Accounting and Auditing Matters
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How IFRS and the Convergence of Corporate Governance Standards Can Help Foreign Issuers Raise Capital in the United States and Abroad Kyle W
Northwestern Journal of International Law & Business Volume 30 Issue 2 Spring Spring 2010 Lowering the Cost of Rent: How IFRS and the Convergence of Corporate Governance Standards Can Help Foreign Issuers Raise Capital in the United States and Abroad Kyle W. Pine Follow this and additional works at: http://scholarlycommons.law.northwestern.edu/njilb Part of the Corporation and Enterprise Law Commons, International Law Commons, and the Securities Law Commons Recommended Citation Kyle W. Pine, Lowering the Cost of Rent: How IFRS and the Convergence of Corporate Governance Standards Can Help Foreign Issuers Raise Capital in the United States and Abroad, 30 Nw. J. Int'l L. & Bus. 483 (2010) This Comment is brought to you for free and open access by Northwestern University School of Law Scholarly Commons. It has been accepted for inclusion in Northwestern Journal of International Law & Business by an authorized administrator of Northwestern University School of Law Scholarly Commons. Lowering the Cost of Rent: How IFRS and the Convergence of Corporate Governance Standards Can Help Foreign Issuers Raise Capital in the United States and Abroad Kyle W. Pine* I. INTRODUCTION Since the early 1990s the United States has experienced a dramatic growth in the number of foreign firms choosing to trade their shares in U.S. markets.' Meanwhile, Europe and other markets have not experienced this effect to the same extent. In part, this growth is attributable to the popularity of American Depository Receipts ("ADRs")3 that increased throughout the 1990s, with the number of depository programs increasing from 352 in 1990 to 1800 by 1999.4 More generally, though, there has been J.D. -
The Current Expected Credit Loss Accounting Standard and Financial Institution Regulatory Capital
U.S. DEPARTMENT OF THE TREASURY The Current Expected Credit Loss Accounting Standard and Financial Institution Regulatory Capital September 15, 2020 Table of Contents Executive Summary .................................................................................................................. 3 I. Background ....................................................................................................................... 6 II. CECL’s Implications for Financial Institution Regulatory Capital .......................... 14 III. Key Areas of Debate ....................................................................................................... 21 IV. Recommendations ........................................................................................................... 25 Executive Summary 3 Executive Summary The current expected credit loss (CECL) methodology is a new accounting standard for estimating allowances for credit losses. CECL currently applies—or will apply—to all entities whose financial statements conform to Generally Accepted Accounting Principles in the United States (GAAP), including all banks, credit unions, savings associations, and their holding companies (collectively, “financial institutions”) that file regulatory reports that conform to GAAP. CECL requires financial institutions and other covered entities to recognize lifetime expected credit losses for a wide range of financial assets based not only on past events and current conditions, but also on reasonable and supportable forecasts. Over the -
Cash Flow Statement Introduction Introd. Contd
Cash Flow Statement Chapter 4 Introduction Management and other interested external parties have always recognized the need for a cash flow statement but it was never required until the FASB (Financial Accounting Standards Board) issued Statement # 95 “Statement of Cash Flows” in 1988. This statement required that: - businesses include a statement of cash flow as part of their financial reporting. Introd. Contd. Under GAAP, most businesses use accrual basis of accounting. This method requires that revenue is recorded when earned and expenses recorded when incurred. Now, revenue may include credit sales that have yet to be collected in cash and expenses that have yet to be paid. Thus under accrual accounting net income will generally not equal net cash flow from operations. 1 Need for the CF statement? Fact is, not all revenue that is earned is received in cash or received immediately, and not all expenses incurred is paid. So a cash flow statement reconciles the accrual income statement to net cash collected or paid. Cash is critical to any hospitality business. A hotel or restaurant’s success or failure will be determined by, among other things, how the flow of cash is utilized by management. Purpose of Cash Flow statement • To use information about the past sources of cash to predict the hotel or restaurant’s ability to generate positive cash flows in the future. • To establish the hotel or restaurant’s ability to pay its bills – ability to meet its obligations. Purpose – contd. • To ascertain whether the business’ cash is coming from operations mostly or from other sources instead. -
Commission Statement in Support of Convergence and Global Accounting Standards
SECURITIES AND EXCHANGE COMMISSION RELEASE NOS. 33-9109; 34-61578 Commission Statement in Support of Convergence and Global Accounting Standards AGENCY: Securities and Exchange Commission. ACTION: Commission statement. SUMMARY: The Securities and Exchange Commission (the “Commission”) is publishing this statement to provide an update regarding its consideration of global accounting standards, including its continued support for the convergence of U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and International Financial Reporting Standards (“IFRS”) and the implications of convergence with respect to the Commission’s ongoing consideration of incorporating IFRS into the financial reporting system for U.S. issuers. FOR FURTHER INFORMATION CONTACT: Eloise Quarles Bavaria, Special Counsel, Office of International Corporate Finance, Division of Corporation Finance, at (202) 551-3450, Jeffrey S. Cohan, Senior Special Counsel, Office of the Chief Accountant, at (202) 551-5300, or Nili Shah, Associate Chief Accountant, Office of the Chief Accountant, at (202) 551-5300, U.S. Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. SUPPLEMENTARY INFORMATION: The Commission continues to believe that a single set of high-quality globally accepted accounting standards will benefit U.S. investors and that this goal is consistent with our mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation. As a step toward this goal, we continue to encourage the convergence -
India IFRS Profile
IFRS® STANDARDS—APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: India Disclaimer: The information in this Profile is for general guidance only and may be updated or corrected from time to time. You should not act on the information in this Profile, and you should obtain specific professional advice to help you in making any decisions or in taking any action. If you believe that the information has become outdated or is otherwise incorrect, please contact us at [email protected]. This Profile provides information about the application of IFRS Standards in India. IFRS Standards are developed and issued in the public interest by the International Accounting Standards Board (Board). The Board is the standard-setting body of the IFRS® Foundation, an independent, private sector, not-for-profit organisation. This Profile has been prepared by the IFRS Foundation based on information from various sources. The starting point was the answers provided by standard-setting and other relevant bodies in response to surveys that the Foundation conducted on the application of IFRS Standards around the world. The Foundation drafted the Profile and invited the respondents to the surveys and others (including regulators and international audit firms) to review the drafts; their comments have been reflected in this current version. The only purpose of the IFRS Foundation’s Jurisdictional Profiles is to illustrate the extent of implementation of IFRS Standards across the globe. The Profiles do not reflect the intellectual property licensing status of IFRS Standards within any given jurisdiction. The IFRS Standards are protected by copyright and are subject to different licensing arrangements according to jurisdiction. -
Report Comparison with International Accounting Standards Etc
Report to the Swedish Government Report Comparison with international accounting standards etc. 2013:21 Date: 2013-02-21 Dnr: 49-1071/2011 ESV-nr: 2013:21 Copyright: ESV Project leader: Anne-Marie Ögren Translated into English by: Anders Ejdemark 2 Preface As instructed by the Swedish Government the Swedish Financial Management Authority (ESV) gives an account of the result of the work on comparing the accounting rules and regulations applied in the Swedish Central Government Annual Report and Consolidated Financial Statements (henceforth called Central Government Annual Report) to the ones of the International Accounting Standards. Also, according to this Government instruction, the report contains a comparison with other countries, and also a consideration of an adjustment of measurement and recognition of assets in the Central Government Annual Report to the principles of accounting applied in the National Accounts. Mats Wikström, Director General of ESV, has decided on the report. Anne-Marie Ögren has presented it. The work has been accomplished by a working group composed of the Senior Advisors Anne-Marie Ögren (project leader), Claes-Göran Gustavsson, Ingemar Härneskog, Curt Johansson, Maria Olsson and Margareta Söderhult, and the Advisors Svante Andersson, Elin Bergman, Eva Engdahl Gäfvert, Carina Franzén, Lars Nordkvist and Ellen Rova. Views have also been acquired from the Swedish Financial Accounting Standards Board of ESV. 3 4 Table of contents Preface ....................................................................................................................... -
Evolutionary Developments in Accounting Standard Setting for Private Entities and Smes
Journal of International Business and Cultural Studies Evolutionary developments in accounting standard setting for private entities and SMEs Gregory S. Kordecki Clayton State University Maria L. Bullen Dominican University of California ABSTRACT Financial reporting is a necessary component of sustained local and international commerce. Various systems of accounting and reporting are evident in the world today. The needs of users of financial information for private entities and small and medium size enterprises (SMEs) are vastly different from those users of financial information of publicly traded and widely held companies. This paper examines some of these systems in place to deal with this bifurcation, beginning with the Anglo American roots in the United States and the dilemma of standard setting for diverse entities, then turns to developments in other countries, primarily on the Pacific Rim, before focusing specifically on China. The paper concludes with rationale for the movement toward efficient and effective accounting standard setting with decentralized professional control. The paper includes an overview of historical development in the United States to promote financial reporting for private companies versus public companies as well as progress in other countries in developing differential standards related to differences in entities and financial markets served by accounting information. The paper provides support for continuing global efforts such as International Financial Reporting Standards for Small and Medium Sized Business (IFRS for SMEs) to recognize the importance of standards appropriate for small and medium sized and privately held entities as opposed to large public companies. The authors suggest further research to study how standards may be adapted to local needs and variability in firm size and ownership. -
Learn Debits and Credits
LEARN DEBITS AND CREDITS Written by John Gillingham, CPA LEARN DEBITS AND CREDITS Copyright © 2015 by John Gillingham All rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review. TABLE OF CONTENTS Introduction .................................................................................................... 6 More Resources .............................................................................................. 7 Accounting Play – Debits & Credits ......................................................... 7 Accounting Flashcards ............................................................................ 7 Free Lessons on Podcast and Downloads ................................................ 8 Intro to Debits and Credits .............................................................................. 9 Debits and Credits Accounting System .................................................... 9 The Double Entry System ........................................................................11 Different Account Types..........................................................................12 Debits and Credits Increases and Decreases ...................................................15 Increases and Decreases .........................................................................15 Debits and Credits by Account ................................................................16 -
Financial Reporting and Assurance Track
Financial Reporting and Assurance Track The Financial Reporting and Assurance Track focuses on interpretation, preparation and certification of publicly disclosed financial and other data. Financial accounting courses in this track address the formulation, analysis and use of financial information. This information is critical to a wide array of users, including investors, independent directors, company executives, employees, creditors, regulators and competitors, among others. The track addresses the expanding nature of assurance services, with emphasis on improving the quality of information for business decision making. Courses IF YOU SEEK A in assurance investigate the relevance and reliability of this information, including suitable CAREER IN measurement criteria. There are plentiful career opportunities for students in this track. Public Accounting/ ACADEMIC SNAPSHOT Professional Services The Financial Reporting and Assurance Track provides students with a solid foundation The Financial Reporting and in financial reporting and in the expanding area of assurance beyond traditional audits of Assurance Track fosters skills financial statements. Students develop superior skills in accounting and general business recruiters demand. Assurance through MPA core and elective coursework. In addition to Introduction to Assurance services, including auditing, is the Services, the track requires advanced courses in accounting, financial statement analysis mainstay of public accounting, and at least one other audit course. Electives give students the opportunity to study so there are many opportunities specialized areas such as information technology, finance, business strategy and for advancement. This track is management accounting. The track produces graduates with solid analytical skills, a also an excellent foundation for other professional services, such team perspective and critical problem-solving skills that employers aggressively seek. -
Financial Reporting Within a System of Education Information
Financial Accounting for Local and State School Systems: 2014 Edition NCES 2015-347 U.S. DEPARTMENT OF EDUCATION Financial Accounting for Local and State School Systems: 2014 Edition MARCH 2015 Gregory S. Allison University of North Carolina Frank Johnson Project Officer National Center for Education Statistics NCES 2014-347 U.S. DEPARTMENT OF EDUCATION U.S. Department of Education Arne Duncan Secretary Institute of Education Sciences Sue Betka Acting Director National Center for Education Statistics Peggy G. Carr Acting Commissioner The National Center for Education Statistics (NCES) is the primary federal entity for collecting, analyzing, and reporting data related to education in the United States and other nations. It fulfills a congressional mandate to collect, collate, analyze, and report full and complete statistics on the condition of education in the United States; conduct and publish reports and specialized analyses of the meaning and significance of such statistics; assist state and local education agencies in improving their statistical systems; and review and report on education activities in foreign countries. NCES activities are designed to address high priority education data needs; provide consistent, reliable, complete, and accurate indicators of education status and trends; and report timely, useful, and high quality data to the U.S. Department of Education, the Congress, the states, other education policymakers, practitioners, data users, and the general public. Unless specifically noted, all information contained herein is in the public domain. We strive to make our products available in a variety of formats and in language that is appropriate to a variety of audiences. You, as our customer, are the best judge of our success in communicating information effectively. -
Financial Accountant I
Financial Accountant 1 Exam Code: 6PB12 Department: State of California Exam Type: Servicewide, Open Final Filing Date: Continuous CLASSIFICATION DETAILS Financial Accountant 1 – $6,429.00 - $7,987.00 per month. View the classification specification for the Financial Accountant 1 classification. APPLICATION INSTRUCTIONS Final Filing Date: Continuous Who Should Apply: Applicants who meet the minimum qualifications as stated on this bulletin may apply for and take this examination. Once you have taken this examination, you may not retake it for six (6) months. How To Apply: The link to connect to the Training and Experience Evaluation is located farther down on this bulletin in the “Taking the Exam” section. Special Testing Arrangements: If you require special testing arrangements due to a verified disability or medical condition, please contact: California Department of Human Resources CalCareer Service Center 1810 16th Street Sacramento, CA 95814 Bulletin Date: 11/19/2018 Phone: (866) 844-8671 Email: [email protected] California Relay Service: 7-1-1 (TTY and voice) TTY is a Telecommunications Device for the Deaf, and is reachable only from phones equipped with a TTY Device MINIMUM QUALIFICATIONS All applicants must meet the education and/or experience requirements as stated on this exam bulletin to be accepted into the examination. Part-time or full-time jobs, regardless of whether paid or volunteer positions, and inside or outside California state service will count toward experience. Financial Accountant 1 Education: Required for all levels. Either 1 Equivalent to graduation from college with a specialization in financial management or a closely related field. Or 2 Equivalent to graduation from college with any major which shall include at least 24 semester units in financial accounting, managerial accounting, intermediate accounting, advanced accounting, taxes, cost accounting, auditing, business law, computer applications, or management information systems. -
From Debits and Credits to Financials: a Quick Review of Accounting
Journal of Business Cases and Applications Volume 28 From debits and credits to financials: a quick review of accounting Keith Richardson Bellarmine University David Collins Bellarmine University Patricia Selvy Bellarmine University ABSTRACT This case facilitates a rapid understanding of the accounting process in motivated students. It explains, in simple English, the financial accounting model from start to finish without resorting to extensive explanations. This is a very practical, nuts and bolts approach, progressing rapidly from debits and credits, to the accounting model, to recording cash and accrual transactions in the accounts, to their reflection in the financial statements. Using this case with a textbook has been successful with MBA students in a team-based program and eliminated the requirement for prerequisite coursework in accounting. The case also ensures that students have a common understanding of accounting to support more advanced subsequent coursework. For students who have completed an undergraduate accounting course, but do not use accounting in their career, the case provides a good review. It also allows students, who have extensive accounting knowledge, to help team members without an accounting background learn basic accounting concepts. Keywords: accounting model, debits, credits, journal entries, financial statements Copyright statement: Authors retain the copyright to the manuscripts published in AABRI journals. Please see the AABRI Copyright Policy at http://www.aabri.com/copyright.html From debits and credits, Page 1 Journal of Business Cases and Applications Volume 28 INTRODUCTION It is commonly stated that accounting is the language of business (Wild, 2018), and that both managers and investors need to know accounting to read financial statements.