... which is out of date. For the latest, authoritative version of these standards, we recommend you consult https://asc.fasb.org/ which is provided by the Financial Accounting Standards Board. End of Preamble [Not Part of the Accounting Standards Codification] 330 Inventory 10 Overall 00 423 Status 423 General 423 Overview and Background 423 General 423 Objectives 423 General 423 Scope and Scope Exceptions 424 General 424 20 Glossary 424 30 Initial Measurement 425 General 425 Subsequent Measurement 428 General 428 Other Presentation Matters 432 General 432 Disclosure 433 General 433 Implementation Guidance and Illustrations 434 General 434 Status 437 General 437 Subsequent Measurement 437 05 10 15 35 45 50 55 S00 S35 General Disclosure 438 438 Implementation Guidance and Illustrations 438 438 SEC Materials 438 General S99 437 General S55 421 437 General S50 Other Presentation Matters General S45 437 438 905 442 908 Airlines 442 910 Contractors—Construction 442 912 Contractors—Federal Government 442 926 Entertainment—Films 442 930 Extractive Activities—Mining 443 932 Extractive Activities—Oil and Gas 443 976 Real Estate—Retail Land 443 978 Real Estate—Time-Sharing Activities 443 985 422 Agriculture Software 443 10 Overall 330-10-00 Status General 00-1 No updates have been made to this subtopic. 330-10-05 Overview and Background General 05-1 The Inventory Topic addresses...
Words: 6859 - Pages: 28
...examine Sarbanes-Oxley’s (SOX) effect on capital structure. I find that SOX is associated with higher long-term debt ratios, as firms listed in the U.S. raise their long-term debt ratios by 2 to 3 percentage points. This finding is consistent with the idea that, although the reduction in information asymmetry associated with SOX could prompt managers to increase equity financing, debt is still safer and less costly than equity in the SOX era. Further analysis shows that the increase in debt occurs in the two quarters prior to SOX, suggesting that firms anticipate a higher cost of debt after SOX and acquire debt while it is relatively cheap. Also, firms that heavily (lightly) manage earnings prior to SOX use less (more) debt after SOX. This result is consistent with the view that firms that aggressively manage earnings before SOX reveal intrinsically weaker earnings after SOX, casting doubt on those firms’ ability to repay debt and relegating those firms to issue equity for financing purposes. Keywords: capital structure; earnings management; debt ratio; Sarbanes-Oxley. JEL Classifications: G32; G38. Data Availability: Data available upon request. Kelly E. Carter is an Assistant Professor at Morgan State University. I particularly thank Terry Shevlin (co-editor) and an anonymous referee for their detailed, excellent comments, which greatly improved this paper. I also thank Alexander Butler, Laura Field, Delroy Hunter, Ninon Kohers Sutton, Patrick J. Kelly, and Jianping...
Words: 10135 - Pages: 41
...relevant to CAT Scheme Paper 6 and Professional Scheme Paper 1.1 ratios In the exams for CAT Paper 6, Drafting Financial Statements and Professional Scheme Paper 1.1, Preparing Financial Statements candidates are often required to prepare accounting ratios and to interpret them. The main ratios that candidates will need to know are discussed in this article, and the formulae for them are given in Figure 1 on page 43. Financial statements provide important financial information for people who do not have access to the internal accounts. For example, current and potential shareholders can see how much profit a company has made, the value of its assets, and the level of its cash reserves. Although these figures are useful they do not mean a great deal by themselves. If the user is to make any real sense of the figures in the financial statements, they need to be properly analysed using accounting ratios and then compared with either the previous year’s ratios, or measured against averages for the industry. PROFITABILITY RATIOS One of the most important measures of a company’s success is its profitability. However, individual figures shown in the income statement/profit and loss account for gross profit and net profit mean very little by themselves. When these profit figures are expressed as a percentage of sales, they are more useful. This percentage can then be compared with those of previous years, or with the percentages of other similar companies...
Words: 2145 - Pages: 9
...27MAR201319523653 ORCHIDS PAPER PRODUCTS COMPANY 2013 ANNUAL REPORT To Stockholders Dear Stockholders, In 2013, Orchids Paper Products Company experienced record converted product net sales and total net sales levels for the second consecutive year. We continued to broaden our product offerings and experienced additional penetration into the mid/premium tier product markets. Net sales of converted products exceeded $100 million for the first time in the Company’s history. During 2013, we focused on continuing to increase sales of converted product to fully consume our parent roll capacity. Our efforts centered on new product development in both paper making and converting and combining those efforts with an effective sales and marketing plan. As a result, we continued to expand our converted product offerings into the mid/premium tier market, creating new sales opportunities which resulted in shipments of 8.2 million cases, or approximately 53,000 tons, an increase of 16.2% over case shipments in 2012. More specifically, during 2013, our net sales increased 15.4% to $116.4 million compared to $100.8 million in 2012. This included a 21.1% increase in converted product sales. Our sales of mid-tier and premium tier products comprised 37.9% of our unit net sales in 2013, compared to 15.0% in 2012 and 6.8% in 2011. We also focused considerable efforts on controlling production costs while improving quality attributes to supplement the high quality production capabilities of...
Words: 35963 - Pages: 144
...University Press Stable URL: http://www.jstor.org/stable/1880689 . Accessed: 19/10/2014 12:59 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . Oxford University Press is collaborating with JSTOR to digitize, preserve and extend access to The Quarterly Journal of Economics. http://www.jstor.org This content downloaded from 82.219.188.189 on Sun, 19 Oct 2014 12:59:41 PM All use subject to JSTOR Terms and Conditions INTERNATIONAL INVESTMENT AND INTERNATIONAL TRADE IN THE PRODUCT CYCLE* RAYMONDVERNON Location of new products, 191.- The maturing product, 196.- The standardized product, 202. Anyone who has soughtto understandthe shifts in international trade and internationalinvestmentover the past twenty years has chafed from time to time under an acute sense of the inadequacy of the available analytical tools. While the comparativecost concept and other basic concepts have rarely failed to provide some help, they have usually carriedthe analyst only a very little way toward adequate understanding. For the most...
Words: 7781 - Pages: 32
...strategies for acquiring those funds. B. Describe the organizational forms a company might have as it evolves from a start-up to a major corporation. List the advantages and disadvantages of each form. There are three main forms of business organizations and forms. Sole Proprietorships are easy and inexpensive to form. They are also subject to very few government regulations and pay no corporate income taxes. However, it is difficult for sole proprietorships to obtain large sums of capital. The personal liability is also unlimited for the business debts. The life span of the business organized as a proprietorship is limited to the life of the individual who started the business. Partnerships also similar to sole proprietorships are easy to form and have a low start up cost. The liability is also unlimited and the life of the organization is limited to the ownership of the partners. However, with partnerships it is difficult to transfer ownership and to raise large amounts of capital. Corporations have unlimited life and they can transfer ownership easier than a partnership. Corporations are subjected to limited liability but may be subject to double taxation. Setting up a corporation is more complex than setting up a partnership or proprietorship. C. How do corporations go public and continue to grow? What are agency problems? What is corporate governance? Corporations continue to grow and go public by selling their stock to the public. As the company grows...
Words: 1806 - Pages: 8
...should be imposed as a expenditure, gross-product or income-type tax. Malaysia proposed a consumption-based GST. The use of invoices for GST provides more simplicity on how the tax is imposed. For VAT imposed as an income-type the accounting representation would be more suitable. In that case it would be based on the economic records of the company. The main advantage of a VAT is that it is a broad based system. Typically government and non-profit enterprises are excluded from the tax base. Further an important policy decision is to determine the place where GST is levy. For International Trade the place where the GST is levied is a vital matter. On the one hand the GST can be levied on the location of assembly (the origin principle) on the other it can be based on the location of the final consumption (the destination principle).The origin principle VAT is levied on value added within the state for all goods and services despite of whether they are sold within the state or export out of the state. It excludes value added personified in the goods and services that originate outside the state. The most regular is the use of the goal principle. Our analysis thus far has focused on evaluate if GST is a regressive or progressive tax and the corrective actions, the impact of GST on different segments of the Malaysian households and on estimating total revenue raised taking into account leakage. however, the impact of implementing GST is wide range. 1) Inflation Using the executive...
Words: 1607 - Pages: 7
...Competitor-oriented Objectives: The Myth of Market Share J. Scott Armstrong, The Wharton School, University of Pennsylvania, Philadelphia, PA 19104 E-mail: armstrong@wharton.upenn.edu Phone 610-622-6480; Fax 215-898-2534 Kesten C. Green, Department of Econometrics and Business Statistics Monash University, VIC 3800, Australia E-mail: kesten@kestencgreen.com Phone +64 4 976 3243; Fax +64 4 473 0643 February 21, 2006 IJB05CmObj27.doc International Journal of Business (forthcoming) Abstract Competitor-oriented objectives, such as market-share targets, are promoted by academics and are commonly used by firms. A 1996 review of the evidence, summarized in this paper, indicated that competitor-oriented objectives reduce profitability. However, we found that this evidence has been ignored by managers. We then describe evidence from 12 new studies, one of which is introduced in this paper. This evidence supports the conclusion that competitor-oriented objectives are harmful, especially when managers receive information about market shares of competitors. Unfortunately, we expect that many firms will continue to use competitor-oriented objectives to the detriment of their profitability. Key words: competition, market share, objectives, profitability. JEL CLASSIFICATION: L21, M21, M31. 2 Many managers have a natural inclination to want to beat their competitors. Our concern in this paper is the relationship between competitor orientation and performance. We show that competitor-oriented...
Words: 8595 - Pages: 35
...blur the separation of their policies from fiscal policy. The mandates of debt management offices have usually had a microeconomic focus (viz, minimising longer-term borrowing costs, while limiting refunding risks). Such mandates have usually avoided any explicit macroeconomic policy dimension but some major policy overlaps are latent. What is needed is a policy framework for all official actions that affect the maturity structure of government debt in the hands of the public. This requires more analysis of the macroeconomics of government debt management. A full debate about the allocation of functional responsibilities would have to take account not only of the economics, but also of political and institutional constraints. There are operational advantages in having in place appropriate governance arrangements that serve to forestall short-sighted policies and hold specific institutions accountable for their mandates. Keywords: Monetary policy, central banks, policy design and consistency, policy coordination, debt management, sovereign debt JEL classification: E52, E58, E61, H63 1 An earlier version of this paper was presented at the ECB’s Public Finance Workshop on “Challenges for Sovereign Debt Management in the EU”, held on 7 October 2011 in Frankfurt, Germany. This was also published in the OECD’s Working Papers on Sovereign Borrowing Public Debt Management. Emails: Hans.Blommestein@oecd.org and...
Words: 13398 - Pages: 54
...Macroeconomics The Phillips Curve 24/11/2014 William Phillips, a New Zealand born economist, wrote a paper in 1958 titled The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 18611957, which was published in the quarterly journal Economica. In the paper Phillips describes how he observed an inverse relationship between money wage changes and unemployment in the British economy over the period examined. Wikipedia Table of contents Theory ................................................................................................................................... 2 Exceptions to the Phillips Curve rule ..................................................................................... 3 Stagflation of the 70s ......................................................................................................... 3 Definition ........................................................................................................................ 3 What causes stagflation ................................................................................................. 3 Stagflation of the 70s ...................................................................................................... 3 Opposite situation in the 1990s .......................................................................................... 3 Long Run Phillips Curve .........................................................
Words: 932 - Pages: 4
...Does Fairness Prevent Market Clearing? An Experimental Investigation Ernst Fehr; Georg Kirchsteiger; Arno Riedl The Quarterly Journal of Economics, Vol. 108, No. 2. (May, 1993), pp. 437-459. Stable URL: http://links.jstor.org/sici?sici=0033-5533%28199305%29108%3A2%3C437%3ADFPMCA%3E2.0.CO%3B2-E The Quarterly Journal of Economics is currently published by The MIT Press. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/journals/mitpress.html. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. The JSTOR Archive is a trusted digital repository providing for long-term preservation and access to leading academic journals and scholarly literature from around the world. The Archive is supported by libraries, scholarly societies, publishers, and foundations. It is an initiative of JSTOR, a not-for-profit organization with a mission to help the scholarly community take advantage of...
Words: 9679 - Pages: 39
...Published by: CFA Institute Stable URL: http://www.jstor.org/stable/4480658 . Accessed: 24/02/2014 01:32 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . CFA Institute is collaborating with JSTOR to digitize, preserve and extend access to Financial Analysts Journal. http://www.jstor.org This content downloaded from 134.117.10.200 on Mon, 24 Feb 2014 01:32:09 AM All use subject to JSTOR Terms and Conditions FinancialAnalysts Journal Volume 61 . Number 2 ?2005, CFAInstitute X Fundamental Indexation Robert D. Arnott,Jason Hsu, and PhilipMoore to A trillion-dollar industryis basedon investingin or benchmarking capitalization-weighted the This literature indexes, eventhough thefinance rejects mean-variance efficiency suchindexes. of measures whether stockmarket indexesbasedon an arrayof cap-indifferent study investigates of than based market These on "Fundamental" size mean-variance company aremore efficient those cap. indexeswerefound to deliverconsistent,significantbenefitsrelativeto standard cap-weighted...
Words: 12714 - Pages: 51
...Date: [2/23/2012] To: Lead Economist Laura From: [Tony Randall] Subject: Final Project Paper After completing this course in Microeconomics, I have learned quite a few things about this subject. It is my hope that what I have learned can be relayed to others and be beneficial to whoever decides to take this subject. I have learned how our economy works on a small scale and a large scale. There are many different kinds of economies in our world and each have an important role for running their respective countries. The first is the Centrally planned economy in which the government of that respective country decides how economic resources will be allocated. The second economy is a market economy in which the decisions of households and firms interacting in markets allocate economic resource. The third and final in the mixed economy in which most economic decisions come from buyers and sellers in markets but where the government plays a major role in allocating resources. our economy is slightly a mixed one .(Hubbard,R& O Brian,A, 2009) Supply and demand is one of the most basic Ideas of economics and it is the core of the market economy. Demand simply means how of a product or service is wanted by a consumer. The quantity demanded is the amount that people are willing to buy at a given cost. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain...
Words: 1239 - Pages: 5
...WORKING PAPER NO. 85 ANTI DUMPING LAW AND PRACTICE: AN INDIAN PERSPECTIVE ARADHNA AGGARWAL APRIL, 2002 INDIAN COUNCIL FOR RESEARCH ON INTERNATIONAL ECONOMIC RELATIONS Core-6A, 4th Floor, India Habitat Centre, Lodi Road, New Delhi-110 003 Contents Foreword ................................................................................................................................ i I II Introduction ................................................................................................................1 Antidumping Law and Practice : Economic Perspectives .........................................4 II.1 II.2 II.3 II.4 Consumer welfare argument.....................................................................................6 Strategic Trade Policy Argument ...........................................................................21 Optimal Tariff Argument........................................................................................24 Political Economy Argument : Preliminary Evidence............................................29 III Anti Dumping Law and Practice : Legal Perspectives............................................33 III.1 III.2. III.3 Methodological Aspects .........................................................................................33 Other Procedural Issues ..........................................................................................56 Institutional aspects ...................................
Words: 23365 - Pages: 94
...Pricing to Market and the Real Exchange Rate Author(s): Hamid Faruqee Reviewed work(s): Source: Staff Papers - International Monetary Fund, Vol. 42, No. 4 (Dec., 1995), pp. 855-881 Published by: Palgrave Macmillan Journals on behalf of the International Monetary Fund Stable URL: http://www.jstor.org/stable/3867601 . Accessed: 22/02/2013 10:54 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . Palgrave Macmillan Journals and International Monetary Fund are collaborating with JSTOR to digitize, preserve and extend access to Staff Papers - International Monetary Fund. http://www.jstor.org This content downloaded on Fri, 22 Feb 2013 10:54:55 AM All use subject to JSTOR Terms and Conditions IMFStaffPapers Vol. 42, No. 4 (December1995) © 1995International Fund Monetary Pricing to Market and the Real Exchange Rate HAMID FARUQEE* Thispaper investigates the consequences of pricing to marketfor exchange ratepass-through and real exchange rate dynamics across differentpatterns of trade. Under two-way, intraindustrytrade-where...
Words: 7218 - Pages: 29
