of the Sarbanes-Oxley Act (for-profit legislation enacted as a result of Enron) which demanded transparency and accountability for SEC corporations. The California Office of the Attorney General enforces the Nonprofit Integrity Act of 2004 formed by amended existing law from the Supervision of Trustees and Fundraisers for Charitable Purposes Act. The Act applies to all charities operating in California are subject to the Nonprofit Integrity Act, except for those expressly exempted (as described below). Foreign (corporations formed under the laws of other states) charities organizations that do business or hold assets for charitable purposes in California are subject to the Act. The Act expressly governs all entities that are required to register with and annually report to the Attorney General.
Congress has the power to establish size of the federal court system, to limit the Supreme Court is jurisdiction in some cases and to impeach justices when necessary. Congress also has the power to rewrite or amend law the judicial
If UMUC haircut’s offers products and services that no-one else is offering, than the company can dominate the competition in that field. Right now UMUC haircut’s is offering the same products as their competitors, and this could affect UMUC haircuts strategy for a competitive advantage. Threat of substitute products or services is the ability to find a substitute for goods or the way things are done. This in turn lowers the cost and can help drop prices for customers, but in turn could weaken your power over your competitors. Lower prices could help UMUC haircut’s strategy for a competitive advantage.
GAAP also has specific types of transactions, and it required public companies to follow rules that are set by the Securities and Exchange Commission. IFRS Revenue Recognition IFRS revenue recognition states that revenue can be recorded when it becomes economically significant: IFRS revenue recognition can be defined as "not as strict" as opposed to GAAP. IFRS is considered universal; standard 18 sets forth general principles and examples applicable to all industries. IFRS allows recognition when the rewards and risk of ownership is transferred, giving the buyer control of the goods, revenue is understood and the economic benefits will flow to companies or in other words, you will get paid. IFRS bans the "completed contract method" and under certain circumstances will allow the percentage of completion method.
United States Dual Court System The Constitution ensures rights of U.S. citizens and states basic principles of what people can and cannot do. The Constitution governs federal and state courts with guidelines that protect the rights of citizens. A governing structure of power is defined in the Constitution that designates responsibility for specific issues between federal and state governments. As stated previously, each state can create laws but those laws must align with the doctrine of the
The opinion of the court pointed to three areas Congress may act under the Commerce Clause. The Supreme Court ruled that Congress can regulate the use of channels of interstate commerce, Congress is also empowered to regulate and protect instrumentalities of interstate commerce, or persons or things in Interstate Commerce, even though the threat may come from interstate activities, and Congress's commerce authority includes the power to regulate those activities having a substantial relation to interstate commerce. It is obvious that Congress had over reached with Gun-Free School Zones Act of
The federal government currently holds the power but the states can counter that power if they want. On a number of issues, states have the right to form their own regulations and acts. According to Lombardo (2014), because of checks and balances provided by the Constitution the states are allowed to
As far as the government works with this type of company being a monopoly, there has to be some sort of restrictions, some sort of rules and regulations put on a company like that, in order for it to be successful and stay successful. It hurts other businesses because in order for Wonks to be a monopoly, you essentially try to eliminate your competition. Thus affecting the consumer, because of a few reasons. One is that with a monopoly type company, it does not give the consumer a choice, they buy from us or they try to look elsewhere, in this case, there is no other companies. The second problem is that the company can charge whatever prices that they want, because there is no other companies to turn to with lower prices.
When the states ratified the Constitution, they delegated certain powers to the federal government, called enumerated powers. The federal government is authorized to deal with national and international affairs. Any powers that are not specifically delegated to the federal government by the Constitution are reserved to the state governments and state governments are empowered to deal with local affairs (Cheeseman, 2007, p. 50). Although sometimes more detailed, individual states also have their own constitutions that are often patterned after the U.S. Constitution. State constitutions also establish “… legislative, executive, and judicial branches of state government and establish the powers of each branch.
The state public utility commissions regulate activities regarding telephone, television, electricity, and gas. The Federal Energy Regulatory Commission (FERC) imposes mandatory standard regulations regarding the transmission of electricity from state-to-state, and also monitors expansion projects, the transportation of oil via pipelines as well as the valuation of those pipelines (Dodd-Frank, 2013) , and insures that there is no manipulation of the markets. They also make sure that access to natural gas is available in areas where consumers need it. (Federal,