IFRS vs. GAAP: Same or Different ACC407 January 27, 2013 Catherine McBride IFRS vs. GAAP: Same or Different The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working on nearly a dozen joint projects designed to improve both U.S. Generally Accepted Accounting Principles (US GAAP) and International Financial Reporting Standards (IFRS), and ultimately make the standards fully compatible. But in the mean time, the two predominant accounting
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members of the NextCard, Inc., audit engagement team were altering the fiscal 2000 audit workpapers of that San Francisco-based company. NextCard was founded during the late 1990s by Jeremy Lent, the former chief financial officer of the large financial services company, Providian Financial Corporation. Lent’s business model was simple: use a massive Internet-based marketing campaign to quickly grab a large market share of the intensely competitive credit card industry. By 2000, NextCard, which
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framework 3 Historical Background 5 The Scandal – what happened 6 PENALTIES 7 How the scandal relates to accounting theory 8 RELATION TO POSITIVE ACCOUNTING THEORY 9 Conservatism Principle 9 Lack of Reliability 10 Lack of Relevance 11 Financial Misstatement 11 Conclusion 12 Bibliography 14 Insight on WorldCom Scandal ABSTRACT The scope of this paper deals with the WorldCom accounting scandal of the early 2000’s as it relates to elements of accounting theory. The discussion will
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IDENTITY THEFT Fraud- intentional deception made for personal gain or to damage another individual. Fraud is a crime and a civil law violation. (1) Fraud affects individuals, businesses and the economy as a whole. Every year millions of dollars are lost due to activities of scammers using countless illegal techniques to achieve their goals. As hard as people work to make money and as difficult as it is to save it, the last thing they want to do is lose any of it through fraud. Financial fraud is the number
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had a multiple impact on the stakeholders. The ethical dilemmas that caused the rise and fall of Richard M. Scrushy will be reviewed. Scrushy’s Beginnings Scrushy began his humble beginnings in Alabama. Watson (2003), biography of Scrushy reports he dropped out of high school and worked as a gas station attendant and later a bricklayer. He eventually returned back to school and earned his high school diploma. Later Scrushy enrolled at Jefferson State Community College in Birmingham. He did
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accounting fraud and auditor legal liability c a S eS inc lu de d in t hiS Se ction 4 89 99 4.1 Enron Corporation and Andersen, LLP Analyzing the Fall of Two Giants . . . . . . . . . . . 4.2 Comptronix Corporation 4.3 Cendant Corporation . . . . . . . . . . . . . . . . . . . . . . Identifying Inherent Risk and Control Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . 111 119 127 137 Assessing the Control Environment and Evaluating Risk of Financial Statement Fraud
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1．Construct a 1988 Statement of Cash Flows for MiniScribe. MiniScribe Statement of Cash Flows | (millions of dollars) | | 1988 | | 1987 | | | | | Cash Flows from Operating Activities | | | | | | | | Net Income | 26 | | 31 | | | | | Non-Cash Adjustments | | | | Depreciation Expense | 6 | | 11 | | | | | Changes in Assets and Liabilities Related to Operations | | | | Accounts Receivable | -116 | | -17 | Inventory | -56 | | -39 | Accounts Payable |
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journal entries and other adjustments to the financial statements that are not reflected in formal journal entries; and records such as work sheets and spreadsheets supporting cost allocations, computations, reconciliations and disclosures. Agreed-upon procedures engagement—An engagement in which an auditor is engaged to carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings. The recipients of
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relating to Project Work (Report 50 marks + Viva-Voce 50 marks) for B.Com. Part III (Honours) Course: Paper 3.5 HA /HM / HT /HeB • Each of the students has to undertake a Project individually under the supervision of a teacher and to submit the same following the guidelines stated below. • Language of Project Report and Viva-Voce Examination may be English or Bengali. The Project Report must be typed and spirally bounded. • Failure to submit the Project Report or failure to appear at
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Board of directors * Management * Other key personnel * Provides reasonable assurance * Effectiveness and efficiency of operations * Reliability of financial reporting * Protection of Assets * Compliance with applicable laws and regulations * Important Guidance * Statement on Auditing Standard No. 94 * Sarbanes-Oxley Act of 2002 Understand the reasons humans make mistakes * Errors may be the result of many factors * Distractions
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