How To Rejuvenate A Mature Business - 1,174 words
The last two decades has seen a revolution in management accounting theory and practice due to the challenges of the competitive environment in the 1980s. Kaplan and Johnson (1987) identified the failings and obsolescence of existing cost and performance measurement systems which led to re-examination of traditional cost accounting and management control systems. Conventional financial and management accounting methods have developed primarily as a result of corporate legislation in the 1930s forcing companies to provide externally published financial accounts. Management accounting is primarily focused as a decision making tool for running a business, hence they require more flexibility. Ac ...
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Accounting Software Decisions - 1,022 words
... eryone is comparing the products based on a fair method of comparison. Interviews and demonstrations can occur simultaneously but it may not be appropriate to have the same staff and executives at demonstrations versus interviews. The technical team will want to be present for both, however, the executive team may defer to the technicians instead of attending the demonstrations. Examples of financial reports that are the result of the scenarios process may be reviewed by the executive team at some point during the interview process or afterward when they can be more thoroughly discussed with the technical team. Evaluation, references, selection Reference checks will help you und ...
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Models For Predicting Corporate Financial Distress - 2,245 words
... ntly, logit analysis has been compared to a more advanced analytical tool, neural networks. Research has found that the approaches perform similarly and should be used in combination (Altman, Marco, and Varetto 1994). Based on multiple discriminate analysis (MDA), the model predicts a company's financial health based on a discriminant function of the form: Z=0.012X1+0.014X2+0.033X3+0.006X4+0.999X5 X3=earnings before interest and taxes/total assets X4=market value of equity/book value of total liabilities The Z-Score model (developed in 1968) was based on a sample composed of 66 manufacturing companies with 33 firms in each of two matched-pair groups. The bankruptcy group consisted of com ...
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Venue Recognition - 774 words
Chapter 4 Recognition in financial statements Having defined the elements of financial statements in Chapter 3, the Statement of Principles turns next to their recognition. Whilst only items that meet those definitions should be recognised, not every item that does so should necessarily be recognised. Recognition is very important. Creative accounting often means recognising as an asset something which is not an asset. Recognition involves depiction of the element both in words and by a monetary amount, and the inclusion of that amount in the statement totals. Notes to the financial statements contain important information both about elements that are recognised and about those that are not ...
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Business Ethics - 1,726 words
... nsumer probably would not have purchased the vehicle had they knew the actual mileage. It is the seller=s duty to inform the buyer of any defects that might affect the customer=s decision. Price-fixing-Managers of firms manufacturing paper bags used for packaging foods, coffee, and other goods were fined for getting together and conspiring to fix the prices of those paper bags. When firms are operating in an oligopoly market, it is easy enough for managers to meet secretly and agree to set their prices at artificially high levels. Manipulation of Supply-When hardwood manufacturers met periodically in trade associations, they would often agree on output policies that would secure high pro ...
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Bristolmyers Squibb Company - 1,160 words
"A Critical Analysis to Disclosure in Financial Reporting" Bristol-Myers mission is to be the preeminent global diversified health and personal care Company. Bristol-Myers seeks to achieve success in the global marketplace. Product- Bristol-Myers is a maker of many useful products that people use and may depend on today. There products range from Pharmaceutical ($8,672 million), consumer medicines ($4,278 million), Clairol a well known hair care system ($1,160 million), Matrix ($306 million), Mead Johnson nutritional ($1,789 million), Convatec ($726 million), and Zimmer ($1,134). Some of Bristol-Myers more well known Pharmaceuticals are Taxol which is a anticancer agent that Bristol-Myers Sq ...
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Computer Age - 1,086 words
... nd is responsible for recommending to the Board the independent accounting firm to be retained for the coming year. This Audit committee meets periodically and privately with the independent accountants, the internal auditors, and with Compaq management to review accounting, auditing, internal control structure and financial reporting matters. Chairman Benjamin M. Rosen and directors and vice chairmen Frank P. Doyle and Robert Ted Enloe, III, currently constitute the Office of the Chief Executive. Rosen is serving as acting CEO, and together with Doyle and Enloe, is actively involved at Houston headquarters in the daily direction and operations of the company pending the selection of a n ...
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Point Paper - 461 words
10 point plan to improve oversight of financial reporting process. 10 point plan to improve oversight of financial reporting process The New York Stock Exchange and The Blue Ribbon Committee saw a need for improvement in corporate auditing. They released a report of IO far-reaching recommendations intended to improve the quality of corporate financial reporting, Point # 1. Revise the definition of independent director. They say the definition should read as follows * Members of the audit committee should be independent and have no relationship with the corporation that may interfere with the exercise of their independence from management and the corporation. Point # 2 Require an independent ...
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Pension Founds And Financial Market - 1,599 words
... isk of encouraging irresponsible behavior is present. In any event, the likelihood of a government `bail-out in extreme circumstances suggests that regulatory oversight is desirable. Investing in Emerging Markets? The growing institutionalization of savings, driven in large part by population ageing and pension reform in the OECD countries, has provided an important stimulus for sustained flows of private capital to emerging markets. The scale of flows in the 1990s from the `older OECD area to the `younger emerging markets and the broadening of market access confirms the increasingly rapid integration of the worlds financial markets. In 1996, for example, net flows of private capital gre ...
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Lucent Technologies Company Profile - 1,149 words
Introduction Lucent Technologies Lucent Technology is North America's leading maker of telecom equipment and software, including switching and transmission equipment and business communications systems. Lucent Technologies, started trading publicly in 1996 with an initial public offering that was, at the time, the largest in domestic history (Hayes). In December 1999, Lucent's stock reached a high of $77.78 and was the nation's fourth most widely held stock (Romero and Atlas). But by July 2001, Lucent's stock was trading at $6.43, the SEC was investigating its accounting practices, and several former, high-level managers had been sanctioned by the SEC or were under criminal indictment for wr ...
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Auditing - The Risk-based Approach - 1,501 words
Auditing - The Risk-Based Approach Introduction Risk, plays a large part in the world of Auditing. Audit risk, represents risk to an auditor or an audit firm, as the risk of paying damages to a client may arise out of negligent work when trying to show a true and fair view of a set of company accounts. All audit work involves some level of risk; this may be because a set of company accounts have been misstated due to error or fraud, or the auditor failed to detect the errors or fraud. In addition, these problems may have occurred due to inadequate sample sizes when determining the level of risk or the auditor failed to use proper auditing policies. To evaluate the level of risk related to sp ...
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Marks And Spencer's Compliance With The Cadbury Code - 1,258 words
Reasons for Cadbury Code When the company is doing well, the investors usually do not spend much time thinking about corporate procedures. However, in the bad times everyone wonders how they could have ignored commonsense checks and balances. The Committee on the Financial Aspects of Corporate Governance, chaired by Sir Adrian Cadbury, carried out a code which will help to increase the efficiency of the companies with the proposals advising how to contribute positively to the promotion of good corporate governance (i.e., system by which companies are directed and controlled) as a whole. By adhering to the Code, listed companies will strengthen their control over their businesses, clarify res ...
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Benefits Of Using Accounting Report - 1,343 words
Accounting Report is the leading provider of competitive intelligence for accounting firms. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for over 20 years. Topics covered include breaking news, in-depth firm profiles, mergers and acquisitions, office closings, auditor changes, key personnel moves, legal and regulatory issues, competitive intelligence, niche practices and product launches, and much more. Here are several comments of what some people say about public accounting report: "Insightful information you don't see anywhere else." Says Sean Egan, Managing Partner, KPMG. "I look forward to every issue." Say ...
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Political, Economic & Social Effects Of Accounting Standard Setters - 1,110 words
'The view that accounting standard setters consider the economic, political and social consequences of accounting standards is consistent with the view that accounting reports, if compiled in accordance with accounting standards and other generally accepted principles, will be neutral and objective' SYNOPSIS Objectivity and neutrality are the ultimate goals of general purpose financial reporting. However there are many factors involved that make this goal almost impossible to attain. Economic, political and social issues are huge influences on the Accounting Standard setting process, and these influences spill over into everyday accounting, with personal gain often ahead of reliability and o ...
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Political, Economic & Social Effects Of Accounting Standard Setters - 1,110 words
... it mean that the report is essentially objective. It is a complex task, which is in need of on-going and sophisticated refinement by the individual and the profession. Every policy choice represents a trade off among differing individuals preferences, and possibly among alternative consequences, regardless of whether the policy makers see it that way or not. In this sense, Accounting policy choices can never be neutral (Committee on Social Consequences, 1978, pg. 24). Users of information expect a high level or 'reliability and objectivity' in regards to these financial reports. Interestingly, accountants often see themselves as engaged in an objective, value-free, technical enterprise, ...
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Becoming A Cpa (certified Public Accountant), Job Profile - 1,284 words
What is a CPA? These three letters mean that you have received a broad-based education. They mean you have passed all parts of a very difficult exam. They mean you have the knowledge, skills and abilities to be a trusted business advisor to your clients or employer. They mean you feel comfortable with the latest technology. They mean you are an ethical individual who can provide an independent analysis. CPA's are many things. They are chief financial officers for Fortune 500 companies and advisors to small neighborhood businesses. They work for large and small public accounting firms. They are well-respected strategic business advisors and decision-makers. They act as consultants on many iss ...
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Comparison Of United States, United Kingdom, And Chinese Accounting Systems, Accounting Standards, Accounting Practices - 1,821 words
This report discusses the accounting practices of the following countries U.K, U.S.A and China. An analysis of these different accounting systems will be conducted on issues such as the growth and background, social, economic and fiscal pressures that have led to each nations current characteristics. Concluding on the direction each nations accounting systems and practices seem to be heading towards. Introduction The main characteristics of U.K accounting is that it is highly dominated by organised accounting profession, which only relate to limited liability companies, no other such entity. A separate fiscal accounting has been developed entirely from commercial accounting. Public sector in ...
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Comparison Of United States, United Kingdom, And Chinese Accounting Systems, Accounting Standards, Accounting Practices - 1,863 words
... ng economic reform and internationalising the economy. Indicating Chinese reforms to harmonise their accounting system with the IASC. Financial Reporting In the UK and US, the main objectives of financial statements are to: Report to shareholders on the directors management and control of the business. Provide information needed by shareholders and potential investors to make informed investment decisions. The overriding principle in both countries is that the financial statements should present a fair view of the company's operating results and financial position. Whilst in china, the objective of financial reports is to reflect the financial position and operating results of an enterpr ...
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Are Financial Accounting Statements Useful To Investors? - 986 words
1.1 Introduction Financial accounting statements are summaries of monetary data about an enterprise and are used in an attempt to help make informed decisions in the present and future. Financial statements portray the effects of transactions and other events by grouping them into broad classes (or elements) according to their economic characteristics. The three basic financial statements are the balance sheet, the income statement and the cash flow statement. There are many different entities that utilise financial statements. Financial statements may be drawn up for private individuals, non-profit organisations, manufacturers and service industries. Three major groups that take advantage o ...
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An Accounting Problem - 1,141 words
Since financial reporting is a complex process, convoluted action was required to resolve this problem. The annuity technology group, along with the annuity business group came up with three possible solutions and conducted a high level requirements analysis and a cost benefit analysis to determine which solution to implement. The solutions analyzed were, do nothing and stay on the existing accounting system, go with a new accounting system designed and built by our Life Insurance partners, or build our own accounting engine. The requirements and cost benefit analysis took several months to complete and a final decision would not be made until 18 months after the initiation of this project. ...
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