«There is no doubt that Anglo-Saxon accounting can be distinguished from accounting in continental Europe, Asia, Latin American, and many other parts of the world. It is practiced not only in the United States and United Kingdom, but also to an...» Document abstract
$9.95
26 word format
Language : english
accounting
presentation
date published
28/09/2006
review : not yet assessed
level : General public
requested 3 times
SummaryThere is no doubt that Anglo-Saxon accounting can be distinguished from accounting in continental Europe, Asia, Latin American, and many other parts of the world. It is practiced not only in the United States and United Kingdom, but also to an important extent in countries where, for example, the United Kingdom has had a major colonial influence, such as in Australia, Canada, Hong Kong, India, Ireland, Kenya, Malaysia, New Zealand, Nigeria, Singapore, and South Africa. Anglo-Saxon accounting tends to be relatively optimistic and transparent compared to the Germanic and Latin countries, as well as Japan.
In many Ways, Accounting in the United Kingdom is very similar as might be expected given the importance or the historical and investment connections between the two countries. Just as the language and legal system were exported from the United Kingdom to the United States, so were the founding fathers of U.S accounting, including pioneers such as Arthur Young (a Glasgow University graduate of the 1880s). Nevertheless, the United States has adapted rather than adopted the United Kingdom accounting tradition. Indeed, the more recent historical and environmental circumstances of the United States have given rise to some significant distinguishing features.
The securities markets are the dominant influence on accounting regulation in the United States. Dealings in securities and investor protection are regulated and enforced at the federal government level under the Securities Act of 1933 and the Securities Exchange Act of 1934, which were passed in response to the stock market crash of 1929 and subsequent financial crises.
The Securities and Exchange Commission (SEC) was established with the legal authority to enforce the securities laws and also to formulate as well as enforce accounting standards. However, the SEC recognizes as authoritative the “Generally Accepted accounting Principles“ (GAAP) embodied in standards issued by an independent Financial Accounting Standards Board (FASB), witch was established in 1973 following criticism of the standard setting procedures of the American Institute of Certified Public Accountants, thus the standard setting role has been delegated to the FASB with the SEC acting in only a supervisory capacity unless it deems it necessary to intervene, which it has done on only rare occasions (e.g. With respect to oil and gas accounting). Corporations are required to follow EASB standards; otherwise the SEC will refuse registration and hence trading in their securities. It should be noted that only listed corporations (a minority of U.S. corporations) are required to comply with the very detailed regulations imposed by the SEC for investor protection purposes.
The FASB has a very open approach to standard setting known as operating in the “sunshine”. All meetings are open to the public and a variety of opinions sought in an elaborate “due-process” in an effort to ensure that the public interest is properly served. In order to help formulate new standards and improve existing ones; the FASB has developed an explicit conceptual framework of objectives and qualitative characteristics of financial reporting in its series of statements of financial accounting concepts.
The Fast’s pronouncements on accounting practice are issued as “Statements of Financial Accounting Standards” (SFAS). More Than 100 of these had been issued by 1991. Taken overall, the FASB Standards are quite detailed and voluminous compared to U.K standards, for example, this suggest that while the United Stats is similar in many ways to the United Kingdom and Other Anglo-Saxon countries, it is unique in having perhaps the most comprehensive system of accounting regulations in the world, at least so far as securities markets are concerned.
In many Ways, Accounting in the United Kingdom is very similar as might be expected given the importance or the historical and investment connections between the two countries. Just as the language and legal system were exported from the United Kingdom to the United States, so were the founding fathers of U.S accounting, including pioneers such as Arthur Young (a Glasgow University graduate of the 1880s). Nevertheless, the United States has adapted rather than adopted the United Kingdom accounting tradition. Indeed, the more recent historical and environmental circumstances of the United States have given rise to some significant distinguishing features.
The securities markets are the dominant influence on accounting regulation in the United States. Dealings in securities and investor protection are regulated and enforced at the federal government level under the Securities Act of 1933 and the Securities Exchange Act of 1934, which were passed in response to the stock market crash of 1929 and subsequent financial crises.
The Securities and Exchange Commission (SEC) was established with the legal authority to enforce the securities laws and also to formulate as well as enforce accounting standards. However, the SEC recognizes as authoritative the “Generally Accepted accounting Principles“ (GAAP) embodied in standards issued by an independent Financial Accounting Standards Board (FASB), witch was established in 1973 following criticism of the standard setting procedures of the American Institute of Certified Public Accountants, thus the standard setting role has been delegated to the FASB with the SEC acting in only a supervisory capacity unless it deems it necessary to intervene, which it has done on only rare occasions (e.g. With respect to oil and gas accounting). Corporations are required to follow EASB standards; otherwise the SEC will refuse registration and hence trading in their securities. It should be noted that only listed corporations (a minority of U.S. corporations) are required to comply with the very detailed regulations imposed by the SEC for investor protection purposes.
The FASB has a very open approach to standard setting known as operating in the “sunshine”. All meetings are open to the public and a variety of opinions sought in an elaborate “due-process” in an effort to ensure that the public interest is properly served. In order to help formulate new standards and improve existing ones; the FASB has developed an explicit conceptual framework of objectives and qualitative characteristics of financial reporting in its series of statements of financial accounting concepts.
The Fast’s pronouncements on accounting practice are issued as “Statements of Financial Accounting Standards” (SFAS). More Than 100 of these had been issued by 1991. Taken overall, the FASB Standards are quite detailed and voluminous compared to U.K standards, for example, this suggest that while the United Stats is similar in many ways to the United Kingdom and Other Anglo-Saxon countries, it is unique in having perhaps the most comprehensive system of accounting regulations in the world, at least so far as securities markets are concerned.
Table of Contents
- Anglo-saxon accounting
- United states
- United kingdom
- Nordic accounting
- The netherlands
- Sweden
- Germanic accounting
- Germany
- Switzerland
- Latin accounting
- France
- Italy
- Asian accounting
- Japan
«A collection of analysis of recent tax news, here is an excerpt from one of them:
There are some US cities and states that already have levied taxes on soft drinks and junk foods. Money is exchanging hands in this "taxing" process, but what is...» Document abstract
$2.95
3 word format
Language : english
accounting
summaries
date published
28/08/2007
review : not yet assessed
level : General public
requested 10 times
SummaryA collection of analysis of recent tax news, here is an excerpt from one of them:
There are some US cities and states that already have levied taxes on soft drinks and junk foods. Money is exchanging hands in this "taxing" process, but what is the point? This tax would simply make the government richer. The heart of the problem is not really being addressed: how to minimize the tax burden on society, yet at the same time provide quality healthcare, sustain environmental quality
There are some US cities and states that already have levied taxes on soft drinks and junk foods. Money is exchanging hands in this "taxing" process, but what is the point? This tax would simply make the government richer. The heart of the problem is not really being addressed: how to minimize the tax burden on society, yet at the same time provide quality healthcare, sustain environmental quality
Table of Contents
- Doctors call for 'fat tax' on Coca-Cola and Pepsi
- Bush Signs $70 Billion Tax Cut Extensions
- Senator seeks tax on pimps, prostitutes
- Gore says tax pollution, not payrolls
- US Treasury Sets New 1-Day Tax Receipt Revenues of $85.8
- Take Aim at Oil Company Tax Breaks
- Exxon Mobil CEO Warns Ending Tax Breaks
- Pay up ... or the planet gets it
- Charles quizzed on tax evasion
Corporate social responsibility is not an integral part of business: Hence accountants should have little to with it.
«Corporate social responsibility (CSR) has become one of the leading topics of discussion and deliberation in today’s modern business environment. The main reason for this is due to the fact that climate change has become a very important agenda for...» Document abstract
$1.95
2 word format
Language : english
accounting
presentation
date published
23/05/2008
review : not yet assessed
level : General public
requested 0 times
SummaryCorporate social responsibility (CSR) has become one of the leading topics of discussion and deliberation in today’s modern business environment. The main reason for this is due to the fact that climate change has become a very important agenda for many business, governments and non-profit organizations1. An increasing number of businesses are now under substantial pressures to recognise CSR within the complex trading environment in which they operate. Many commentators, believe that CSR has become has surpassed sustainability as the main focus of the modern enterprise2. For this reason, CSR is regarded as one the fundamental blocks of the corporate strategy of most firms today3.
Table of Contents
- Corporate social responsibility .
- Some deduce accountants to be submissive to accounting rules and regulations.
- One other more pragmatic reason for why accountants should be involved in CSR.
- Those who present a counter-argument to this say that companies should be held accountable to the communities.
- Conclusion
«When Bill Gate started the Microsoft organization 3 decades ago, he did not envision the significant growth and prosperity that would take place in the organization. As a result, Gates founded his organization on basic principles of organizational...» Document abstract
$2.95
3 word format
Language : english
accounting
presentation
date published
04/06/2008
review : not yet assessed
level : Advanced
requested 0 times
SummaryWhen Bill Gate started the Microsoft organization 3 decades ago, he did not envision the significant growth and prosperity that would take place in the organization. As a result, Gates founded his organization on basic principles of organizational development and human resource management that he saw as critical for the overall success of his corporation. While Gates’ efforts to create an innovative and creative organization have indeed had an impact on the overall development of Microsoft, the reality is that the organization has reached a growth rate that simply cannot be sustained through the human resource and human capital practices that were used in the early days of the organization. At the present time, the Microsoft organization is reaching an apex in its development. As such, the organization needs to consider the development and implementation of new human resource practices that can support the increased number of employees in the organization and protect the innovative culture that Gates has long sought to retain.
Table of Contents
- Introduction
- Identification of the Problems
- Critical Issues for Organizational Development
- Recommendations
- Conclusion
«General Motors (GM) is one of the 10 largest multinational corporations in the world. Although the organization has enjoyed a considerable amount of success in a multination organization, the reality is that the company has had to take a number of...» Document abstract
$4.95
5 word format
Language : english
accounting
presentation
date published
04/06/2008
review : not yet assessed
level : Advanced
requested 0 times
SummaryGeneral Motors (GM) is one of the 10 largest multinational corporations in the world. Although the organization has enjoyed a considerable amount of success in a multination organization, the reality is that the company has had to take a number of steps to ensure its financial security in the foreign market. Overall, General Motors faces a wide range of threats that could significantly impede the development of the organization. These threats include: transaction exposure, operating exposure and translation exposure. Given that each of these threats could notably impact the ability of the organization to be financially successful, this investigation considers a review of these threats and the specific methods that are currently being utilized to mitigate these threats. Through a careful consideration of what has been written on these issues, a more integral understanding of the financial challenges facing multinational corporations will be elucidated.
Table of Contents
- Introduction
- Managing Financial Risk
- Transaction Exposure
- Currency Forwards
- Currency Options
- Currency Swaps
- Operating Exposure
- Translation Exposure
- Conclusion
An essay on how Islamic fundamentalism has promulgated problems for members of the Muslim community in Europe
«The September 11th terrorist attacks and other international acts of terrorism that have been carried out a recent years have had a significant impact not only are the United States, all the international community as well. Unfortunately, for many...» Document abstract
$2.95
3 word format
Language : english
accounting
presentation
date published
04/06/2008
review : not yet assessed
level : Advanced
requested 0 times
SummaryThe September 11th terrorist attacks and other international acts of terrorism that have been carried out a recent years have had a significant impact not only are the United States, all the international community as well. Unfortunately, for many Muslims living in various parts of the world, the backlash that has been associated with growing recognition of the Islamic fundamentalists as perpetrators of international terrorist events has prompted considerable concern about leaders in the international community. Although the Muslim community actively denounces acts of terrorism, the fundamental association that exists between Islamic fundamentalism and terrorism continues to promulgate problems for members of the Muslim community.
Table of Contents
- Introduction
- Review of the Current Literature
- Ramadan (2006) contends that even though Muslims have been a significant and integral part of the European population for hundreds of years
- Zubaida's (2003) analysis of the Muslim community in Europe
- Salvatore's (2004) assessment of the Muslim community in Europe
- Analysis of the Information
- Conclusion
«Over the course of the last decade, the number of companies using legal, but deceptive accounting practices has increased dramatically. Sunbeam, WorldCom and Enron are among some of the most notable organizations to utilize accounting practices that...» Document abstract
$2.95
3 word format
Language : english
accounting
presentation
date published
10/06/2008
review : not yet assessed
level : General public
requested 0 times
SummaryOver the course of the last decade, the number of companies using legal, but deceptive accounting practices has increased dramatically. Sunbeam, WorldCom and Enron are among some of the most notable organizations to utilize accounting practices that were clearly unethical. While the public has called for these individuals and organizations to pay for their accounting transgressions, the reality of the situation is that it is difficult, if not impossible, for the government and its regulatory agencies—such as the Securities and Exchange Commission (SEC)—to effectively prosecute organizations for using unethical accounting practices. Unless the specific action taken by the organization in some way violates the law, there is little recourse for the government or the public.With the realization that accounting practices of the organization can be legal, but grossly unethical, there is a clear impetus to consider how these situations can be avoided. Accounting concepts define the assumptions on which the financial statements of an organization are prepared. However, this does not mean that the need for judgments and estimations by preparers of accounts is eliminated or that choices in accounting measurement are restricted.
Table of Contents
- Introduction
- Financial Statements'Their Meaning and Purpose
- Problems with the System
- Conclusion
Specific considerations that would have to be made by a Chief Financial Officer working with a non-profit organization with respect to borrowing and depositing monies in Triodos Bank.
«Identification
The development of Triodos Bank is one that has notable implications for the development of both the banking and nonprofit or voluntary sector. With the ability to match investments with deposits in an environmentally friendly...» Document abstract
$2.95
3 word format
Language : english
accounting
presentation
date published
15/06/2008
review : not yet assessed
level : Advanced
requested 0 times
SummaryIdentification
The development of Triodos Bank is one that has notable implications for the development of both the banking and nonprofit or voluntary sector. With the ability to match investments with deposits in an environmentally friendly manner, the organization has created a positive situation in which both depositors and borrowers are able to more effectively control their finances. Unlike traditional banks, which seek only to maximize profit, Triodos Bank focuses on generating profit in a socially conscious environment that promotes community development in a positive manner. Although Triodos offers a wide range of services for customers, the reality is that there are specific services that are more attractive for financial managers of non-profit organizations. Utilizing this as a basis for inquiry into the services offered by the organization, this investigation considers what specific considerations would have to be made by a Chief Financial Officer working with a nonprofit organization with respect to borrowing and depositing monies in Triodos Bank.
Analysis and Evaluation
Critically examining the operations at Triodos Bank, researchers have noted that what makes this bank so successful is that it is able to effectively provide investors with a clear understanding of what activities are financing. In the context of traditional commercial banks, investors have no clear picture of how banks are investing their money.
The development of Triodos Bank is one that has notable implications for the development of both the banking and nonprofit or voluntary sector. With the ability to match investments with deposits in an environmentally friendly manner, the organization has created a positive situation in which both depositors and borrowers are able to more effectively control their finances. Unlike traditional banks, which seek only to maximize profit, Triodos Bank focuses on generating profit in a socially conscious environment that promotes community development in a positive manner. Although Triodos offers a wide range of services for customers, the reality is that there are specific services that are more attractive for financial managers of non-profit organizations. Utilizing this as a basis for inquiry into the services offered by the organization, this investigation considers what specific considerations would have to be made by a Chief Financial Officer working with a nonprofit organization with respect to borrowing and depositing monies in Triodos Bank.
Analysis and Evaluation
Critically examining the operations at Triodos Bank, researchers have noted that what makes this bank so successful is that it is able to effectively provide investors with a clear understanding of what activities are financing. In the context of traditional commercial banks, investors have no clear picture of how banks are investing their money.
Table of Contents
- Identification
- Analysis and Evaluation
- First the organization must consider how must profit it needs to make through investing its monies.
- Finally, CFOs of nonprofit organizations considering investment in Triodos Bank should consider the partnerships that the organization could create as a means to generate more financial support for the organization
- Recommendations
«Over the course of the last century notable advancements have been made in the area of medical science. In addition to improving the technology available for use in medicine, professionals have come to realize the importance of basic hygiene as a...» Document abstract
$6.95
7 word format
Language : english
accounting
presentation
date published
15/06/2008
review : not yet assessed
level : Advanced
requested 0 times
SummaryOver the course of the last century notable advancements have been made in the area of medical science. In addition to improving the technology available for use in medicine, professionals have come to realize the importance of basic hygiene as a means for infection control. As such, the quality of medical care has improved drastically in recent years. Interestingly, the progress that has been achieved in this area would not be possible without an historical understanding of the problems of medical care in the past. With the realization that understanding the history of medical care is important to understanding current practices in this field, there is a clear impetus to examine medical practices of the past such that a more integral understanding of historical discourse in the area can be understood. Using this as a basis for investigation this research considers what has been written about medical practices during the Civil War.
Table of Contents
- Civil War and Medicine'An Overview
- Sanitation and the Spread of Disease
- Wounds from Battle
- Surgeries of the Civil War
- Conclusion
«Critical examinations of recent corporate scandals that have occurred—i.e. Enron and WorldCom in particular—demonstrate that the accounting practices utilized by the organization were less than ethical. However, in most instances the accounting...» Document abstract
$3.95
4 word format
Language : english
accounting
presentation
date published
17/06/2008
review : not yet assessed
level : Advanced
requested 0 times
SummaryCritical examinations of recent corporate scandals that have occurred—i.e. Enron and WorldCom in particular—demonstrate that the accounting practices utilized by the organization were less than ethical. However, in most instances the accounting principles used by the organization were legal. For instance, Enron utilized special purpose entities or SPEs as a central means to hide much of the organization’s debt. While the use of SPEs is not illegal per se, the fact that the organization withheld critical information from its investors represents a notable breech of trust between the organization and its investors.
Interestingly, the methods used by Enron and other organizations to hide debt are not always considered illegal when it comes to the accounting rules and principles that have been established by the Securities and Exchange Commission (SEC). As such, investors must now garner a more integral understanding of the specific procedures that are being utilized by organizations to improve the overall luster of their financial statements. In many respects, investors have entered into an era of caveat emptor, in which they must employ an acute understanding of what specific accounting terms mean and how these practices impact the overall development of financial statements produced by the organization.
Interestingly, the methods used by Enron and other organizations to hide debt are not always considered illegal when it comes to the accounting rules and principles that have been established by the Securities and Exchange Commission (SEC). As such, investors must now garner a more integral understanding of the specific procedures that are being utilized by organizations to improve the overall luster of their financial statements. In many respects, investors have entered into an era of caveat emptor, in which they must employ an acute understanding of what specific accounting terms mean and how these practices impact the overall development of financial statements produced by the organization.
Table of Contents
- Interestingly, the methods used by Enron and other organizations to hide debt are not always considered illegal when it comes to the accounting rules and principles that have been established by the Securities and Exchange Commission
- Earnings Management Using Loan Loss Revenues'Recent Cases
- Other researchers examining recent cases of using loan loss reserves to boost overall profit note the case of KeyCorp
- When placed in this context, it becomes evident that even though using loan loss revenues for boosting profitability is not illegal per se, it does raise a number of ethical questions about the overall actions taken by the banking organization.
- Despite the fact that there are no legal statues in place that prohibit the organization from using this tactic to boost overall profits, it would seem that the organization would have some ethical obligation to tell investors about how the organization has acquired its profits.
- Overall, the case of using loan loss reserves to boost profits is one that clearly elucidates the need for higher ethical standards in accounting.
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