its many users and uses. We explain that ethics are crucial to accounting. We also describe business transactions and how they are reflected in financial statements. A Look Ahead Chapter 2 further describes and analyzes business transactions. We explain the analysis and recording of transactions, the ledger and trial balance, and the double-entry system. More generally, Chapters 2 through 4 focus on accounting and analysis, and they illustrate (via the accounting cycle) how financial statements reflect business activities. Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 1. Accounting in Business Text © The McGraw−Hill Companies, 2004 Learning Objectives CAP Conceptual Analytical Learning Objectives are organized by conceptual, analytical, and procedural. Procedural prepare basic financial P1 Identify andand explain how they statements interrelate. (p. 17) C1 Explain the purpose and importance of accounting in the information age. (p. 4) A1 Define and interpret the accounting equation and each of its components. (p. 12) C2 Identify users and uses of accounting. (p. 5) C3 Identify opportunities6)in accounting and related fields. (p. ethics C4 Explain why(p. 8) are crucial to accounting. C5 Explain the meaning of generallyand accepted accounting principles, define and apply several key principles of accounting. (p. 9) A2 Analyze...
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