And 1998, 2001, 2006 ASBE was issued one after the other. The 2011 KPMG reported that the 2006 ASBE is convergence with IFRS. Standardization is narrowing down to one policy for any accounting topic. IFRS Adoption means that national rules are set aside and replaced by a requirement to use IFRS. Harmonization is the process of increasing the level of agreement in accounting standards and practices between different countries.
The Chairman of the FASB is Leslie F. Seidman. b. What is the main purpose of FASB? The mission of the FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision useful information to investors and other users of financial reports. c. When was FASB created and why was it created?
Merliss wants to be sure that all reporting for this transaction is proper and transparent. The company asks you to research disclosure requirements related to its capital structure. A .Identify the authoritative literature that addresses disclosure of information about capital structure. Statement of Financial Accounting Standards (SFAS) No. 129 This statement sets standards for disclosing information about an entity’s capital structure.
President of Acer Corp, The purpose of this letter is to provide guidance to Acer Corp on the appropriate accounting for the Theta investment. Below is an overview of the transaction followed by our findings and authorities used for the basis of our conclusions under both US and International accounting standards. From our research, it is more beneficial for Acer to headquarter in the US where only partial gains from the transaction must be recognized. This transaction included the transfers of factory equipment to Theta Corp in exchange for $1 million cash and a 25% equity ownership stake in Theta. The book basis of the transferred equipment was $6 million, and the equipment was recently appraised for $6.5 million.
It was assumed identical macroeconomic pressures were encountered by RMAG in all scenarios. The forecast horizon is required to capture the short term fluctuations and demonstrate the stability of RMAG as a ‘going concern’. The forecast horizon, as a result of technological and industry pressure, varies between industries due to the nature of their business cycle and operations. (Refer to Spreadsheet plot for comparison between scenarios FH and between industries –Toll Road). The forecast horizon taken for RMAG assumes the development of their most economically lucrative product Human therapeutics (HG) takes “15 years to proceed from the lab to the drug store”.
Section 404 of the Sarbanes-Oxley Act directs the SEC to adopt rules requiring annual reports of companies with publicly traded securities, other than registered investment companies, to disclose management’s assessment of the effectiveness of the company’s ICFR and an auditor’s independent attestation to the effectiveness of those internal controls. These rules were adopted by the Commission on May 27, 2003. The act gave large filers that are traded publicly till the end of the fiscal year in 2004 to become compliant. Internal controls are in place to require reporting of financial reports to be analyzed and audited. Companies are also hiring internal personnel to ensure accuracy and high ethical standards are being followed.
Early in the 1950s, General Electric initiated an extensive decentralization of authority and responsibility for the operations of the company. The basic unit of organization became the product department. AB of 1964, there were over 100 of these departments. The company recognized that if this decentralization was to be fully effective it would need an improved system of management control. It also recognized that any improved system of control would require better measures of per¬formance.
Culture and Leader Effectiveness: The GLOBE Study Background: The "Global Leadership and Organizational Behavior Effectiveness" (GLOBE) Research Program was conceived in 1991 by Robert J. House of the Wharton School of Business, University of Pennsylvania. In 2004, its first comprehensive volume on "Culture, Leadership, and Organizations: The GLOBE Study of 62 Societies" was published, based on results from about 17,300 middle managers from 951 organizations in the food processing, financial services, and telecommunications services industries. A second major volume, "Culture and Leadership across the World: The GLOBE Book of In-Depth Studies of 25 Societies" became available in early 2007. It complements the findings from the first volume with in-country leadership literature analyses, interview data, focus group discussions, and formal analyses of printed media to provide in-depth descriptions of leadership theory and leader behavior in those 25 cultures.
The Independence Standards Board (ISB) was created in 1997 by joint agreement of the AIPCA and the SEC. Its mission was “to establish independence standards applicable to audits of public entities in order to serve the public interest and to protect and promote investors’ confidence in the securities markets. The ISB planned to achieve its mission through the issuance of independence standards addressing auditor independence and the development of a conceptual framework for independence. The ISB issued independence standards on discussions with audit committees, mutual fund audits, and employment with audit committees. Several standards developed by the ISB were implemented by the SEC in its Auditor Independence Rules enacted in November 2000.
Management Accounting Research 15 (2004) 107–134 The American balanced scorecard versus the French tableau de bord: the ideological dimension Annick Bourguignon a , Véronique Malleret b , Hanne Nørreklit c,∗ c ESSEC Business School, 95021 Cergy-Pontoise Cedex, France b HEC School of Management, 78351 Jouy-en-Josas, France Aarhus School of Business, Fuglesangs Allé 4, 8210 Aarhus V, Denmark Received 15 March 2001; accepted 2 December 2003 a Abstract Much attention is currently given to strategic measurement systems, the balanced scorecard being by far the most highly profiled among them. The balanced scorecard has not, however, received a particularly warm welcome in France, where the tableau de bord has been used for at least 50 years. This paper investigates the ideological assumptions of the two methods, the aim being to explain the differences between them and investigate the extent to which the ideological assumptions are coherent with the local ideologies of American and French society, respectively. The paper concludes that the main differences between the balanced scorecard and the tableau de bord may be explained in terms of ideological assumptions, which means that, to a large extent, these management tools are coherent with the local ideologies in the countries of origin. In addition, this analysis provides some insight into the more general question of the transferability of management methods and the appropriateness of globalising management theories.