...Topic – Critically examine the role of “Relevance and Reliability” in the conceptual framework. Conceptual framework can be described as ‘a set of interrelated concepts which define the nature, subject, purpose and broad content of general-purpose financial reports’ (Carnegie, et. al. 2008). The conceptual framework is made up of four qualitative characteristics: relevance, reliability, comparability and understandability (Hoggett, et. al. 2009). These qualitative characteristics allow the general-purpose financial reports to be constructed for interpretation by a particular user(s) so they may make informed decisions about certain aspects of their organisation. Although all four qualitative characteristics are important in the accounting processes, this essay will focus on the role of relevance and reliability in the conceptual framework. When general-purpose financial reports are constructed, the information used, among other things, must be relevant. Hogget, et. al. (2009) defines relevance as a quality of financial information that influences economic decisions by helping users to form predictions, to confirm or correct past evaluations and to assess the rendering of accountability by preparers. For all information to be used accurately and appropriately, the information used must be relevant to the task it is used for. The relevance of information is affected by its nature and materiality. In some cases, the nature of information alone is sufficient to determine its relevance...
Words: 1059 - Pages: 5
... A Business Report is an objective and presentation of information in order to achieve some purpose. It is a basic management tool used in decision making. Report may be classified in different ways. Like on the basis of formalities, On the basis of function, On the basis of frequency of issue etc. The basic objective of the report is to know the salient features of writing report & how the formal reports are important in Business Communication. Business report has no single correct answer but several solutions, each with their own costs and benefits to an organization. Report may be targeted to readers inside or outside the organization. In formal reports we have three parts. Two is Preliminary parts & Report body & the other one is Supplementary parts. With introduction parts the reader can get the assignment main topic & also helps the reader’s follows & understands information. It is an important parts of a formal business report. Supplementary parts view the readers where he found the details of the topic. In formal report readers have the clear facts views. Accuracy of facts, precision, Brevity, Clarity etc are the characteristics of business report. Often reports are structured in a way that reflects the information finding process and the writing up of the findings that is, summary of the contents, introduction or background, methods, results, discussion, conclusion and/or recommendations. The inclusion of recommendations is one reason why reports are a common form...
Words: 3609 - Pages: 15
...of ways to gather and report information. Qualitative data is information about qualities; information that cannot be measured. Quantitative data is information about quantities; information that can be measured. To use the qualitative data to collect information focuses on describing a fact in a complete manner. Although it can be thought of as subjective, shared with a number of other it can provide an intangible understanding that certain things are happening within a group or individual. Some benefits to this type of data is it can provide a better understanding of mechanisms, provide subjective information, and provide verbal information that can be changed into numbers. However there can be some limitations such as statistical challenges and difficulty assessing associations between characteristics. The quantitative data can be information gathered on a fact. It can also be founded on an objective manner. This can be summarized, making it possible to compare the information against each other. This method enables generalization. The gathering of information of a large group is possible. Reporting can be listed in several categories allowing comparison, would provide numerical information, and can allow the determination of relations to variable for statistical reporting. It may be hard to recognize new information. It is important to know exactly what needs to be reported before starting to collect the data. When looking at reports of comparison it would...
Words: 315 - Pages: 2
...investors receive a minimal benefit as report complexity has continued to increase which in most cases lead to higher processing costs. Arthur Levitt, former SEC chairman has said that “In many cases, the problem is not a lack of information; it is actually quite the opposite. To much information can be as much of a problem as to little and more disclosure does not always mean better disclosure.” More information and disclosure, especially to small investors is seen as a negative attribute as it once again comes back to higher processing costs from resources they do not have. This makes it rather difficult for small investors to make an informed investment decision surrounding the filing date of a company’s 10-k. Hypotheses Brian Miller derived two hypotheses, with one consisting of an A & B format surrounding the effects of reporting complexity on small and large investors in order to guide his research. The first hypothesis H1(a) is Total abnormal trading around a 10-K is lower when reports are more complex. Mr. Miller stated that if reports become complex (based on the length & readability), forecasting the profitability and sustainability of future growth from these reports becomes difficult. Investors in this case may simply choose not to invest in companies that produce such complex 10-k reports, which would ultimately lead to a lower abnormal trading volume. H1(b) states that The effects of report complexity on abnormal trading ...
Words: 437 - Pages: 2
...Education Institution :Bethelsdorp Technical College Year Completed :1992 Qualification Attained :N2 Certificate Subjects Passed :Mathematics, Engineering Science Engineering Drawings, Toolmakers Theory. N3 Drawings. Other Studies/Courses :PC Upgrade and repair Employment Profile Most Recent Employer Name of Company : Autocast SA (Pty) Ltd Dates of Service :2004 to date Current Position Held :Quality Receiving inspector Reporting to :Quality Manager Net Salary : R 8890 Bonus :13th Cheque Other Benefits :None Contact for References :Neil Leyshon, 072 565 9502 :Duwayne Varnfield, 082 940 4303 Duties and Responsibilities : Receiving of all 10...
Words: 307 - Pages: 2
... This paper will talk about the concept and benefits of having a budgetary control system. The Concept Budgetary Control In order for a company to operate successful, it is important for the company to evaluate its financial status on a weekly, monthly and/or quarterly basis. In order to do so a budgetary control reporting system must be created. This system identifies which type of budget reports will be created to compare the actual financial activity of the company with the projected activity, when each report will be evaluated, and what information will be obtain from the reports. Once reports are analyzed by executives and managers try to determine what may have caused the budget variance as well as trying to correct the problem to improve the outcome. Budget Formats and How They Are Used The type of budget format used for a company depends on how the company wants to analyze its financial activity. The two budget formats are static and flexible. Static budget reports are used by an company that analyzes its financial activity as a whole. Many companies use a static budget report when creating a master budget. Flexible budget reports are used for a company that analyzes it financial activity by departments. There are companies that use both a static budget and flexible budget when analyzing financial activity because it provides a breakdown of variable costs and fixed costs during a reporting period. Benefits of Budgetary Control There is no guarantee...
Words: 426 - Pages: 2
...Analysts, Inc. July 10, 2007 © 2007 Industry Analysts, Inc. • www.industryanalysts.com Page 2 IATSD Competitive Test Report This Page Intentionally Left Blank © 2007 Industry Analysts, Inc. • www.industryanalysts.com Page 3 IATSD Competitive Test Report A Comparative Analysis of HP Web Jetadmin 10.0 versus Web Jetadmin 8.1 As part of the rollout of the new Web Jetadmin 10.0 Printer/Fleet Management Utility, Hewlett Packard engaged Industry Analysts, Inc., an Independent Testing and Research company, to conduct a detailed comparative analysis. The object of this analysis was to document the benefits of the improvements made in the new Web Jetadmin 10.0 (WJA 10.0) release as compared to the previous Web Jetadmin 8.1 (WJA 8.1) release. The analysis was conducted at Industry Analysts, Inc.’s Technical Services Division in Fairfield New Jersey, and was performed using the latest downloadable version of Web Jetadmin 8.1, which was downloaded from Hewlett Packard’s web site, and the Beta 1 and Beta 2 versions of Web Jetadmin 10.0 supplied to IATSD by Hewlett Packard under nondisclosure prior to it’s official announcement, release, and availability. The protocol consisted of examining both Web Jetadmin releases in specified areas, detailing the differences found between the versions and describing how the differences in WJA 10.0 benefit an Administrator and/or corporate user. Methodology: The Web Jetadmin versions 8.1 and 10.0 were installed on Windows XP Professional...
Words: 4810 - Pages: 20
...Assignment #6 10. Create your own “financial shenanigan” and explain how it might work. Do not use the shenanigans described by Schilit. A “financial shenanigan” is the act or practice of buying and selling securities on a portfolio immediately before a report is due in order to make the portfolio look more profitable than it has been. For example, as the industrial sector portfolio manager of Fordham’s Student Managed Investment Fund I will sell stocks that have performed poorly (i.e. Deere & Company and J.B. Hunt Transport Services, Inc.) and buy stocks that have performed well (i.e. Caterpillar Inc.). As a result, window dressing will make the portfolio look more attractive to prospective investors, which in turn makes me, the industrial portfolio manager, look more successful. 19. Who is responsible for earnings management? Is it top management that instigates the practice? Or, is it the accountants, who may go along with recording and reporting such transactions? Or is it the auditors, who do not discover or look the other way and ignore the effects of transactions on the financial statements? Be sure to discuss the ethical obligations of each group in answering the question. I believe that the accountants and auditors are responsible for earnings management because the public relies on the integrity and strong ethical values of accounts and auditors to ensure that the financial statements are accurate and reliable and that the statements include all the...
Words: 536 - Pages: 3
...other agencies to enforce it. It was a sweeping change to standard reporting practices and was created to restore investor confidence, hold corporations and auditors financially and criminally accountable, and protect whistleblowers. Prior to the creation of SOX the whistleblower had no protection from retaliation by the organization. Whistleblowers had fears of criminal prosecution, bodily harm and job loss if they reported the misdeeds of their employer both publicly and privately. The Sarbanes-Oxley Act of 2002 redefined the whistleblower. An examination of the characteristics of a whistleblower, the Global Capital Markets Advisors whistleblower case, and whistleblower protection guaranteed by the Sarbanes-Oxley Act will demonstrate the benefits, setbacks, and drawbacks of SOX and whistleblowers. Characteristics of a Whistleblower There have been many studies on who is a whistleblower and what are the characteristics of a whistleblower. There is no easy answer to either...
Words: 1159 - Pages: 5
...1-Introduction: This report is giving to us as a lab exercise no.2 for MIS 445. In MIS 445, we are studying the management of business processes to understand how different activities are being performed in an organization. For this a comparative study of paper based system against ES system is being undertaken. In this report we develop the diagrams of two process the benefits of other 2- a- Diagram of paper based process b- Disadvantages of paper based process * Too much paper work, many documents are created to capture and transfer data/information. * Due to paper work there is always a chance of incorrect capturing of data and mistakes. * Requires physical transfer of data, through sending documents to other departments. * Redundancy/duplication of data at several places. * Analysis of information and it’s reporting is laborious hectic and might not be accurate. * Delays, all the tasks in a paper based environment takes longer time, causing waste of resources as well. c- Diagram of Enterprise based process d- Benefits of ES process * Based on common, shared database, can be used across the whole organization. * Minimum of paper work * Easier input, and access to Data/information. * Easier analysis and reporting * Minimize data entry/transfer error. * Minimize time * No redundancy of data, No data conflicts * Integration of business functions and processes 3-Conclusion: From the basic thing in the report is you...
Words: 301 - Pages: 2
...logic and applied to company data.1 Results of this logic could take the form of a simple matching of the human resource file to the accounts payable vendor master file. On the other side of the coin, it could be an advanced neural network application focused on detecting money laundering schemes. Whether it is simple or advanced, data analysis provides many benefits in the prevention and detection of fraud. On one hand, the fraud examiner gains insight on 100 percent of an organization’s transaction data vs. more limited manual methods of selection. Further, this approach can generally be completed in less time than manual procedures, given the automation of the work. Examiners also gain improved business intelligence as the generated reports often lead to conclusions beyond whether just fraud occurred. Such new insights can lead to suggested process improvements to the client. The Institute of Internal Auditors (IIA) Research Foundation recently announced the posting of a free online document to help fraud examiners worldwide use computers to fight fraud. Proactively Detecting Occupational Fraud Using Computer Audit Reports, written by the author of this article, is designed to assist fraud examiners and management in implementing data analysis...
Words: 2941 - Pages: 12
... http://hwsoloutions.com/?product=bus-303-week-3-dq-12 Visit Our website: http://hwsoloutions.com/ Product Description BUS 303 Week 3 DQ 1&2, As a supervisor in the Air Force, I have had to write many performance reports for individuals that I have supervised. I also have had many of my own performance reports written and administered by my own supervisors. I am very familiar with the Air Force’s current performance rating systems and I understand where it plans to go. In the Air Force, every individual knows the exact date their performance report will be due and close out because they are all set up on an annual basis. At any time an Airman is free to go to their supervisor and ask for a feedback to know the status of their current performance. A good supervisor should give verbal feedback to their Airmen every day on how they are doing and also conduct a written mid-term feedback session about 6 months before their performance report closes out. Setting up a specific time and date for performance feedback helps prevent the first issue addressed in the article, “Too Vague” (Jackson, 2012). 2- Benefit offerings and salary offerings play a huge role in marketplace competitiveness. Much of the work force has family members to support so benefits like health insurance or child care may not just be lucrative but essential. Employees typically perform the best and stay motivated longer under an incentive reward style of leadership (Youssef, 2012). Pay is obviously a motivational...
Words: 350 - Pages: 2
...9 Formal Reports and Proposals he distinctions between formal and informal reports are often blurred. Nevertheless, a formal report is usually written to someone in another company or organization. Occasionally it is written for a senior manager in the same company, or for someone with whom the writer has little regular contact. Usually it is longer than an informal report and requires more extensive research. Unless you are a consultant, you are unlikely to be asked to write a formal report often. When you are, there may be a lot riding on it— including your reputation. The purpose of this chapter is to show you how to write a formal report and how to put together the kind of proposal that often precedes it. As Figure 9-1 shows, many of the elements of formal reports are the same as those for informal ones.You need to pay the same attention to headings, lists, and illustrations, for example. Although much of the advice in the previous chapter could be duplicated in this one, the emphasis here will be on those areas where there’s a difference. T Figure 9-1 Contrasting Features of Informal and Formal Reports Informal Formal Reader often internal often external or distant within organization Length • usually short • several sections • usually long (3 pages or more) • sections and subsections Tone • personal • contractions • more impersonal • no contractions Summary integrated on separate page Introduction ...
Words: 11089 - Pages: 45
... | ABSTRACT This White paper describes the POC Experience of migrating reports from Business Object XI R2 to Cognos BI 8.3 It highlights the challenges, solutions and best practices implemented for seamless transition TARGET AUDIENCE Cognos Architect and Developers of BO to Cognos Migration project PRE REQUISTIC Knowledge of Cognos BI 8.3, Business Objects XI R2 and RDBMS Databases. INTRODUCTION XYZ uses Business Object as a reporting tool to develop and deliver reports to the business to analyze the data. XYZ wants to upgrade these BO reports into Cognos reports using Cognos 8 BI suite. Existing BO Reports presented quite a challenge for migration because of many reasons like diverse formats of reports and multiple interfaces. Cognos BI environment is available with the XYZ. Prime goal to migrate BO reports to Cognos BI. BUSINESS CHALLENGES • Non Standard reporting formats • Installing BO in users machine and maintaining • Reports residing on users machine • Non availability of functional and technical specification • Inadequate Security ACTIVITIES & COMPONENTS 1 Activities • Analysis of existing reports for their functionality and technical aspects. •...
Words: 2384 - Pages: 10
...reporting with respect to what needs to be reported, when it should be reported, and the procedure for submitting the report. 2. Setting up systems to ensure that reportable events are identified and submitted to the IRB in a timely manner. Examples of the type of events that may be reportable include: o An unanticipated problem, which may be defined as any unexpected event that affects rights, safety or welfare of subjects. The event could be physical such as an adverse drug experience or adverse device effect. The event could also involve some harm or risk (i.e. breach in confidentiality or harm to a subject's reputation). o Serious adverse event, which may be defined as a death, life-threatening adverse drug or device experience, inpatient hospitalization or prolongation of existing hospitalization, a persistent disability/incapacity, or a congenital anomaly/birth defect. o Protocol exception, which may be defined as enrollment of a research subject that fails to meet protocol inclusion/exclusion criteria. o Protocol deviation, which may be defined as a departure from the protocol as approved by the IRB for a single subject. o Data and Safety Monitoring Plan or Board summary reports. o Complaints concerning subject rights submitted by subjects or concerned parties, family members, or study personnel. The IRB will use the reports to assess whether the risks/benefit ratio is still reasonable, whether changes in the informed consent document or study procedures are needed, or...
Words: 294 - Pages: 2
