...about current accounting issues. In Cases 2 and 3, you will solve unstructured problems like you will do in the real-world. 2. HOW DO I USE THE DATABASES? Download the Accounting Research Handbook that is now available on WebCampus. Included in this booklet are detailed instructions on how to use these databases. This handbook will give you enough information to get you started. (The following pages may be turned into me – you do not need to type up your responses in a separate document. If you are working with a partner, make sure BOTH of your names appear on the assignment). ACCOUNTING RESEARCH CASE 1 – PART A: SEC EDGAR DATABASE This first exercise involves EDGAR, the SEC’s database. You will use EDGAR to find out information about one company. Your company is based on the first letter of your last name. Using the table below, determine which company you are assigned. At the EDGAR home page (www.sec.gov), go to “Company Filings Search” under the heading “Filings.” On the new screen, search by company name (EDGAR is picky about the exact form of the company name, so you may want to click the “contains” button.)...
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...Perceptual Map Situation Analysis The Situation Analysis will help your company understand current market conditions and how the industry will evolve over the next eight years. The analysis can be done as a group or you can assign parts to individuals and then report back to the rest of the company. An online version of the Situation Analysis is available in the Getting Started area. (customers want better performing products) and for size is -0.7 (customers want smaller products). At the end of Round 1 the center of the Traditional segment will have a performance of 5.7 and a size of 14.3. 5.0 + 0.7 = 5.7 and 15.0 - 0.7 = 14.3 Table 2 displays the segment center locations at the end of each round. Print the Perceptual Map Form in the Industry Conditions Report then use Table 2 to find the location of each segment center for Rounds 1 through 8. Mark the approximate locations on the form (see the example in Figure 1). Remember, the locations in Table 2 are the centers of the segment circles, not product positions. Product positions are reported on page 4 of The Capstone Courier. The exercises require two reports: The Industry Conditions Report and The Capstone Courier, which are available from the website’s Reports link. The Courier is also available from the Capstone Spreadsheet’s Reports menu bar. The Courier available at the start of Round 1 displays the results for Round 0, when all companies are equal. If you access the report from the website, use the Round 0...
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...encapsulated in the SEC filing statement “to organize the world’s information …. and make it universally accessible and useful”. Google explains that it believes that the most effective, and ultimately the most profitable, way to accomplish our mission is to put the needs of our users first. Offering a high-quality user experience has led to strong word-of-mouth promotion and strong traffic growth. Read further details on the culture and ethics of Google in their Ten Things Manifesto. Notable tenets of the Google philosophy are: Focus on the user and all else will follow. It's best to do one thing really, really well. You can make money without doing evil (the founders are well known and chastised for making this statement). Putting users first is reflected in three key commitments illustrated in the Google SEC filings: “1. We will do our best to provide the most relevant and useful search results possible, independent of financial incentives. Our search results will be objective and we will not accept payment for inclusion or ranking in them. We will do our best to provide the most relevant and useful advertising. Advertisements should not be an annoying interruption. If any element on a search result page is influenced by payment to us, we will make it clear to our users. We will never stop working to improve our user experience, our search technology and other important areas of information organization”. In the Google Annual SEC filings (the best source of...
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...The Cost of Capital for Goff Computer, Inc. BUS650: Managerial Finance (MAH1209A) Dr Charles Smith March 18, 2012. The Cost of Capital for Goff Computer, Inc.: 1. Most publicly traded corporations are required to submit 10Q (quarterly) and 10K (annual) reports to the SEC detailing their financial operations over the previous quarter or year, respectively. These corporate fillings are available on the SEC Web site at www.sec.gov. Go to the SEC Web site, follow the “Search for Company Filings” link, the “Companies & Other Filers” link, enter “Dell Computer,” and search for SEC filings made by Dell. Find the most recent 10Q and 10K and download the forms. Look on the balance sheet to find the book value of debt and the book value of equity. If you look further down the report, you should find a section titled either “Long-term Debt” or “Long –term Debt and Interest Rate Risk Management” that will list a breakdown of Dell’s long-term debt. Answer: The book value of a company's equity is the same as stockholder's equity, which can be computed by subtracting the total value of liabilities from total assets. (Total Assets) = (Total) Liabilities + Stockholder's Equity (book value of equity). Stockholder's Equity (book value of equity) = Total Assets –Total Liabilities. The book value of the company’s liabilities and equity was found from the site http://www.sec.gov . I found Dell’s Form 10K, dated January 28, 2011, and snap shot is attached here with. Dell’s...
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...Running head: XBRL: THE NEW REPORTING XBRL: The New Reporting Julie Mercer Strayer University Chapter One Introduction This chapter consists of research ideas relating to eXtensible Business Reporting Language or XBRL, also how the American Institute of Certified Public Accountants (AICPA) and the Securities and Exchange Commission (SEC) are moving towards this type of reporting. The chapter consists of context of the problem, statement of the problem, research question and sub-questions, significance of the problem, research design and methodology, and organization of study. The chapter will also include a tentative reference list. Context of the Problem There is a time limit as to when an organization has to report financials to the SEC. There are several forms that are required to be filed to the SEC by public organization, for the purpose of this research paper we will focus on quarterly statements (10-Q) and yearly statements (10-K). For the 10-Q the organization has forty-five days, after each of the first three quarter ends to file the report with the SEC and ninety days, after the fiscal year end. (Yuille, n.d.) Given the time-frame organizations have to report the quarterly earnings, it would seem to be enough, but let us look at an organization that has an enterprise resource planning (ERP) system, along with Hyperion Financial Manager (HFM). The ERP system captures data from all the locations, if the organization has more...
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...Implementing XBRL Developing a roadmap for the SEC mandate Contents 1 2 4 14 What is XBRL? XBRL and the SEC Implementing XBRL Focus on quality To our clients and friends For several years now, momentum has been building towards a single electronic financial reporting standard to allow more efficient retrieval and analysis of financial information. One of the key objectives of this movement to digital financial reporting is to enhance the accessibility of financial information, which proponents believe will be utilized better, faster and cheaper. Furthermore, a digital format would support more informed business and investing decisions, including greater comparability across enterprises. The SEC has required filers to begin using “interactive data” — eXtensible Business Reporting Language (XBRL) — as the electronic financial reporting standard. This indicates the dawn of a new digital era in business and financial reporting. This document is intended to help companies develop an XBRL implementation strategy that includes an understanding of the key considerations and decisions required to create a quality XBRL submission. Thus allowing investors, analysts, regulators and other financial statement users to realize the full benefits of XBRL. It outlines the building blocks for a company’s XBRL implementation plan. The foundation of this plan is for a company to develop the necessary background on XBRL basics and the SEC’s XBRL mandate. With an implementation...
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...On an annual basis, companies such as Procter & Gamble are required to file two well-known types of reports: the 10K filing and the Annual Report. The purpose behind both of these documents is to monitor a company’s performance for the past year. Stakeholders in the respective companies can acquire this publicly provided data and analyze the information for different purposes. While 10K filings and annual reports contain similar data, their perspectives differ. For example, consider that the 10K is a financial fill-in-the-blank form whereas an annual report is a marketing document. The goal of the annual report is to persuade and inform current and potential stockholders. It is sent out to shareholders when companies hold their annual meetings to elect directors. Ultimately, this report serves as a benefit to a company because it has free reign over its content and design. On the contrary, the U.S. Securities and Exchange Commission requires 10k filings to inform about the company, monitor finances and prevent fraud. Both documents are effective considering their particular audiences; 10K’s are for a financial audience and annual reports are for the general public stockholders. Inherent differences such as layout, design details, tone, and content are apparent in Procter & Gamble’s 10K SEC filing and their annual report. Procter & Gamble’s annual report effectively uses verbal and visual strategies to catch the reader’s attention. Its colorful front page displays...
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...False – the fact that taxes are self-assessing the BIR assessment is necessary to ensure the reliability of the ITR. 9. False – the BIR or the Government is not allowed by law to appeal to the CTA. (Acting Collector of customs vs. Court of Appeals, Oct. 31, 1957) 10. True 11. False – Appeal to the SC shall be made within 15 days from the receipt of the decision of the CTA. 12. False – the CIR can conduct a jeopardy assessment when there are no accounting records. 13. True 14. False – the taxpayer needs to waive first his right on the secrecy of bank deposits before BIR can inquire into his bank deposits. 15. True Problem 2 – 2 TRUE OR FALSE 1. False – there must be a Letter of Authority. 2. False – the supporting documents must be submitted to the BIR within 60 days from the date a protest is filed. 3. True 4. True 5. False – destraint as a tax collection method is applicable only to personal property. 6. False – criminal violations already filed in court are not subject to compromise. 7. True 8. False, collection must be within 5 years 9. True 10. False-redemption period is within 1 year from date of auction sale. 11. True 12. True Problem 2 – 3 TRUE OR FALSE 1. False – there is no need to pay additional registration fee for transfer of business registration. 2. True 3. False – the initial bond required for manufacturers and importers of articles subject to excise tax is P100,000. 4. False – informer’s reward is...
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...Abstract This research paper will discuss Extensible Business Reporting Language (XBRL). The SEC is now requiring companies to submit financial statements in the XBRL format. (XBRL) is a language for the electronic communications of all sort of businesses and the exchange of financial data that is transforming business reporting around the globe. First in this research, I will discuss the definition and origins of (XBRL), and then I will summarize how (XBRL) works. Later, I will emphasize the main gains that XBRL provides in terms of cost savings, better efficiency and enhanced accuracy. Finally, it’s important to debate the disadvantages of Extensible Business Reporting Language (XBRL). History and definition Presented in the 1990‟s by Charles Hoffman, Extensible Business Reporting Language (XBRL) is a reforming business reporting throughout the world. This language has being used for reporting financial data around the globe, and the Securities and Exchange Commission (SEC) is serious about transforming corporate filings into an XBRL-based electronic reporting system. SEC started to get involved and requires (XBRL) to be phased in for U.S. financial reporting over the next few years (Hannon, 2005). The three year schedule phase-in plan is as follows: * 2009 – “Large accelerated filers”: (1) Use U.S. Generally Accepted Accounting Principles and (2) have a market capitalization of $5 billion as of the end of the most recent second fiscal quarter. (Estimated to cover...
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...EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) Submitted in Partial Fulfillment of Course Requirements in Accounting 8320 Spring 2009 Kesha Haley By submission of this paper I certify that this paper is entirely my own work. Further this paper has not been submitted for credit in another course. HALEY - 1 - EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) ABSTRACT The purpose of this paper is to define XBRL, explore the implications of XBRL on auditing, and discuss the advantages and disadvantages of this form of financial reporting. The SEC is now requiring companies to submit financial statements in the XBRL format. A subset of XML (eXtensible Markup Langage), XBRL (eXtensible Business Reporting Language) standardizes the electronic communication of financial data around the world. XBRL will provide benefits, cost savings, increased efficiency, improved accuracy and reliability in the analysis and communication of business information. It may be thought of as the SEC.s answer to the desire of many to have a continuous audit. This paper will first discuss the definition and origins of XBRL, implications on auditing, advantages and finally disadvantages of XBRL. HISTORY AND OVERVIEW Introduced in the 1990.s by Charles Hoffman, eXtensible Business Reporting Language (known as XBRL) is revolutionizing business reporting across the globe (http://en.wikipedia.org/wiki/XBRL). An extension of eXtensible Markup Language (known as XML), XBRL is being used for reporting financial data...
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...June 18, 2012 Introduction Ethics and compliance play an important role in a company’s financial environment. In large corporations, such as Wal-Mart, who employ 2.1 million employees worldwide and 9029 retail units fewer than 60 different banners in 15 different countries is a prime example of how ethics and compliance practices are used effectively (Walmartstores.com) (2011). An assessment of the role ethics and compliance plays in Wal-Mart's financial environment along with procedures Wal-Mart has in place to ensure ethical behavior will be examined and discussed in this paper. Also covered in this paper: An explanation of how financial markets work in the United States and identifying the processes Wal-Mart uses to comply with SEC regulations, and an evaluation of Wal-Mart’s financial performance during the past two years using financial ratios and the trend each ratio tells about the financial health of the company. Assess the role of ethics and compliance in your organization’s financial environment The role of ethics and compliance in Wal-Mart’s financial environment is founded on the three Basic Beliefs set forth by Sam Walton (founder of Wal-Mart). The three Basic Beliefs as stated in Wal-Mart’s ethics statement are: Respect for the individual, Service to our customers and striving for excellence (Wal-Mart, n.d.). The open door communications process is another role of ethics and compliance in Wal-Mart’s financial environment. The open door communications...
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...number of wholly owned subsidiaries provides “medical, professional, and administrative staffing services to the healthcare industry in the United States.” By comprising nurse and physician staffing one would expect the company to have integrity. This paper is going to look at the fraud case, auditor’s responsibility, financial statements as well as the charges against the auditor. Furthermore, this paper is trying to see if the SEC allegations were warranted against the auditor. Overview of the Case According to the SEC, World Health Altneratives, Inc (World Health) engaged in fraudulent and improper conduct from at least May 2003 – August 2005. They manipulated accounting entries by understating expenses and liabilities, which made World Health look more financially sound. According to the SEC Website, “every annual and quarterly report that World Health filed with the Commission contained false financial statements”. Another part of the complaint filed by the SEC was that McDonald caused the company to make misrepresentations and omissions in documents publicly filed concerning financial performance, registration of millions of shares of World Health stock, certain material financial transactions as well as the number of shares authorized and outstanding and the World...
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...on the web with explicit semantics in a machine-readable format, making automated data analysis possible. XBRL is a standard XML reporting language to enhance the efficiency, reliability and accuracy of financial reporting. Data in XBRL format does not need to be converted from one application to another because data are independent of applications by using standard tags for data items (Farewell, 2006). The financial information is presented to the public on the Internet usually in a static format such as PDF or HTML, the XBRL technology offers a way to have dynamic financial information. XBRL can support both financial and non-financial data contexts, which distinguishes XBRL from traditional financial documents (Debreceny et al., 2005). The use of standard tags in XBRL documents allows for the specific identification, automatic exchange, and...
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...Ethics and Compliance This paper will access analyze data from Wal-Mart’s annual financial reports as well as Security and Exchange (SEC) filings for the past two years. This analysis will be used to evaluate the organization’s financial performance during the past two years using financial ratios. An assessment of the role of ethics, compliance and procedures currently in place to ensure organizational ethical behavior will also be addressed. An explanation of how financial markets operate within the United States will be discussed along with processes adopted by Wal-Mart which ensure SEC compliance. Role of Ethics and Compliance in Wal-Mart’s Financial Environment As the world’s largest retailer, Wal-Mart has openly accepted a global responsibility of captivating ethical sourcing far beyond that of workplace compliance. As of today, the company possesses more than 10,700 business locations spread across 27 separate countries. Coupled initiatives such as diversity and inclusion, hunger and nutrition, women’s economic empowerment, environmental sustainability, and ethical standards and resources are directly aligned with the company’s “Every Day Low Cost” approach (Wal-Mart, 2012). This organization’s ethics and compliance roles have enabled the organization to reach far beyond store barriers proceeding to global financial wealth. Additionally ethical compliance protects the company from potential financial loss, corporate crimes, negative imaging, and forfeiture of comparative...
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...Oregon for $9.4 billion. The purpose of this reference summary is to document key news stories, SEC filings, Public Utility Commission filings and other references for financial analysts, journalists, utility regulators and other interested parties. Following each reference will be a brief analysis and commentary section. The references are ordered by date and can be easily searches using key words. Although Copyrighted, all requests to reprint this information will be granted provided that this original source is cited. Based upon an analysis thus far, Parish & Company will not support Mr. Buffett's proposed acquisition due to significant accounting irregularities at Berkshire Hathaway and the absence of adequate financial market controls given the recent repeal of the Public Utility Holding Company Act (PUHCA). Obviously Buffett is under considerable pressure given that his fund does not pay a dividend as Microsoft does, even though such dividends are now 50 percent tax free, and investors in his fund have an effective overall growth in assets since 1998, 7 years ago, of zero. Also noteworthy is that Buffett's hometown is served by the Omaha Public Power District (OPPD), a well managed utility whose annual report can be accessed at www.oppd.com. 2005 August 8 Berkshire Hathaway Quarterly 10Q Filing Berkshire Hathaway's quarterly 10Q report for the quarter ending 6/30/05 was filed with the SEC on August 5, 2005 and may be accessed via the following link: http://www...
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