companies are listed. For these reasons, we can consider those companies as proper peers. We collected the 2014 Annual Report for both companies. The Annual Reports, retrieved from the Investors section in the related official websites, show the consolidated figures as of December 31, 2014 and the comparative data for the year 2013. Saipem is one of the largest turnkey contractors in the oil and gas industry. Founded in 1957 as service provider to ENI, the company has made its name handling the oilfield
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The Users of Financial Statements and Their Information Needs 4 3.0 Discussion of Standards Related to Consolidation and its Actual Presentation 6 4.0 Conclusion 14 Reference 16 List of Diagrams Exhibit 1 Group Structure & Summary of Ownership Interests in Subsidiary Exhibit 2(a) Disclosure of Ownership Interest in Subsidiaries Exhibit 2(b) Disclosure of Ownership Interest in Subsidiaries Exhibit 3 Consolidated and Separate SOPL Exhibit 4 Consolidated and Separate
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auditor consider when determining whether an account should be considered significant? ANSWER: The auditor should consider planning materiality. When a financial statement account exceeds the planning materiality, that account should be considered significant for both the audit of internal control over financial reporting and the financial statement audit. The more the account exceeds planning materiality, the greater it should be considered significant. 1b) What qualitative factors might cause
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CASE 1.9 ZZZZ Best Company, \nc. On May 19,1987, a short article in The Wall Street Journal reported that ZZZZ Best Company, Inc., of Reseda, California, had signed a contract for a $13.8 million insurance restoration project. This project was just the most recent of a series of large restoration jobs obtained by ZZZZ Best (pronounced "zee best"). Located in the San Fernando Valley of southern California, ZZZZ Best had begun operations in the fall of 1982 as a small, door-ta-door carpet cleaning
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Home Depot Financial Statements Home Depot a hardware box chain store throughout the United States has released their 2007, 2008, and 2009 annual reports. Within Home Depots, annual reports, are financial statements that will assist in analyzing the financial standings of Home Depot from 2007 to 2009. Taking a more in-depth look at the financials statements below, which includes consolidated statements of earning, balance sheet, and cash flow helps better to understand the internal and external
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Visit the website of your favorite U.S. company. Find the company’s financial statements in the section of the website for investors. Post a link to the statements. What did you find interesting about each of the four financial statements, which include balance sheets, income statements, statements of cash flows, and statements of owners’ equity? How could the information in those statements be useful to an investor and to a manager? I do not really have a favorite company. Being a car enthusiast
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Financial reporting developments A comprehensive guide Consolidated and other financial statements Revised November 2013 Noncontrolling interests, combined financial statements, parent company financial statements and consolidating financial statements To our clients and other friends This Financial reporting developments (FRD) publication is primarily designed to help you understand financial reporting issues related to the accounting for noncontrolling interests. This publication also
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AUDITING 700 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) Introduction Scope of this ISA 1. This International Standard on Auditing (ISA) deals with the auditor’s responsibility to form an opinion on the financial statements. It also deals with the form and content of the auditor’s report issued as a result of an audit of financial statements. 2. ISA 7051 and ISA 7062 deal with how the
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4. Reference list………………………………………………………………………………P.16 5. Part A Overview of the contents of the Framework The starting point of the Framework is to address the fundamental question of why financial statements are actually prepared. The basic answer to that is they are prepared to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity. In turn this
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global accounting standards – International Financial Reporting Standards (IFRS). Leading the charge, the International Accounting Standards Board (IASB), formerly known as the International Accounting Standards Committee, has begun a movement toward harmonization and convergence of GAAP. More than 100 countries currently use IFRS, so if your business goals include global expansion, it is critical to educate yourself about the impact of IFRS on your financial reporting processes and business now (U.S
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