Financial Reporting 2nd Assignment Transmitted to: Vinamilk Corporation Prepared for: Ms. Kim Oanh Vu (Lecturer) Unit 6: Financial Reporting Banking Academy, Hanoi BTEC HND in Business (Finance) Prepared by: Hoang Thai Duong, Sunshine, F04-039 Submission Date: January 10th, Table of Contents Table of Contents Executive summary 6 Introduction 7 1.1. Describe the different users of financial statements and their needs 8 1.2. Explain the legal and regulatory influences
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Exchange Commission: The SEC requires public companies to adhere to generally accepted accounting principles. The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. AICPA - American Institute of Certified Public Accountants: The AICPA is the world’s largest association representing the accounting field. The AICPA's mission is to provide members with the resources, information and leadership
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Perspectives on Accounting Education Volume 3, 2006, 27-48 ENRON AND ARTHUR ANDERSEN: THE CASE OF THE CROOKED E AND THE FALLEN A Gary M. Cunningham Visiting Professor Department of Business Administration Åbo Akademi University Turku, Finland Jean E. Harris Accounting Department Pennsylvania State University, Harrisburg Campus School of Business Administration Middletown, Pennsylvania USA ABSTRACT Outside the US, the failures of Enron and Arthur Andersen remain puzzles. How could the accounting and audit
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The International Financial Reporting Standards are a set of accounting standards developed by the International Accounting Standards Board. They are becoming the global standard for the preparation of public company financial statements (AICPA). The IFRS are currently implemented in ninety countries throughout Europe, Asia, and South America, and in coming years, the United States of America may added to the list. JPMorgan Chase, America’s largest bank, has shown hesitation of implementing the judgment-based
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Transactions and events in accounting are considered to be extraordinary items when they are of material effect that are not expected to repeat frequently and would not be seen as repetitive factors in any assessment of the ordinary operating procedures of the business. Extraordinary items are not new to financial statements in fact they have been around since the early to mid-1900. Events and transactions that are considered extraordinary items are constantly changing with everyday occurrences and
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DO ACCOUNTANTS NEED TO CONSIDER THE ECONOMIC CONSEQUENCES OF FINANCIAL STATEMENTS? Table of Contents Introduction……………………………………………………………………...................1 Accountants and the Statements They Produce…………………………………………...1 Users of Financial Statements……………………………………………………………..2 A Key Starting Point for Users……………………………………………………………4 Economic Consequences through Adopting New Accounting Standards…………………6 Accounting Regulation and Its Purpose……………………………………………………7 Conclusion…………………………………………………………………………………8
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ACC501 Cost Accounting.txt Cost Accounting or Cost-Volume-Profit Accounting ACC501 - Accounting for Decision Making Module 2 - Case Abstract This paper contains a brief overview of the current primary accounting standard GAAP but also explores CostVolume-Profit analysis and Cost Accounting. In the 1980s accountants and financial managers embraced technology and became the basis for the Personal Computer’s (PC) explosive expansion. The abilities of the computer coupled with the needs of
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eligible to take the CPA exam, a person must have a Bachelor’s degree or higher and must have completed at least 150 semester credits of college education (Board of Accountancy Washington State). Within these 150 semester credits, 24 credits must be in accounting subjects with 15 credits at the upper or graduate level and 24 credits must be in business administration subjects (Board of Accountancy Washington State). The Board must also recognize your school as an accredited college. If your education was
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of items that are located under each content area. What is FASB Codification System and its purpose? The Financial Accounting Standards Board (FASB) developed a database and research system. A codification is given FASB for which all accounting standards in a single system known as FASB Codification. The purpose of the FASB codification system is to have a better organized accounting principles and laws to make it easier for the user. In fact, FASB codification reduces the research time as all
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Effectively Communicating with Clients By J. David Strother, CFP®, AIFA®, financial advisor at DSF Wealth Management, LLC Of all the elements a CPA or financial advisor needs to consider in order to operate a successful wealth management practice, an effective client communication strategy ranks at the top of the list. Regular communication is critical to the long-term success of your firm, but it has to be done right. The fact is that the vast majority of advisors want to sell, but very few
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