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The United States Congress passed the Sarbanes-Oxley Act of 2002 after several major U.S. corporations were exposed for unethical accounting and reporting practices. During this time period, investor confidence weakened, leading many corporations to undertake initiatives to reexamine their accounting practices.
After reading "The Unexpected Benefits of Sarbanes-Oxley" and "Statement of Financial Accounting Concepts," address the areas of similarity between the two documents.
Particularly, focus your discussion on Section 404 of Sarbanes-Oxley and the relevant areas of the FASB Concepts. In your educated opinion, have the necessary accounting and reporting guidelines been instituted to prevent future accounting scandals from occurring? Provide examples to illustrate your position. What are the criticisms of the Sarbanes-Oxley Act?
Please give suggestion and the scope of this issue from the International Financial Reporting Standard.
You work for an accounting firm. Your supervisor asks you to write a report on a new photocopier which the accounting firm can purchase. In addition to information about its hardware, software, and user friendliness, he/she wants a recommendation ..
b, Explain how this might affect the quality of decision useful information for shareholders.2. IAS 21 requires that the temporal and net investment methods are used upon the consolidation of foreign subsidiaries.
Compare growth of revenues versus income over time and between the two companies and how can you explain the difference in profitability between the two companies?
Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow. 20X2 20X1 Current Assets $86,000 $80,000 Property, Plant, and Equipment (net) 99,000 90,000
An opportunity exists to explore the greater social and political questions that are frequently debated about the compatibility of profit-oriented entities and quality of health care, relative to not-for-profit entities.
Determine the objectivity of each of the two measurement systems for the year under consideration. On the basis of your examination, which of the two systems would you prefer? Explain.
They have offered to guarantee 1000 patient visits per year and want to pay $70 per visit. City Rehab currently receives $95 per visit directly from Medicare
Convergence of international financial reporting standards
Do you believe that it is appropriate that we have a single, global set of accounting standards as well as one conceptual framework that has global applicability?
The general manager suggested capitalizing more of the company's product development costs and amortizing additional capitalized amounts over five years, using the straight line method.
Prepare journal entries to record these liquidation transactions and prepare journal entries to record the preceding transactions on the assumption that the bonus (or no revaluation) method is used.
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