After reading the Beasley case, briefly answer the following questions about Societe Generale: 1. Provide one example of an internal control deficiency in each (a total of 3) of the following areas: 1) control environment, 2) processes, and 3) technology. 2. Provide two benefits for a company to “hire from within”. Provide two additional drawbacks to companies “hiring from within”. 3. The rogue trader at Societe Generale engaged in non-authorized trades during 2006 and 2007. His fraud
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and lease structure. Through intensive research on the Financial Accounting Standards Board (FASB), three sub-types of leases were found for lessors to account for the leases. The three sub-types are direct financing, sales-type, and operating leases. The international accounting standards board (IASB) and FASB are proposing a draft for lease accounting. The critics are disputing some of the concerns with operating lease financial reporting. This memo will address the proposal changes for operating
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In 2002 the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) met and issued the Norwalk Agreement where they both agreed to develop of high quality accounting standards. Since that time the FASB and the IASB have been working on joint projects a.k.a convergence projects designed to improve both US Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS), eliminate differences between them, and ultimately
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AFRB 343 Advanced Financial Accounting 1 Semester 11 2011 / 2012 TUTORIAL: AQUACULTURE QUESTION 1 The data below is related to Aqua Tiger Bhd that cultures and sells tiger prawns as at 1 January 2006: Batch 1 Batch 2 (RM) (RM) Direct labour costs 40,000 10,000 Production overhead 20,000 30,000 Seed stock, fertilizer and chemical 15,000 25,000 Costs to complete the cycle 90,000 100,000 Estimated harvest 10,000 kg 15,000 kg Required: a) Determine the estimated total costs upon completion and estimated
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[pic] A Case Analysis on STIRLING HOMEX CORPORATION In partial fulfillment of the course requirements in BA 219 Corporate Financial Reporting WF Class 1830 – 1950, Section WFP Term 1, A.Y. 2014-2015 October 10, 2014 Submitted by: AÑORA, Maria Wilvenna DELLAMAS, Gina LAGUARDIA, Carlo Gerard PANCHO, Mildred REGIDOR, Jonas RICAFORT, Allan Cris Submitted to: Dr. Arthur S. Cayanan EXECUTIVE SUMMARY The Case Analysis concentrated on the accounting practices employed by Stirling Homex Corporation
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February 2004) IFRS 4 Insurance Contracts (issued March 2004) IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004) IAS 1 Presentation of Financial Statements (as revised in September 2007)* Improvements to IFRSs (issued May 2008)* IFRS 9 Financial Instruments (issued November 2009)† IFRS 9 Financial Instruments (issued October 2010).† * † effective date 1 January 2009 effective date 1 January 2013 (earlier application permitted) © IFRS Foundation A1003
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Kari Moore Unit 6 – Final Research Paper AC504 April 19, 2013 Abstract In the history of the world, there has never really been a dominate, widely accepted set of ethical standards, unless you count the ten commandments, and as we all know, they didn’t end up widely accepted either. The world is in an ethical tail-spin, trying to be the best, the most profitable, the most dominant, and it is leaving its ethics in the dust. In this paper I will discuss the importance of an ethical system
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Answer: C Level: Medium LO: 3 5. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity? A) The time expended by accountants to create multiple sets of financial statements conforming to different national standards. B) The cost of the IASB to regulate compliance with many
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major development in the area of accounting. The convergence of accounting standards between the two accounting organizations has been successful in some areas while the convergence in other areas emphasizes the differences between the two financial reporting standards. U.S. GAAP (ASC 230) and IFRS (IAS 7) are the standards for presenting the Statement of Cash flows under FASB and IASB respectively. Although there are similarities between the two standards, there are also differences, both of which
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decisions are finalized only by proper discussion and final approval of the board of directors audit committee. All financial activities and transactions in the company are run by its CFO, Lee Marchetti. He is recognized as a trustworthy executive who ensures tight internal checks and controls on company’s finances. Current situation: In the process of reviewing the company’s financial statements, Nick recognized some issues with software revenue recognition. He had a feeling that there was a possibility
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