The purpose of the FASB Codification System according to FASB Online FASB codification system (2009-2012), it is to integrate and synthesize existing GAAP and not to create new GAAP. What are the Nine Content Areas located in the FASB Codification System? The nine content areas located in the FASB Codification System are 1) general principles, 2) presentation, 3) assets, 4) liabilities, 5) equity, 6) revenue, 7) expenses, 8) broad transactions, and 9) industry. Under the General Principles content area the item that is found is Generally Accepted Accounting Principles. Under presentation content area the items that are found are Presentation of Financial Statements, Balance Sheet, Statement of Shareholder Equity, Comprehensive Income, Income Statement, Statement of Cash Flows, Notes to financial statements, accounting changes and error corrections, changing prices, earnings per share, interim reporting, limited liability entities, personal financial statements, risks and uncertainties, and segment reporting.
2010 CMA Part 1 Section D – Internal Controls & Ethics Limited Expenditure Account Estimated time 30 minutes The Board of Directors of a large corporation recently learned that some members of the senior management team had circumvented the company's internal controls for personal gain. The Board appointed a special task force of external auditors and outside legal counsel to investigate the situation. After extensive review, the task force has concluded that for a period of several years the expenses of the company’s chief executive officer, president, and vice president-public relations was charged to an account called the Limited Expenditure Account (LEA). The account was established five years ago and was not subject to the company's normal approval authorization process. Approximately $2,000,000 of requests for reimbursement were routinely processed and charged to LEA.
In section 109 of title o1ne, it explains that the PCAOB will be funded by the fees to be paid by all public companies. The PCAOB is granted investigative and enforcement powers to oversee the accounting industry and discipline auditors. It also has the authority to regulate auditors of public companies, set auditing standards, and investigate violations of accounting practices. In section 104 of title 1, it explains that all firms will be audited at least once every three years, and annual quality reviews will be conducted for firms that audit more than one hundred issues per year. The PCAOB is designed to be a five member board.
The strategic management process is a nine-step progression that encompasses the identification of the organization’s current mission, objectives, strategies, environmental analysis, SWOT analysis, strategy formulation and implementation, and lastly, the evaluation of results. Once the organization’s objectives, strategies, mission, organizational, and environmental analysis is complete – the company subsequently evaluates any information collected in terms of opportunities which can be utilized and any possible threats that lie ahead. In other words, opportunities are positive external factors and threats are negative factors. Additionally, the aforementioned step in the strategic management
The “bid” isAnswer ￥116 | | 8. Intermediation, or ____ financing, involves ___ financial claim(s) linking SSU and DSU. C. indirect; two 9. Which of the following does not take deposits? | Selected Answer: | C. finance companies.
FASB and IASB Convergence Introduction FASB (Financial Accounting Standards Board) is an independent board consisting of accounting professional who develop and communicate Standards of financial accounting and reporting in United States. IASB (Independent Accounting Standards Body) is an organization responsible for the development and publication of IFRS (International Financial Reporting Standards) as developed by the IFRS interpretation committee. Goodwill Goodwill is an accounting term, which refers to the value of an asset that is invisible but has a quantifiable “prudent value” in the business. Financial Accounting Standards Board uses a two-step process to determine if the goodwill is impaired. The first being Recoverability Test, this step indicate the goodwill is impairment.
Section 261 to section 264 of the NIPAA requires that the HHS secretary publicize the electronic exchange standards, privacy and security of health information. These are collectively known as the provisions of administrative simplifications. NIPAA required its secretary to give out privacy regulations which govern individually identifiable information relating to the health of an individual incase its congress did not pass the privacy legislation within a period of three years after the passage of NIPAA. Since the congress did not pass the privacy legislation, the HHS developed the rules and released for the comments of the public in the year 1999 on third of November. This department received more than fifty two thousand comments about the rules.
Entitlement depended on income. A pensioner with a yearly income of up to £21 received the full 5 shillings a week. Those with an income between £21 and £31 received between 1 and 5 shillings. Those with an income above £31 were not entitled to the pension. In the first year 650,000 received the pension at a cost to the government of £8 million.
The information collected from the survey helps HR: • Improve satisfaction by identifying current strengths and needed improvements in the programs, plans, and services relevant to managers. • Improve management understanding and effectiveness of targeted current programs, plans and services. Overview Presentation - September 2010 – Last Updated 9/16/2010 2 BACKGROUND Objectives: Identify service strengths and areas for improvement Last HR Service Survey: 2005 Survey Focus: Faculty & staff with management responsibilities Total Distribution: 476 management employees (faculty & staff) Response: 143 – 30% Response Rate When: Spring 2010 Overview Presentation - September 2010 Overall HR Results by Unit All Satisfaction Survey Items Aggregated into Composite by Unit Mean (Scale 1-5) PRES PROVOST EVP Benefits Compensation Staffing Employee Relations Workplace Learning & Performance 3.48 3.35 3.45 3.56 3.91 2.93 2.80 3.54 3.21 3.14 3.56 3.20 3.21 3.29 3.83 3.96 3.76 3.81 4.08 4.11 Satisfaction levels vary by executive area with the highest scores reported by the EVP area and the lowest scores reported in the President’s area. Scale = 1-5, with 5 being very satisfied Overview Presentation – September 2010 Overall Positive Trend Since 2005 in Many Areas HR SERVICE SURVEY 2010 • • • • • • • Customer Service Benefits Info on HR Website Clarity of Leave Policies Position Evaluation Process Annual Salary Planning Clarity of Comp Policies Time to Fill New Positions OIPR STAFF SATISFACTION SURVEY (2009) • Professional Development Opportunities • Staff Development •
* Improve – since there is always space for improvement, the committee is looking for ways how to make the parts of the process (such as: telephone operators’ handling of requests, procedures for determining who to call, engineering workloads) faster, more emphatic and more efficient in order to increase customers’ satisfaction. * Control and monitoring – there will be 12 to 18 months tracking, with monthly feedback to the manager or department head responsible for the improvement of the Sheraton Service Promise program. Top-Down Commitment: Top-level management commitment is crucial when implementing new quality standards and policies. In this case, high-level managers recognized the need for quality improvement and decided to start counter measures. It also plays in important role when monitoring the result, since they give the feedback to the department managers and are responsible for the new policies being integrated in the corporate culture.