cooperate with AIG in issuing report stating that the nonconsolidated accounting treatment was an appropriate application of GAAP. Several incentives pushed him to do so. First, since AIG had an extensive role in global credits and insurance markets, to build a positive relationship with AIG for Joseph was beneficial in the long-term. As Joseph accepted the offer from AIG, the potential buyers went to Joseph to consult accounting-related issues, which raised Joseph’s reputation as well. In addition
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obligation noted above? b. How should NMR account for the second obligation noted above? Hint: The proper accounting treatment for each obligation is one of the following: -account for it as a minimum lease payment -account for it as an asset retirement obligation -account for it as an expense when it is incurred For each obligation, explain which of the three options is the proper accounting treatment. Also, prepare (without numbers) and briefly explain the journal entries that would be necessary
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School Assignment ACCT XXX – Accounting I & II Abstract I believe to make this career field more attractive I would provide in this presentation the various types of businesses, non-profit organizations, and government entities both nationally and internationally. In the private sector, accounting profession include such fields as bookkeeping, payroll clerks, general accountants, budget analyst, internal auditor, and controller. In the public sector, accounting profession is found in the
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extensive criticism over many years, particularly their role in ‘off balance sheet’ financing. The accounting standard AASB 117 aims to prevent the potential risk assessment problems resulting from the misclassification of leases. In order for appropriate risk evaluations to be made, all the relevant information must be disclosed in the financial statements. The aim of the IAS and AASB 117 accounting standard is to ensure that leased assets in which all the risks and returns of holding the asset are
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year is when buyers can purchase the items. This is not entered in the accounting period and that’s a problem. The CFO wants to draw attention of the investors, so he is asking if there is a way to report the sales for this year, in this year’s books Legal Issues and Laws In a business, there a federal and state laws that must be followed when financial transaction are being reported. These three important components of accounting go hand and hand when to come down to enforcing laws are the Sarbanes-Oxley
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seeking success in the market must comply with all the regulations that are required by government, the market and very importantly by the consumers. Companies are not able to function without proper financial planning, it is important that all the accounting records are kept up to date so they follow specific guidelines. This also helps to keep track of how a company is doing to make sure that they are aware of where their money is going or coming from so that they know if they have a profit or losses
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Review of Accounting Ethics Ethics is a very important aspect of accounting and should be taken very seriously as accountant. Shareholders, potential shareholders, and other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment. The opinions of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair view of the company
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Were there any abuses of power by the management and breach of fiduciary on the part of the director? Yes, there abuses of power by the management and breach of fiduciary on the part of the director. Abuse of power is the act of using ones position of power in an abusive way, this can take many form such taking advantage of someone, gaining access to information that should not be accessible to the public or just manipulating someone with the ability to punish them if they do not comply. Breach
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responsibilities. ii) Performance Standard 2030 - Resource Management The Chief Audit Executive should ensure that internal audit resources are appropriate, sufficient and effectively deployed to achieve the approved plan. Professionalism Internal auditing is grounded in professionalism and efficiency. Today's internal auditors are a far cry from the 'fault finders' or 'policeman' role that the profession has long been associated with. Modern day internal auditors are routinely consulted on all aspects
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& Company, into one of the largest and most respected accounting firms in the world through his reputation for honesty and integrity. His motto was “Think straight, talk straight” and he insisted that his clients adopt that same attitude when preparing and issuing their periodic financial statements. Arthur Andersen’s auditing philosophy was not rule-based; instead he invoked a substance-over-form approach to auditing and accounting issues. He avidly believed that the primary role of the auditor
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