...codification, net income is defined as “a measure of financial performance resulting from the aggregation of revenues, expenses, gains, and losses that are not items of other comprehensive income” (220-10-20). b) The codification states in 220-10-45-1 that comprehensive income is to be reported in either a single continuous financial statement or in two separate but consecutive financial statements. Then within 220-10-45-1A and 220-10-451B the codification details more on the presentation of the two ways of presenting comprehensive income. These two paragraphs basically state that net income and other comprehensive income must be stated as well as a total for the account. All components of other comprehensive income must be stated as well (all of which are stated in 220-10-45-10A). c) The guidelines for transferring other comprehensive income to equity can be found in codification 220-10-45-14 which states, “The total of other comprehensive income for a period shall be transferred to a component of equity that is presented separately from retained earnings and additional paid-in capital in a statement of financial position at the end of an accounting period.” 2) d) Cisco reports its Accumulated other comprehensive income as 1,294 on its balance sheet (80). e) Net change in net unrealized gains on investments is referring to the gains or losses that the company obtained on available-for-sale investments. Cisco lists...
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... July 13, 2004 Tentative Syllabus Managerial Perspective on Financial Accounting Accountancy 401X; Fall 2004 Michael J. Sandretto, 225C David Kinley Hall (217) 244-6410 (office); (217) 352-4832 (home, before 10:30 p.m.) sandrett@uiuc.edu or michaeljsandretto@earthlink.net Texts: Antle, Rick, and Stanley J. Garstak, Financial Accounting, Southwestern (United States), second edition, 2004 (Antle). Palepu, Krishna G., Paul M. Healy, and Victor L. Bernard, Business Analysis and Valuation: Using Financial Statements, Text Only, Southwestern (United States), fourth edition, 2004 (Palepu). Background: Accounting is called the language of business for at least two reasons. First, accounting terms such as sales, revenues, profit, net income, costs, gross margin, expense, and capitalize are widely used in business. Any businessperson is expected to understand those terms. Second, managers rely on accounting to understand an organization’s economic condition at a point in time and its economic performance over a period of time. As a result, they use accounting information to communicate with others. Managerial Perspective on Financial Accounting will help you understand publicly available financial statements for publicly traded companies and financial statements prepared for internal use. It is also an introduction to financial statement analysis and valuation methods. The basic financial accounting methodology, double-entry bookkeeping, was first published...
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...internal controls and procedures for financial reporting and must document test and maintain those controls and procedures to ensure their effectiveness. The purpose of SOX is to reduce the possibilities of corporate fraud by increasing the stringency of procedures and requirements for financial reporting. 2. Richard Scrushy first CEO charged with violating the SOX Act. He was owner and founder of HealthSouth Corp. 3. Under the Sarbanes-Oxley Act, the CEO and CFO of publicly traded companies to certify the appropriateness of their financial statements and disclosures and to certify that they fairly present. 4. 10-K is a company’s annual report that is filed yearly & make public. 10-Q is the company’s quarterly report. Upper management of major companies is to submit these to the Securities Exchange Commissions. 5. A company that meets conditions of a million dollar amount has been subject to periodic reporting requirements pursuant to Exchange Act Sections for certain amount of time, has previously filed at least one annual report pursuant, and is not eligible to file “Small Business” forms. They have75 days after the end of their quarter they have to file their quarterly financial report. 6. A person would go to a company’s webpage to find quarterly and annual reports for publicly traded company. Each company should have an investor relations section. 7. Microsoft: Assistant Director, Nike: Assistant Director, and Cisco: Assistant Director. 8. Some...
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...Washington DC‘s hot, muggy summers. Then The Marriotts add hot food items to their menu and the name “Hot Shoppes was born (International, 2014). Today, with his headquarter based in Bethesda, Md., Marriott operates more than 4,087 properties in over 80 countries and territories around the world, over 697,000 rooms under 16 brands including Courtyard, Renaissance and Ritz-Carlton; more than 800 new Marriott-operated properties are in the works worldwide. Founded by J. Willard Marriott, the company is now led by President and Chief Executive Officer Arne Sorenson and J. Willard Marriott's son, J. W. Marriott, Jr. is the Executive Chairman. 19 1111119 Hilton International began around 1919, when Conrad Hilton bought The Mobley, a hotel in Cisco, Texas. Mr. Hilton had greater ambitions, over the next few years; he added other Texas hotels in his assets. In 1943, with the purchase of the Roosevelt and Plaza hotels in New York City, Hilton became the first coast-to-coast hotel group in the United States (Worlwide, 2014). Hilton International operated as a separate company, with Conrad Hilton as president. Two years later, Conrad Hilton's son Barron succeeds him as president of the domestic Hilton Hotels Corporation. In 1954, Conrad N. Hilton bought Statler Hotel for $111 million dollars, which at that time was the...
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...diverse population; 33.2% Hispanic, 28.7% White and 31.7% Asian. It is the home to the largest concentration of technology firms worldwide- over 6,500 technology companies are located in San Jose and surrounding areas. San Jose has large private employers such as Cisco Systems, Xilinx, IBM and EBay. San Jose is known to be the hub for technological innovation. However, San Jose was not immune to the effects of recession. The slight increases in San Jose's primary revenues was not enough to cover its expenditures, even though expenditures decreased from the previous year. San Jose provides many governmental activities services such as public transportation, libraries, parks, recreation and neighborhood services. San Jose also provides business-type activities such as the airport, wastewater treatment system, water system and parking management operation. At Fiscal year Ending June 30, 2011, San Jose had Total Net Assets of $5.648 billion, which is a decrease of $382 million from the previous period. This paper will review and analyze the City of San Jose's CAFR 2010-11 and Budget 2010-11. It will investigate the CAFR's adherence to GASB 34 and indicate important information that would be useful to readers. The financial situation of the city will also be evaluated along with the accuracy of the Budget. CAFR ANALYSIS: The City of San Jose's Budget and CAFR use a fund accounting system to ensure and...
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...JWCL165_c14_674-725.qxd 8/16/09 7:46 AM Page 674 14 Financial Statement Analysis Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1 Discuss the need for comparative analysis. 2 Identify the tools of financial statement analysis. 3 Explain and apply horizontal analysis. 4 Describe and apply vertical analysis. 5 Identify and compute ratios used in analyzing a firm’s liquidity, profitability, and solvency. 6 Understand the concept of earning power, and how irregular items are presented. 7 Understand the concept of quality of earnings. The Navigator ✓ The Navigator Scan Study Objectives ■ Read Feature Story ■ Read Preview ■ Read text and answer p. 681 ■ p. 694 ■ Work Comprehensive Do it! p. 699 Do it! ■ p. 701 p. 703 ■ ■ Review Summary of Study Objectives ■ Answer Self-Study Questions ■ Complete Assignments ■ ✓ Feature Story IT PAYS TO BE PATIENT In 2008 Forbes magazine listed Warren Buffett as the richest person in the world. His estimated wealth was $62 billion, give or take a few million. How much is $62 billion? If you invested $62 billion in an investment earning just 4%, you could spend $6.8 million per day—every day—forever. How did Mr. Buffett amass this wealth? Through careful investing. You think you might want to follow Buffett’s example and transform your humble nest-egg into a mountain of cash. His techniques have been...
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...education for children in need and what TSF is doing is in line with its strategic position. The second part of the case study will present detailed SWOT analysis and the last part is the conclusion. Analysis Strength TSF builds a strong partnership with corporation, foundations and universities and has comprehensive sources of fundraising. The annual report of TSF (2012) shows that TSF has more than 200 business partners, over 120,000 individual supporters, and is supported by government. TSF also runs an own Recycling Operation which can produce 2 million dollars annually. The extensive sources of fundraising give TSF a solid financial base with which they could easily achieve their strategic plans. Moreover, a business-community partnership could not only benefit TSF monetarily but also brings about other types of support to TSF. For instance, Cisco System, an information technology company, is a partner of TSF. They shared an understanding that IT is significant to education. The partnership projects have led to an improvement to TSF’s IT capabilities...
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...costs by 10% while improving cycle time by 15%. The finance and accounting departments are struggling with their existing record keeping and database configuration. The resources identified at each facility are made up of disparate and antiquated equipment. Current operations for the consolidated close of the General Ledger are completed, at a minimum, 15-20 days past deadline. Additionally, the current system adds unnecessary administrative costs for personnel re-adding documents that are manually written or not compatible with HQ IT systems. Monthly audits are daunting, costly, and labor intensive. Additionally, there is an immediate need for government compliance to meet the specific demands of that customer base. The entire financial and accounting focus can benefit greatly and exceed current operating goals by the implementation of a standardized and modern information system upgrade. The standardized systems will streamline support efforts, resolving a majority of current administrative inconsistencies. Operational efforts will also benefit through reliable information dissemination, ultimately benefitting the customer. These benefits will be seen immediately upon...
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...towards building long term relationships and commitment for mutual growth. To our society - We will commit ourselves to ensure that our present and future manufacturing systems and services will be so designed to create the least environmental impact. We will always promote good governance and ethical practices in business and honour the rights of all racial, religious and gender sections in our society. LAXAPANA BATTERIES PLC / Annual Report 2010-2011 1 Contents Our Mission Notice of Meeting Chairman’s Review Company Profile Board of Directors Annual Report of the Board of Directors Audit Committee Report Independent Auditors’ Report to the Shareholders Income Statement Balance Sheet Statement of Changes In Equity Cash Flow Statement Notes to the Financial Statements Share Information Ten Year Financial Summary Notes Form of Proxy Corporate Information Inner Front Cover 2 3 4 5 6 9 10 11 12 13 14 15 31 33 34 35 Inner Back Cover 2 LAXAPANA BATTERIES PLC / Annual Report 2010-2011 Notice of Meeting Notice is hereby given that the Fifty Fifth Annual General Meeting of Laxapana Batteries PLC will be held at the Grand Oriental Hotel, No. 2, York Street, Colombo 01, on Tuesday, 27th September 2011 at 10.00 a.m. for the following...
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...C H A P T E R 2 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING LEARNING OBJECTIVES After studying this chapter, you should be able to: •1 •2 •3 •4 Describe the usefulness of a conceptual framework. Describe efforts to construct a conceptual framework. Understand the objective of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. •6 •7 Describe the basic assumptions of accounting. Explain the application of the basic principles of accounting. Describe the impact that constraints have on reporting accounting information. •8 •5 What Is It? Everyone agrees that accounting needs a framework—a conceptual framework, so to speak—that will help guide the development of standards. To understand the importance of developing this framework, let’s see how you would respond in the following two situations. SITUATION 1: “Taking a Long Shot . . . ” To supplement donations collected from its general community solicitation, Tri-Cities United Charities holds an Annual Lottery Sweepstakes. In this year’s sweepstakes, United Charities is offering a grand prize of $1,000,000 to a single winning ticket holder. A total of 10,000 tickets have been printed, and United Charities plans to sell all the tickets at a price of $150 each. Since its inception, the Sweepstakes has attracted area-wide interest, and United Charities has always been able to meet its sales target. However, in the...
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...CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING Show Me the Earnings! The growth of new-economy business on the Internet has led to the development of new measures of performance. When Priceline.com splashed onto the dot-com scene, it touted steady growth in a measure called “unique offers by users” to explain its heady stock price. To draw investors to its stock, Drugstore.com focused on the number of “unique customers” at its website. After all, new businesses call for new performance measures, right? Not necessarily. In fact, these indicators failed to show any consistent relationship between profits and website visits. Eventually, as the graphs below show, the profits never materialized, and stock prices fell. The lesson here: Although the new economy may require some new measures, investors need to be careful not to forget the reliable traditional ones. PRICELINE.COM Net unique offers by users 3.0 million 2.0 1.0 0 I II III IV 1999 I II III IV 2000 DRUGSTORE.COM Unique customers 2.0 million 1.5 1.0 0.5 0 I II III IV 1999 I II III IV 2000 Stock price $120 a share 80 40 0 I II III IV 1999 I II III IV 2000 2000-IV close $2.13 Stock price $40 a share 30 20 10 0 I II III IV 1999 I II III IV 2000 2000-IV close $1.03 Source: Story and graphs adapted from Gretchen Morgenson, “How Did They Value Stocks? Count the Absurd Ways,” New York Times (March 18, 2001), section 3, p. 1. 34 Copyright ©2008 John Wiley & Sons, Inc. Preview of Chapter 2 ...
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...Corporate Financial Accounting and Reporting Tim Sutton second edition Corporate Financial Accounting and Reporting We work with leading authors to develop the strongest educational materials in business and finance, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk Corporate Financial Accounting and Reporting Second Edition Tim Sutton Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 2000 Second edition published 2004 © Financial Times Management 2000 © Pearson Education Limited 2004 The right of Timothy G. Sutton to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs, and Patents Act 1988. 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, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United...
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...BU Basic M.B.A. International Master of Business Administration |Index | Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Business Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Entrepreneurship. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 Marketing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 Operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 Strategic Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
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...NiCE Working Paper 09-108 April 2009 Quality of Financial Reporting: measuring qualitative characteristics Ferdy van Beest Geert Braam Suzanne Boelens Nijmegen Center for Economics (NiCE) Institute for Management Research Radboud University Nijmegen P.O. Box 9108, 6500 HK Nijmegen, The Netherlands http://www.ru.nl/nice/workingpapers 1 Abstract We construct a compound measurement tool to comprehensively assess the quality of financial reporting in terms of the underlying fundamental qualitative characteristics (i.e. relevance and faithful representation) and the enhancing qualitative characteristics (i.e. understandability, comparability, verifiability and timeliness) as defined in ‘An improved Conceptual Framework for Financial Reporting’ of the FASB and the IASB (2008). The operationalization of these qualitative characteristics results in a 21-item index. Using 231 annual reports from companies listed at US, UK, and Dutch stock markets in 2005 and 2007, we test our compound measurement tool on internal validity, inter-rater reliability (Krippendorff’s alpha) and internal consistency (Cronbach’s alpha). Our findings suggest that the measurement tool used in this study is a valid and reliable approach to assess the quality of financial reports. The measurement tool contributes to improving the quality assessment of financial reporting information, fulfilling a request from both the FASB and the IASB (2008) to make the qualitative characteristics operationally...
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...controls Taxation Documents on display Purchases of equity securities by the issuer and affiliated purchasers Fees and charges payable by a holder of ADSs Fees and payments made by the Depositary to the issuer Called-up share capital Administration Annual general meeting Exhibits BP Annual Report and Form 20-F 2010 83 Directors and senior management 84 87 Directors and senior management Directors’ interests 89 Corporate governance 90 105 106 106 107 108 Board performance report Corporate governance practices Code of ethics Controls and procedures Principal accountants’ fees and services Memorandum and Articles of Association 141 Financial statements 142 Consolidated financial statements of the BP group 150 Notes on financial statements 228 Supplementary information on oil and natural gas (unaudited) PC1 Parent company financial statements of BP p.l.c. 111 Directors’ remuneration report 112 Part 1 Summary 114 Part 2 Executive directors’ remuneration 120 Part 3 Non-executive directors’ remuneration UNITED...
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