2013 Table of Contents Introduction 3 Mission Statement 3 Vision Statement 4 Key Objectives 5 Conclusion 5 Reference 6 Introduction The business world today is a complex network of companies who have similar goals and objectives in mind, primarily to make money for its owners and shareholders. In order to accomplish this, management is required to use various tools at their disposal, such as a mission statement, a vision statement, and strategies that provide the organization with
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externally. To achieve success, management must be strong and capable of forecasting the profit and loss of the business. That’s why companies implement objectives and missions to maintain their foundation. The objectives in general, is broader in scope than a goal, and may consist of several individual goals. Objectives are a basic tools that underlying all planning and strategic activities. The Company summary generally explains if the business is a self-proprietor, partnership, limited-partnership
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The standards setting process is a very complex but necessary process in the accounting world. The Financial Accounting Standards Board accomplishes this mission through a comprehensive and independent process that encourages broad participation, objectively considering all stakeholder views, and by being subjected to oversight by the Financial Accounting Foundation’s Board of Trustees. Through these few necessary requirements they help form a very effective and sound standard setting process.
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The four statements in the U.S. are the Balance Sheet, Income Statement, Changes in Financial Position and Statement of Retained Earnings. The B/S tells you the cost of the company's assets and the amount of money the company owes. The difference is the retained earnings left in the company by its owners. The B/S is very important to the banks and creditors because it gives them an understanding of what a company owes and coverage of the assets in case things go bad for the company. The I/S is
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Industries, Inc. Case 1. Is it unethical for a company to intentionally understate its earnings? Why or why not? Yes, it is clearly unethical to intentionally understate earnings since the management makes representations that the financial statements are complete and accurate. It is obvious that intentionally understating earnings is done to allow the company to later overstate earnings by using falsified reserves to cover the inadequate current period earnings. These manipulations and misrepresentations
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difference between GAAP and IFRS arise Slide 5: Talk about how US GAAP account for R&D cost. The accounting standard here is ASC 730- Research and development. ASC 730 defines what is research and development. Types of R&D activities falls under scope of standard. The general rules here are, except for some costs related to computer software, all the R&D costs are charged to expenses as it incurred. It means that all those costs must be categorized as expenses and written off to income in the
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why Be less than 2 pages Want to learn more about your business Have a basic understanding about your company Start here… 4 Business Description & Vision This section should include: • • • • • • • • • Mission statement (business purpose) Company vision (statement about company growth) Business goals and objectives Brief history of the business List of key company principals After reviewing this section the reader should know: Who the business is and what it stands for Your perception
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COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FEBRUARY 2010 CONTENTS Chapter 1 Introduction Uses of Annual Reports Scope Presentation Glossary of Defined Terms Principles for Periodic Disclosure by Listed Entities A. Periodic reports should contain relevant information B. For those periodic reports in which financial statements are included, and should state that the financial information provided in the report is fairly presented. C. The issuer’s internal control over
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One factor of globalization which is global finance has an influence in financial reporting (Flower & Ebbers, 2002). Nowadays, financial statements are presented in various ways, a large quantity of the world’s listed companies use either IFRS or US GAAP. In spite of the heavy blow to the SEC of US which has announced that it will delay further statements regarding a timetable for its ultimate decision on the implementation of IFRS, the main trend of adoption of IFRS has not changed (Whitehouse
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for fiscal year ended December 31, 2015. I will audit the financial statements of the governmental activities, and each major fund, and the aggregate remaining fund information, which collectively comprise the entity’s basic financial statements, of the ABC Company as of and for the year ended December 31, 2015. Audit Objective The objective of this audit is the expression of opinions as to whether your basic financial statements are fairly presented, in all material aspects, in conformity with
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