themselves engaged in fraud by falsely representing to the public that they had applied professional auditing standards to their review of Xerox's accounting, that Xerox's financial reporting was consistent with Generally Accepted Accounting Principles ("GAAP") and that Xerox's reported results fairly represented the financial condition of the company. There was no watchdog at Xerox. KPMG's bark sounded no warning to investors; its bite was toothless.2. KPMG's foreign affiliates in Europe, Brazil
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Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers A Comparison of U.S. GAAP and IFRS A Securities and Exchange Commission Staff Paper November 16, 2011 OFFICE OF THE CHIEF ACCOUNTANT UNITED STATES SECURITIES AND EXCHANGE COMMISSION This is a paper by the Staff of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings
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Deloitte Trueblood cases (www.deloitte.com/more/DTF/cases_subj.htm), as well as the AICPA cases (www.aicpa.org). Topical Index of Student Cases INTERMEDIATE ACCOUNTING Case 1: Reporting acquisition and repayment transactions in the Statement of Cash Flows Case 2: Recording a forfeited payment Case 3: Revenue and expense recognition associated extended warranties Case 4: Accounting for “due on demand” note payable Case 5: Purchase of a controlling interest with a greenmail
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decisions of users and preparers of financial statements. • Current issues facing standard setters and the profession. Grades will be determined as follows: 1. Class participation 45 possible points 2. Financial reporting timeline 5 possible points 3. Mini-cases (Trueblood, FASB, HBS or similar) 35 possible points 4. Problem sets and discussion question write-ups 30 possible points 5. Group presentation 10 possible points 6. Research paper 20 possible points 7.
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countries have their own organizations, such as the United States Financial Accounting Standards Board, that govern their accounting standards. This can cause major difficulties for multi-country corporations, as well as confusing for investors who are trying to compare company financials. To rectify this problem, the SEC has prepared a roadmap that proposes requiring all U. S. companies to implement an improved version of International Financial Reporting Standards as soon as 2014. What would be required
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JetBlue Audit Paper Name Institution Introduction JetBlue boasts to be a local low-cost airline in the United States having being incorporated back in 1998 with the delivery of services commencing in 2000. The incorporation of the airline occurred in Delaware in August, and many consider it a New York hometown carrier. Jet Blue had an approximately 32 million passengers in the year 2014 and the mean flights in a day were 825. Last year, the carrier number of passengers increased to 35 million
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The Companies The Participants Regulatory Scrutiny Intensifies The Prosecution Case The Defense Case Relevant Laws and Regulations The Fate of the Participants The Companies AIG Overview (2007) World’s largest insurance and financial services company 93,000 employees Business in 130 countries Led by Maurice (“Hank”) Greenburg Shareholder’s equity 2007: $95.8 billion Net Income 2007: $6.2 billion Premium written 2007: $59.8 billion GenRe Overview One of World’s
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THE NATION’S NEWSPAPER BS2003-01a Collegiate Case Study Enron law firm called accounting practices 'creative' By Greg Farrell www.usatodaycollege.com Accounting fraud Part I: The problems “Creative accounting” is not a new technique, but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources, but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called creative practices
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Introduction Financial Statement: It is a formal record of the financial activities of a business, person, or other entity. In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by accountants. For a business enterprise, all the relevant financial information, presented in a structured manner and in a form easy to understand, are called the financial statements. They typically
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Incorporation Act 2. Which of the following statements is true? A. The exchange of stock for services rendered is not a taxable transaction. B. The repeal of Sec. 351 would result in more existing businesses being incorporated. C. Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences. D. Section 351 is an example of a negative aspect of the corporate form of business organization. 3. Which of the following statements is true? A. Formation of a partnership
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