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The Future of Financial Reporting, 2008.
This paper explores the development of a conceptual framework for financial reporting and accounting by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB).
1,734 words (approx. 6.9 pages), 19 sources, MLA, $ 56.95
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Abstract
The paper explores if the proposed conceptual framework for financial reporting and accounting covers the main facets of the original framework of both the FASB and the IASB and whether the purpose of financial reporting is omitting a vital element. The paper further examines whether the decision-useful objective necessarily encompasses the stewardship objective. The paper concludes that it is necessary to have separate objectives related to stewardship and decision-usefulness.
Outline:
Introduction
Financial Reporting that is 'Decision-Usefulness'
Stewardship Objective
Should the Stewardship Objective be Included Separately?
From the Paper
"The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have decided to revise their conceptual frameworks for financial reporting and accounting. Ideally, the present framework of both boards will be broader and expansive so as to develop a conceptual framework, which both Boards can use as an outline for new and revised accounting standards. This amalgamation is very important since markets become more international in scope, there is a need for global accounting standards that are consistent irrespective of the geographical boundaries. Also, 'there was a need to provide direction and structure to financial accounting and reporting' (Penman 2006)."
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Measurement Bases for Financial Reporting, 2008.
An analysis of measurement bases and their effects on financial reporting.
3,507 words (approx. 14.0 pages), 21 sources, APA, $ 98.95
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Abstract
The paper relates that the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have decided to revise their conceptual frameworks for financial reporting and accounting. The paper notes that, ideally, the present framework of both boards will be broader and expansive so as to develop a conceptual framework, which both Boards can use as an outline for new and revised accounting standards. The paper explains that one key area that is affected is the basis of measurement and its effect on financial reporting. The paper then proceeds to evaluate the different ways that measurement is defined within the conceptual framework. The paper also analyzes the methodologies identified so that choices made in the future can be based on valid recommendations.
Outline:
Introduction
Measurement and Bases of Measurement
Criticisms
Objectives of Financial Reporting and the Bases Choice: Is there a Trade-Off
What Bases Should be Chosen?
Conclusion
From the Paper
"Measurement in financial reporting is therefore dependent on a lot of external factors to the organization; which affect the process of integrating it within the conceptual framework of the IASB/FASB. Bullen and Crook (2006) states that measurement will continue to be one of the most challenging aspects of the conceptual framework since neither bodies have a clear cut definition as to what are the necessary bases that should be used nor are there a set of refined guidelines for the use of any bases. The definitions of both bodies are vague, and as such the conceptual framework continues to produce a vague definition."
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Ethics In Financial Reporting, 2005.
A discussion regarding the ethics of financial reporting and Generally Accepted Accounting Principles.
1,125 words (approx. 4.5 pages), 2 sources, $ 44.95
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Abstract
This paper discusses ethical financial reporting and what organizations are involved in monitoring and regulating financial statements of public companies. This paper reports that in the United States, these rules are called Generally Accepted Accounting Principles (GAAP). Although they are not laws, the Securities and Exchange Commission requires public companies to follow them. The Financial Accounting Standards Board is the most important organization in setting Generally Accepted Accounting Principles. Although not part of GAAP, Statements of Financial Accounting Concepts provide the basis for Statements of Financial Accountant Standards, which are the most important GAAP-establishing publications.
From the Paper
"The framework for corporate financial management has changed significantly over the past few decades as more corporations move away from a checks and balances systems towards more of a juggling act. Recent ethical scandals including the Bre-X, Enron, and Worldcom debacles, has translated into increased scrutiny of corporate financial reporting. Some financial analysts argue that a company's ethical standards affects profitability, and those businesses that demonstrate unethical behaviour will suffer from decreased market share and profit potential, as well as increased government regulation. Increased competition between businesses has forced corporate finance managers to juggle more than one set of balance sheets depending on whether the reporting is going to the Internal Revenue Service (IRS) or shareholders."
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International Financial Reporting, 2008.
An assessment of the barriers and challenges to the institution of the International Accounting Standards Board's (IASB) international financial reporting standards (IFRS) .
6,240 words (approx. 25.0 pages), 9 sources, APA, $ 146.95
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Abstract
This research paper focuses on the International Accounting Standard Board's (IASB) international financial reporting standards (IFRS) and the barriers and challenges that exist to adoption and implementation of these standards. The work conducts an extensive review of relevant academic and professional literature to identify these challenges and barriers and identifies the steps that are necessary to overcome these challenges.
Outline:
Objective of the Research
Questions of the Research
Methodology
Introduction
Literature Review
Summary and Conclusion
From the Paper
"In a recent report Allen Blewitt, Chief Executive of the Association of Chartered Certified Accountants (ACCA) warned that "implementation of, and compliance with, International Financial Reporting Standards would be adversely impacted unless the standards were made less complex." Blewitt specifically stated while speaking at a conference in London that: "What I believe the IASB most urgently needs to address are the barriers to implementation. From talking to our members working in business around the world, it is clear that the length of the standards and complexity of the concepts represent a very real problem in many countries. The standards have been described to me as a major turn-off and disincentive for accountants in commerce and industry. People who initially qualified as accountants and are now principals and managing directors resent that they can no longer understand the accounts of the business that they helped to build. I am concerned that, despite the name of the project, the focus of IASB's considerations are going to be large unlisted entities. The overwhelming need for a new set of standards is not for these few companies but for the much larger numbers of genuine SMEs. If the IASB fails to satisfy this real and urgent demand that exists around the world, then some other body must step in and deal with the real problem."
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Impact of the Introduction of the Euro on Financial Reporting, 2002.
A paper which studies how the introduction of the Euro influenced financial reporting.
1,900 words (approx. 7.6 pages), 8 sources, APA, $ 60.95
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Abstract
After the introduction of the Euro to the financial world, changes took place across the financial world. This paper discusses the impact, changes in financial reports and the gain or loss due to new currency for Canada, United States and Portugal. The three countries are compared in the EU market as to accounting advantages and disadvantages of having the euro currency.
From the Paper
"Portugal is now in its 16th year as part of the European Union (EU). During the last decade Portugal has shown remarkable economic performance that resulted in Portugal's participation in the final stage of European Economic and Monetary Union (EMU) on January 1, 1999 (http://www.portugal.org/information/economic1/info_1a.html). Portugal has adopted the single currency, the euro, and its position as a mainstream European nation is thus consolidated. The government and the Bank of Portugal pursued consistent economic policies focused on European integration. Markets were completely liberalized and an extensive privatization program initiated."
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International Financial Reporting, 2005.
This paper explains that many factors, such as history, politics, differential currency types, ease of conversion and regulations of various international banking institutions, prevent full harmonization of international financial reporting.
3,445 words (approx. 13.8 pages), 3 sources, MLA, $ 97.95
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Abstract
This paper explains the history of the inter-relationship of political and economic changes that effect today's problem of harmonization of currency and reporting such as (1) competing economic policy objectives similar to today's problems with oil, (2) the Janus-faced nature of international capital flows and (3) the changing center of influence of the international system from the United Kingdom and toward the United States. The author points out that the new ISO engineering standards represent a model for standardizing accounting and reporting processes not only by solving the problems of harmonizing the accounting and reporting process but also by offering an open-ended approach, easily adaptable to even the smallest of enterprises. The paper stresses that this need for global standardization means that the mundane "bean-counters" of the past must be replace by today's global accountants trained in several disciplines.
Table of Contents
Thesis Statement
The Powerful Influence of History
The Gold Standard
The Rise and Dilemmas of Bimetallism
The Development of the International Monetary Systems between WWI and WW II
The Bretton Woods System and its Problems
The Harmonization of the British Pound, U.S. Dollar and the European Common Currency
The Future Outlook from an ISO Point of View
From the Paper
"Between the wars, the United States overtook Britain as the leading player in the commercial and the financial domains. However, America's foreign financial and commercial relations did not yet fit together in a way that produced a harmoniously working international system. Moreover, with even today's technological edge America is finding the attainment of harmonization a difficult task at best. Great Britain likewise struggles with several issues in this area. Hence, when postwar planners again contemplated the reconstruction of the international system, they sought a framework capable of accommodating these changed conditions. The solutions to the problems are not at all straightforward and thus the pronounced lack of harmonization of accounting and reporting."
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Fraud In Financial Reporting, 2002.
Discusses the increase of fraud in spite of regulations.
3,150 words (approx. 12.6 pages), 29 sources, $ 111.95
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Abstract
Discusses the increase of fraud in spite of government regulations. Contends that a lack of independent audit committees leads to the problem. Escalation of the benefits of management fraud. Reviews ten publicly traded firms that experienced financial reporting fraud in recent years. Concludes that audit committees be responsible to the board of directors.
From the Paper
"FINANCIAL REPORTING FRAUD AND AUDIT COMMITTEES
Introduction
Fraud in financial reporting is not a new phenomenon. Neither is a rising incidence of financial reporting fraud an unusual outcome in period of economic distress. What is somewhat surprising is that both the incidence and the severity of financial reporting fraud continues to increase in the face of efforts by the Securities and Exchange Commission (SEC), the Financial Accounting Standards Board (FASB), and other governmental and professional organizations to minimize the frequency and severity of such fraud (Anthony, Harrison, Linehan, & Palker, 1999).
Financial reporting fraud continues to surface in the face of important regulations and procedures implemented to minimize the ..."
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Financial Reporting, 2003.
A comparison on the financial positions of two companies.
1,610 words (approx. 6.4 pages), 2 sources, MLA, $ 55.95
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Abstract
This paper compares the financial positions of Equity Office Properties Trust and SL Green Realty Corporation. It discusses this from the perspective of SL Green as an acquisition for Equity. The paper analyzes financial statements, economic value of the assets of both companies, cash flow analysis, financial ration analysis and operating compatibility.
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Apple Financial Report, 2008.
A financial report from the CEO of Apple discussing the necessary steps for the future growth of the company.
1,325 words (approx. 5.3 pages), 1 source, MLA, $ 44.95
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Abstract
This paper discusses Apple's net income and earnings. It looks at the impact of the iPod on the growth of the company and their overall sales and earnings. The paper is written from the perspective of the CEO of Apple. In it, he outlines his intended future strategies for the corporation and discusses the steps that he feels need to be taken in order to ensure continued growth and prosperity.
From the Paper
"Overall Apple Computers looks good. Our net tangible assets are up to $11,026,000 from $9,786,000 from the previous quarter. Net assets are also up: to $16,664,000 from $14,509,000. Careful reinvestments of our profits shall ensure increased profitability in the future. My strategy for Apple therefore includes the following. First, we must conduct more marketing research to determine what features consumers are more looking for in the next generation of iPods and from the iTunes services as well. Second, we must invest more heavily into our legal and sales departments related to the iPod to retain the rights to music. Partnerships with music distribution firms and record labels may be a clever marketing tactic: a means to spread the Apple name and logo while enjoying the rights to the music our consumers love. third, we should research, develop, and market more consumer-oriented desktop and laptop computers, essentially expanding our product line and including more price categories."
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Southwest Airlines Financial Report, 2006.
This paper offers an economic evaluation of Southwest Airlines.
675 words (approx. 2.7 pages), 0 sources, $ 26.95
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Abstract
The paper responds to a series of questions related to financial reports contained within a company's annual report. Specifically addressed are Southwest Airline's 2005 Annual Report and the characteristics of its income and balances sheet statements. Also, Southwest's accounting and accounting oversight practices are discussed as are its notes to the financial statements.
From the Paper
"Southwest's income statement is a useful document in underlining the overall performance of the company and provides key insight into the operational health of the company. While there are other key financial ratios that can and should be examined, the income statement provides important reference points for operational integrity. For example, Southwest's passenger, freight and other types of operating revenues all increased year on year from 2003 to 2005 moving from $5,937m to $7,584m respectively and, ideally, this increase in revenues should also come accompanied by an increase in profits (Southwest, 2005, p.48). An increase in revenues accompanied by a loss in profits would be indicative of poor operational management or an extraordinary increase in operational expenses related to market forces rather than management."
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Financial Reports, 2005.
An overview of the purpose and use of different types of financial statements.
1,787 words (approx. 7.1 pages), 2 sources, MLA, $ 57.95
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Abstract
This paper examines how all the information accountants gather about a company is used to prepare documents referred to as financial statements and how, although there is no consensus regarding which documents are financial statements and which aren't, there are several universally accepted papers of which the income statement and the balance sheet are excellent examples. It explores different examples and uses of these financial statement, such as the cash-flow statement and the statement of capital.
From the Paper
"The financial operations of a company have to be kept under strict observation. Investors need to know exactly what is the position of the company, so an objective opinion is required. This is where the auditors come in. Auditing may be defined as "a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events of an economic entity to ascertain the degree of correspondence between assertions and established criteria and communicating the results to users". Of course that auditing is an expensive operation, but the safety it brings makes it worth the effort. Auditing is mandatory for certain companies, especially when the interests of a large number of people are at stake."
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The Credit Report: The New Staple of American Financial Status, 2002.
This paper addresses the credit report, including how and why a credit report is important and exactly how the credit report can impact the individual.
1,900 words (approx. 7.6 pages), 4 sources, $ 71.95
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Abstract
This paper addresses the credit report, including how and why a credit report is important and exactly how the credit report can impact the individual. This paper provides information first on the appropriate steps necessary to acquire a full credit report, and the reasons the average consumer might wish to do so. This paper then investigates the scams that accompany credit and credit reports in order to better inform the reader of the problems that might occur in acquiring a credit report through non- official channels.
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Consolidation of Financial Statement Analysis, 2005.
A look at whether the present effort to improve the securities laws in the U.S. as well as the financial reporting and disclosure laws is achieving its objectives.
3,734 words (approx. 14.9 pages), 11 sources, APA, $ 103.95
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Abstract
This paper examines the current effort at reform of securities laws in an attempt to determine whether those reforms will be effective in avoiding another Enron-type crisis. The paper reviews literature relevant to this topic and makes an assessment as to the viability of the reforms in view of the scope of the problem. A summary of the research is provided in the conclusion.
Executive Summary and Synopsis
Introduction
Explanation of Clarke and Oliver Observation
Analysis
Financial Statement Composition Today
?Patching Up? Initiatives
Sufficiency of Initiatives to Date
From the Paper
"However, in contrast to the ?on market? exchanges, derivative transactions that are conducted ?off market? (these are, in effect, non-standard direct contracts between bilateral parties), have attracted increasing attention from regulators with good reason: ?Over the past decade or so, the volume of such transactions, across a wide swath of asset classes and instruments, has been extraordinary? (Warner 2001, p. 5). In the market in which Enron competed, schedules of fees for buying and selling securities are not fixed, and dealers derive their profits from the markup of their selling price over the price they paid. The investor may buy directly from a dealer willing to sell stocks or bonds that he owns or with a broker who will search the market for the best price."
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Government Reporting Model in Canada, 2002.
An overview of the importance and benefits of the Canadian Government reporting model.
4,900 words (approx. 19.6 pages), 13 sources, $ 178.95
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Abstract
This paper analyzes the Government reporting model in Canada. Financial reporting is a must for the Government in order to keep record of its performance. The Government wants to adopt the accrual model of financial reporting. This business model of Government reporting is highly beneficial for the Canadian economy as it improves upon the functioning of not only the financial structure of public sector, but also its management.
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The Financial Accounting Standards Board (FASB), 2007.
This paper evaluates the conceptual framework developed by the Financial Accounting Standards Board (FASB).
1,225 words (approx. 4.9 pages), 5 sources, APA, $ 41.95
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Abstract
This paper explains that the objectives of the FASB's conceptual framework are to identify the goals and purposes of financial reporting and their underlying fundamentals; however, it is more than two decades old and has fallen behind the times especially in the area of currency and scope. The author points out that, despite the best attempts by the FASB to provide frameworks and standards to regulate accounting practices, unethical management always seems to discover loopholes to make their accounting statements say whatever they want them to say. The paper states that principle-based standards help management work with auditors to exercise professional judgment in determining appropriate accounting; nonetheless, rules-based accounting does more to promote consistency and adherence to guidelines.
Table of Contents:
The Conceptual Framework Developed by the FASB
The Role and Ethical Considerations
Principles-Based Accounting vs. Rules-Based Accounting
From the Paper
"Some believe the solution for preventing unethical accounting conduct is to regulate as many accounting translations as possible. While closing loopholes should certainly be an objective of standards setting bodies such as FASB, unethical people will always find a new and better way to behave unethically if their corporate culture allows or encourages unethical behavior or if people behaving unethically simply believe they will not be punished for their conduct. Increasingly, accountants need to be trained in ethics in addition to improving financial skills."
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