Financial Statements Reports of the External Auditor
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Business Combinations and Consolidated Financial Reporting
Business Combinations and Consolidated Financial Reporting Business Combinations and Consolidated Financial Reporting Copyright 2014 by DELTACPE LLC All rights reserved. No part of this course may be reproduced in any form or by any means, without permission in writing from the publisher. The author is not engaged by this text or any accompanying lecture or electronic media in the rendering of legal, tax, accounting, or similar professional services. While the legal, tax, and accounting issues discussed in this material have been reviewed with sources believed to be reliable, concepts discussed can be affected by changes in the law or in the interpretation of such laws since this text was printed. For that reason, the accuracy and completeness of this information and the author's opinions based thereon cannot be guaranteed. In addition, state or local tax laws and procedural rules may have a material impact on the general discussion. As a result, the strategies suggested may not be suitable for every individual. Before taking any action, all references and citations should be checked and updated accordingly. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional person should be sought. —-From a Declaration of Principles jointly adopted by a committee of the American Bar Association and a Committee of Publishers and Associations. All numerical values in this course are examples subject to change. -
Close, Consolidate and Report
Close, Consolidate and Report Point of view on Enabling Technologies December 2016 © 2016 Deloitte The Netherlands 1 Introduction Finance Organization of the future Wheel of Finance The future of Finance: As we look at What does the future hold for the the future of Finance, it’s important to Finance function? Today’s Finance consider two things: How Finance organizations are more then ever under delivers value to the organization, and pressure to deliver value to the business what enables the Finance function to do and in parallel operate within a highly so. cost-efficient and most-effective delivery model. The introduction of new Digital How Finance delivers value: In our technologies is likely to be the view, Finance delivers value through most important factor impacting the three types of services: Operational Finance function. Finance, Business Finance and Specialized Finance. Think transactional, Digital technologies radically transform strategic and highly specialized. how the business and it’s Finance function delivers value. Digital Finance What enables Finance: Underpinning utilizes disruptive technology, data, these three services are what we call innovation, and people to elevate and Finance enablers. These enablers differentiate the capabilities of the include the organizational structure and Finance function. Digital requires the Finance team’s talent; the organizations to think and act differently information, systems and data available in order to generate value. to the Finance group, and the processes and policies that enable the Finance The ability of CFOs to leverage Digital team to monitor risk and stay on top of technologies to position their future regulatory obligations. Finance function will determine the future of their organizations. -
Business Combinations and Changes in Ownership Interests
25263 bd IFRS3 IAS27:25263 IFRS3/IAS27 bd 4/7/08 10:02 Page a Business combinations and changes in ownership interests A guide to the revised IFRS 3 and IAS 27 Audit.Tax.Consulting.Financial Advisory. 25263 bd IFRS3 IAS27:25263 IFRS3/IAS27 bd 4/7/08 10:02 Page b Contacts Global IFRS leadership team IFRS global office Global IFRS leader Ken Wild [email protected] IFRS centres of excellence Americas Robert Uhl [email protected] Asia Pacific Hong Kong Melbourne Stephen Taylor Bruce Porter [email protected] [email protected] Europe-Africa Copenhagen Johannesburg London Paris Jan Peter Larsen Graeme Berry Veronica Poole Laurence Rivat [email protected] [email protected] [email protected] [email protected] Deloitte’s www.iasplus.com website provides comprehensive information about international financial reporting in general and IASB activities in particular. Unique features include: • daily news about financial reporting globally. • summaries of all Standards, Interpretations and proposals. • many IFRS-related publications available for download. • model IFRS financial statements and checklists. • an electronic library of several hundred IFRS resources. • all Deloitte Touche Tohmatsu comment letters to the IASB. • links to several hundred international accounting websites. • e-learning modules for each IAS and IFRS – at no charge. • complete history of adoption of IFRSs in Europe and information about adoptions of IFRSs elsewhere around the world. • updates on developments in national accounting standards. 25263 bd IFRS3 IAS27:25263 IFRS3/IAS27 bd 4/7/08 10:02 Page c Contents 1. Introduction 1 1.1 Summary of major changes 1 1.2 Convergence of IFRSs and US GAAP 3 2. -
AICPA NAIC Task Force Best Practices
Financial Reporting Center AICPA NAIC Task Force Best Practices: Insurance Regulator Access to Audit Documentation This document is an other auditing publication, as defined in AU-C section 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards (AICPA, Professional Standards). Other auditing publications have no authoritative status; however, they may help the auditor understand and apply generally accepted auditing standards. In applying the auditing guidance included in an other auditing publication, the auditor should, using professional judgment, assess the relevance and appropriateness of such guidance to the circumstances of the audit. The auditing guidance in this document has been reviewed by the AICPA Audit and Attest Standards staff and published by the AICPA and is presumed to be appropriate. This document has not been approved, disapproved, or otherwise acted on by a senior technical committee of the AICPA. Best Practices: Insurance Regulator Access to Audit Documentation Section 13 C of the NAIC Model Audit Rule (“MAR”) requires that independent certified public accountants (external auditors) provide timely access to or copies of audit documentation when requested by insurance regulators. That guidance is as follows: In the conduct of the aforementioned periodic review by the insurance department examiners, it shall be agreed that photocopies of pertinent audit workpapers may be made and retained by the department. Such reviews by the department examiners shall be considered investigations and all working papers and communications obtained during the course of such investigations shall be afforded the same confidentiality as other examination workpapers generated by the department. -
Accrual and Deferral Handout
Name Principles of Financial Accounting I Adjusting the Accounts "Cash" Basis vs. "Accrual" Basis: Cash Accrual Revenue Expenses Generally Accepted Accounting Principles (GAAP) require using the basis. Why make Adjusting Journal Entries?____________________________________________________ _________________________________________________________________________________ Recall previous "promises." New Promise: Every adjusting entry will have ______________________ Balance Sheet and one_________________________________________________________ effect. INCOME STATEMENT attempts to accomplish: ____________________________________________ ESSENTIALS OF CONCEPT 1. 2. 3. I. Identifying accounts to be adjusted: Accruals and Deferrals A. Perhaps the best way to distinguish deferrals and accruals is the timing of cash changing hands: CA$H accruals deferrals cash AFTER event cash BEFORE event Deferrals have been recorded; accruals have not. B. Definitions An ACCRUAL is an expense or a revenue . Examples of accruals: Expense: Revenue: Copyright © 1999 by M. Ray Gregg. All Rights reserved. A DEFERRAL is a already paid or of a revenue . Examples of deferrals: Expense: Revenue: II. Accruals A. Expenses 1. Example Salaries increase as employees work each day, yet, for convenience, salaries are recorded when . Since the cash is paid the event, salaries are an example of . The adjusting entry necessary when payday and the end of the fiscal period are on different days would be: 2. Decision tree conclusion If this is the entry required for this , other accrued expense items must follow a similar format: B. Revenue 1. Example Your CPA firm is auditing a client's records; the engagement begins in mid-November and lasts through the end of February. Each day as work is being performed, revenue is earned. Since the cash will not be collected until completion of the engagement (after the event), this is an example of . -
Publication 538, Accounting Periods and Methods
Userid: CPM Schema: tipx Leadpct: 100% Pt. size: 10 Draft Ok to Print AH XSL/XML Fileid: … ons/P538/201901/A/XML/Cycle04/source (Init. & Date) _______ Page 1 of 21 15:46 - 28-Feb-2019 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. Department of the Treasury Contents Internal Revenue Service Future Developments ....................... 1 Publication 538 Introduction .............................. 1 (Rev. January 2019) Photographs of Missing Children .............. 2 Cat. No. 15068G Accounting Periods ........................ 2 Calendar Year .......................... 2 Fiscal Year ............................. 3 Accounting Short Tax Year .......................... 3 Improper Tax Year ....................... 4 Periods and Change in Tax Year ...................... 4 Individuals ............................. 4 Partnerships, S Corporations, and Personal Methods Service Corporations (PSCs) .............. 5 Corporations (Other Than S Corporations and PSCs) .............................. 7 Accounting Methods ....................... 8 Cash Method ........................... 8 Accrual Method ........................ 10 Inventories ............................ 13 Change in Accounting Method .............. 18 How To Get Tax Help ...................... 19 Future Developments For the latest information about developments related to Pub. 538, such as legislation enacted after it was published, go to IRS.gov/Pub538. What’s New Small business taxpayers. Effective for tax years beginning -
Training Material on Extensible Business Reporting Langauge (XBRL)
Training Material on Extensible Business Reporting Langauge (XBRL) Prepared By: XBRL INDIA DISCLAIMER 1. The material contained herein is for private circulation and reference purposes only. 2. The views expressed in the background material should not be construed as the views of the XBRL India, or any of its Committee or Board of Directors. 3. The copyrights in respect of the material included in the Background Material rest with XBRL India. Published by : Extensible Business Reporting Language (XBRL), India Website www.xbrl.org/in Printed by : Sahitya Bhawan Publications, Hospital Road, Agra - 282 003. FOREWORD In the recent times, XBRL has emerged as a popular, effective, alternative for effective reporting and analysis and being recognized as a global standard for exchanging business information. XBRL is now in India with a bang, presenting a lot of professional opportunities for Chartered A ccountants. The Institute of Chartered Accountants of India, the premier accounting and auditing standards setting body in India, recognizing the importance of XBRL in the reporting requirements, in the year 2007 had taken a lead on XBRL by constituting a group comprising of the regulators viz. SEBI/RBI/IRDA/MCA for undertaking the Development and promotion of XBRL in India. Now, the Ministry of Corporate Affairs, the regulators of companies in India vide circular No. 09/ 2011 dated 31st March, 2011, has mandated the filing of financial statements in XBRL formats for the year ended 31st March, 2011, covering more than 25000 Companies in their first phase of implementation. The circular, however, does not cover in its ambit Banking, Insurance, NBFCs and Power Sector Companies for filing their Financial Statements in XBRL formats. -
Dentsu Announces Change of Certified Public Accountant
FOR IMMEDIATE RELEASE February 17, 2017 Dentsu Announces Change of Certified Public Accountant Dentsu Inc. (Tokyo: 4324; ISIN: JP3551520004; President and CEO Toshihiro Yamamoto; Head Office: Tokyo; Capital: 74,609.81 million yen) held a meeting of its Audit & Supervisory Board today at which it announced that its Audit & Supervisory Committee has resolved that the Company will change its certified public accountant responsible for audit certification in accordance with Article 193-2, Paragraphs 1 and 2 of the Financial Instruments and Exchange Act, as described below. 1. Expected date of change March 30, 2017 (Expected date of the 168th Ordinary General Meeting of Shareholders) 2. Overview of incoming and outgoing certified public accountants (1) Overview of incoming certified public accountant 1) Name KPMG AZSA LLC 2) Location AZSA Center Building, 1-2 Tsukudo-cho, Shinjuku-ku, Tokyo 3) Names of Engagement Toshiya Mori, Kentaro Maruta, Kohei Shingaki Partners 4) Registration status Registered under the registration system of audit firms for listed companies of The Japanese Institute of Certified Public Accountants 1 / 3 (2) Overview of outgoing certified public accountant 1) Name Deloitte Touche Tohmatsu LLC 2) Location Shinagawa Intercity 2-15-3 Konan, Minato-ku, Tokyo 3) Names of Engagement Tsutomu Hirose, Tokio Suzuki, Masanori Toyoizumi, Partners Masaharu Haraguchi 3. Reason for nominating the certified public accountant stated in 2-(1) The reason the Audit & Supervisory Committee nominated KPMG AZSA LLC was that KPMG AZSA LLC was considered to fulfill the required expertise, independence and internal management system as the certified public accountant of the Company. Furthermore, KPMG AZSA LLC has a centralized audit system to manage the audit of the Company’s global activities. -
IESBA Agenda Paper 8-B June 15-17, 2011
IESBA Agenda Paper 8‐B June 15‐17, 2011 – Warsaw, Poland DRAFT V3.4 for discussion Prepared as at May 2011 COMPARISON BY TOPIC OF THE INDEPENDENCE REQUIREMENTS IN THE IESBA CODE RELATING TO THE AUDIT OF PIEs TO THOSE OF CERTAIN JURISDICTION This draft document has been prepared for IESBA discussion purposes as part of its convergence efforts. The draft comparison and the details have not been prepared by the respective regulator or professional body nor validated by them. IESBA Agenda Paper 8‐B June 15‐17, 2011 – Warsaw, Poland Introduction – Understanding this document The Independence requirements set out in Section 290 of the IESBA Code have been compared to the jurisdictional requirements of the following: • USA (SEC/PCAOB) • Australia • Germany • UK (APB) • Brazil • France • Japan • Hong Kong The comparison was based on the ‘long document’ presented to the Board (which contains a synopsis of the Code’s provisions and not, in most cases, the full text of the Code) and focuses only on those relationships and circumstances that are either ‘prohibited’ or ‘permitted only if certain conditions exist or specified safeguards are applied’. This document summarises by topic the results of the comparison. It details: • the IESBA requirement • the jurisdictional requirement if substantively more restrictive than the Code, and • in a few places, it also identifies where the jurisdictional requirement is substantively less restrictive than the Code (these are identified in italics). Where there is no detail for a jurisdiction in the topic this is because the relevant jurisdictional requirement is deemed to be similar or equivalent to that in the IESBA code. -
Ixbrl Filing - Are You Ready?
iXBRL Filing - Are you ready? What does this mean for your business? In July 2012 Revenue announced that from What is XBRL (eXtensible Business Reporting 23 November 2012 all companies would Language and iXBRL (Inline eXtensible Business Reporting Language)? have the option to file iXBRL financial statements with Revenue and that the XBRL is a computer-readable language for reporting submission of iXBRL financial statements financial information. It is similar to bar-coding financial information within a set of financial statements so that it would be mandatory for all companies becomes computer-readable. “Tags” are assigned to each dealt with by the Large Cases Division piece of information within the financial statements and (“LCD”) of Revenue in respect of tax returns this assignment allows the information to be read by the filed on or after 1 October 2013, relating to Revenue’s computer system. accounting periods ending on or after 31 iXBRL combines “human-readable” information and December 2012. computer readable data with the output being a document (i.e. financial statements) that looks like a Word or Excel In June 2013 Revenue announced that the document but which has electronic tags embedded within it. This allows smarter data handling by the Revenue and submission of iXBRL financial statements should lead to the Revenue focussing their attention on will be mandatory for non-LCD companies in identified risk areas. respect of tax returns filed on or after 1 October Tax computations 2014, relating to accounting periods ending on or after 31 December 2013. This mandation Unlike the practice in the UK, the Irish Revenue has date will not apply to entities who meet all decided that there will be no obligation to file iXBRL tax computations for the foreseeable future. -
Financial Statements Report of the External Auditor
Doc 9909 FINANCIAL STATEMENTS AND REPORT OF THE EXTERNAL AUDITOR FOR THE FINANCIAL PERIOD ENDING 31 DECEMBER 2007 DOCUMENTATION for the 37th Session of the Assembly in 2010 INTERNATIONAL CIVIL AVIATION ORGANIZATION Suzanne Doc 9909 FINANCIAL STATEMENTS AND REPORT OF THE EXTERNAL AUDITOR FOR THE FINANCIAL PERIOD ENDING 31 DECEMBER 2007 DOCUMENTATION for the 37th Session of the Assembly in 2010 INTERNATIONAL CIVIL AVIATION ORGANIZATION Published in separate English, Arabic, Chinese, French, Russian and Spanish editions by the INTERNATIONAL CIVIL AVIATION ORGANIZATION 999 University Street, Montréal, Quebec, Canada H3C 5H7 For ordering information and for a complete listing of sales agents and booksellers, please go to the ICAO website at www.icao.int ICAO Doc 9909, Financial Statements and Report of the External Auditor for the financial period ending 31 December 2007 Order Number: 9909 Not for sale © ICAO 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, without prior permission in writing from the International Civil Aviation Organization. FINANCIAL STATEMENTS AND AUDITOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2007 INTERNATIONAL CIVIL AVIATION ORGANIZATION FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER 2007 TABLE OF CONTENTS PART I: REPORT OF THE SECRETARY GENERAL, CERTIFICATION, APPROBATION I-1 AND SUBMISSION OF THE FINANCIAL STATEMENTS FOR THE YEAR 2007 PART II: AUDITOR’S REPORT/OPINION OF THE EXTERNAL AUDITOR II -1 PART III: FINANCIAL -
Appointment of Interpol's External Auditor for the Financial Years 2022
APPOINTMENT OF INTERPOL’S EXTERNAL AUDITOR FOR THE FINANCIAL YEARS 2022, 2023 AND 2024 CALL FOR EXPRESSION OF INTEREST Referenced 5683 Deadline for submission of bids: 25 February 2021 Address to send bids: ICPO-INTERPOL Procurement and Contract Management Unit 200 quai Charles de Gaulle 69006 Lyon France E-mail address: [email protected] Call for Expressions of Interest to Appoint an External Auditor for INTERPOL for the Financial Years 2022, 2023 and 2024 Appointment of INTERPOL’s External Auditor Call for Expressions of Interest PART I 1. PURPOSE OF THE CALL FOR EXPRESSIONS OF INTEREST This call for expressions of interest concerns the appointment of an External Auditor for the International Criminal Police Organization - INTERPOL (“INTERPOL”, “the Organization”) for the financial years 2022, 2023 and 2024. The appointment is for an initial term of three years, renewable once. Chapter 7, Section 2, of INTERPOL’s Financial Regulations provides that the “External Auditors shall conduct an external audit of the Organization's accounts and financial statements.” Appendix 2 of the Financial Regulations defines the scope of the audit. 2. GENERAL INFORMATION 2.1 Organization overview INTERPOL is the world’s largest international police organization in terms of membership, with 194 member countries. Created in 1923, it facilitates international, cross-border police cooperation and provides technical and operational support to all law enforcement organizations, authorities and services whose mission is to prevent or combat international crime. (For additional background information, please visit the website: www.interpol.int). The Organization is an International Organization, structured as a single legal entity. Its functioning is governed by the provisions of its Constitution, General Regulations and associated regulations.