of Finance People's Republic of China in 2006 regulates the presentation of financial statements and underlines the importance of financial reporting. As of February 2010, the Chinese accounting standard systems is composed of Basic Standard, 38 specific standards and application guidance. Although China's accounting standards have not called Financial Reporting Standards, however, the concept of International Financial Reporting Standards are consistent. This revised law marked a large step forward
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Individuals who wish to distinguish themselves from thousands of other accountants have the opportunity for a board of regents to review their credentials and pass a two-part examination, which will provide certification. The areas of expertise include: financial planning, analysis, control, and decision support (CMA Handbook, 2012). This paper will cover the basic requirements of following the CMA designation and benefits it will bring. The first step that must be taken by a candidate is becoming a member
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(Choi & Meek, 2005). * By adopting the IFRS, the country's businesses would be presenting financial statements on the same foundation that foreign companies would. This would make comparison between global competition much easier. It would also make it easier on the companies based out of the U.S. that do business globally, because now they would only have to present their financial statements based on one set of standards, rather than multiple sets. Currently, the U.S. operates off of GAAP
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ETHICS ACCOUNTING FRAU By Paul Sweeney Learning from the Wrongs S unbeam Corp. will long be remembered as more than a household name for electric appliances and camping equipment. It will also be notable for more than a decade of mismanagement and dubious experiment.s in ruthless cost-cutting and wholesale firings. For years to come, the name "Sunbeam" will bring to mind a company that relied on questionable accounting gimmicks and outright fraLid in sacrificing the company's reputation
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2 MAJOR FUNDS CONCEPT • MAJOR FUNDS MUST BE REPORTED SEPARATELY • NONMAJOR FUNDS REPORTED IN THE AGGREGATE IN A SINGLE COLUMN • A BALANCE SHEET TEST OR AN OPERATING STATEMENT TEST 3 IDENTIFYING MAJOR FUNDS •THE GENERAL FUND •THIS FUND IS ALWAYS MAJOR •OTHER FUNDS (BALANCE SHEET OTHER TEST OR OPERATING STATEMENT TEST): 4 IDENTIFYING MAJOR FUNDS – CON’T. • A FUND NEED ONLY EXCEED 10% OF ASSETS OR LIABILITIES OR 10% REVENUES OR EXPENDITURE/EXPENSES A FUND MUST PASS THE 10% TEST
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College: Rims International School of Business & Technology (Mumbai), India. Course: BBA - HNC – 1st Semester. Subject: Managing Financial Resources & Development Roll No: 7 Student name: Zain Sajjad Merchant | | UNIT | Unit 2- Managing Financial Resources & Decisions | Course | HNC | LECTURER | Mr.Parvez Ahmad | VERIFIER | Ms Reena Cliffton | HAND OUT DATE | 15.10.’10 | SUBMISSION DATE | 27.11.’10 | STUDENT | Zain Sajjad Merchant | TERM | Dec 2010 | ASSIGNMENT
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each of which requires their financial statements to be reported under the same guidelines and standards. All of these countries abide by the International Financial Reporting Standards, making it easier for companies abroad to have financial cohesion. Unfortunately the United States has yet to adjust their financial standards, but many feel this necessary change is coming. Signs of a possible change arose when the SEC approved the use of International Financial Reporting Standards by non-U.S
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Restatement (Second) of Tort could have been the court’s only resort to make its decision. GKCO failed to include in the main sections of the financial report figures of great importance. Instead, GKCO included these figures in the report’s footnotes. c. The court could not have used the foreseeability standard. Because the accountant did not prepare the financial reports with the intention of informing Johnson Bank. In fact, GKCO did not know Brandon was intending to use the reports –already done by
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Check Point Financial Forecasting November 12, 2012 The most comprehensive means of financial forecasting is to develop a series of pro forma, or projected, financial statements. Financial forecast is about the pro-forma income statement, cash budget, and pro-forma balance sheet. The statements are often required by bankers and other lenders as a guide for the future. A brand new company needs to have sales projection plan, production plan, and have a pro forma income statement because it
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Paper on the Ethical Dimensions of Financial Accounting with Respect to the Keeping of Two Sets of Records “Ethical behavior is the lubricant that keeps the economy running. Without that lubricant, the economy would operate much less efficiently – less would be available to consumers, quality would be lower, and prices would be higher.” (Garrison/Norren/Brewer) Financial accounting is concerned with providing information
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