Financial Accounting and Reporting - 12396 Words

FINANCIAL ACCOUNTING AND REPORTING Module 9: Basic Theory and Financial Reporting Module 10: Inventory Module 11: Fixed Assets Module 12: Monetary Current Assets and Current Liabilities Module 13: Present Value Module 14: Deferred Taxes Module 15: Stockholders’ Equity Module 16: Investments Module 17: Statement of Cash Flows Module 18: Business Combinations and Consolidations Module 19: Derivative Instruments and Hedging Activities Module 20: Miscellaneous Module 21: Governmental (State and Local) Accounting Module 22: Not-for-Profit Accounting Outlines of Accounting Pronouncements As indicated previously, this manual consists of 14 modules designed to facilitate your study for the Financial Accounting and Reporting†¦show more content†¦(1) Although GAAP is the current basis for financial reporting, it does not constitute a cohesive body of accounting theory. Generally, authoritative pronouncements have been the result of a problem-by-problem approach that have dealt with specific problems as they occur and are not predicated on an underlying body of theory. (2) Accounting has a definite need for conceptual theoretical structure if an authoritative body such as the FASB is to promulgate consistent standards. (3) A body of accounting theory should be the foundation of the standard-setting process and should provide guidance where no authoritative GAAP exists. (4) The FASB issued concept statements to develop a theoretical framework. As of December 2011, the FASB had issued eight concept statements to develop a frame of reference. (a) The purpose of the concept statements is â€Å"to set forth objectives and fundamental concepts that will be the basis for development of financial accounting and reporting guidance† (SFAC 8). In other words, the SFAC attempt to organize a framework that can serve as a reference point in formulating financial accounting standards. NOTE: The SFAC do not constitute authoritative GAAP and therefore are not part of the Codification. (b) Three concept statements have been superseded by other concept statements: SFAC 1 and SFAC 2 were superseded by SFAC 8, and SFAC 3 was superseded by SFAC 6. The remainingShow MoreRelatedFinancial Accounting Reporting1248 Words   |  5 PagesFinancial Accounting Reporting Introduction In the last few years, the issue of financial regulations has been increasingly brought to the forefront. This is because of a number of high profile scandals are highlighting how abuses are occurring from the lack of regulation. A good example of this can be seen with adjustable rate mortgages (ARMs). In the early 2000s, this was considered to be an effective way for many low income and minority families to purchase a home. However, as the economyRead MoreFinancial Accounting And Reporting Standards1426 Words   |  6 Pages Financial Accounting and Reporting Standards Jeremy J Boston Saint Leo University â€Æ' Abstract Financial accounting has become more complex as our country grows. The United States has established a core financial body to ensure all financial statements are published within the prescribed guidelines so that any creditor or investor is able to read and understand the information. The FASB was created to ensure that these guidelines are followed and they are well-paid individuals so there isRead MoreAccounting Standards And Financial Reporting Essay1508 Words   |  7 PagesSpiceland, Sepe, and Tomassini (2007), â€Å"accrual accounting is the financial reporting model used by† most corporations; which in turn, enables â€Å"investors and creditors †¦ to make their resource allocation decision† (Financial Reporting Case, para. 1). 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A more detailed definition is that offered by the American Accounting Association (1966), as follows: ’TheRead MoreFinancial Accounting And Reporting Of An Organization1984 Words   |  8 PagesFinancial Accounting and Reporting course work 1 Title: Financial accounting and reporting Student Name: Mengting KE CEG Number: MK24366 Supervisor Name: Nilam Sultan Date of submission: 14/02/2016 Total word count: 2042 Introduction According to Black (2009: 2), accounting can be defined simply as the recording, summarizing and interpretation of financial information. 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However, since IFRS was adopted and required by the European Union (EU), IFRS is currently the most widely shared set of accounting standards with its application required or permitted by approximately 120 countries as indicated by the IFRS Resources (2015). IFRS, perceived as â€Å"a single set of high-quality, understandableRead MoreSustainability Accounting And Non Financial Reporting1052 Words   |  5 PagesAs a newly established area in accounting, sustainability accounting and reporting extends the traditional model of financial and non-financial reporting to incorporate the company’s operational information, social and environmental activities, and their ability to deal with related risks. Not only do these acts have effects on society and the environment, but they also directly impact company’s financial statements. The most widely acc epted definition of sustainability that has emerged over time

What Extent Is Germany to Blame for Ww1 free essay sample

2. To what extent was Germany to blame for starting WWI? After a massive war, it easy to see why a lot people would point fingers at the country that lost the war. However, is this always correct; or do people Jump to conclusions much too quickly? By doing this, do they also create a whole new kind of trouble for themselves to come in later years? Some may suggest that it is more productive to look at the events leading up to the war to determine who was at fault. The blame attached to World War One (WWI) is not exclusively German, but may lie with the concepts of militarism, imperialism, nationalism, and alliances. Militarism played an immense part in the start of WWI and without it, there was a chance WWI would have never have lasted as long as it did. Militarism is when an entire country is in love with the idea of war. Soldiers were considered to be very god-like, and citizens only focused on the favorable aspects of war: serving ones country, being honored, and having women fall all over them. In the late 1800s and early 1900s, both Frances and Germanys armies had nearly doubled in size due to militarism. Germany was in competition with France to obtain Europes†some might even argue the worlds†largest army. Keeping a strong army was important to Germany because it helped to demonstrate to the rest of the world that they were a rising power. It also helped show other countries†who once wrote Germany off†that if they dared challenge them, they would pay dearly. In addition, Germany was also in competition with Great Britain. At the time Britain had the largest navy; something Germany envied. Once Britain started introducing their new battleships, named the Dreadnoughts, Germany followed suit. Soon afterwards they widened their canals, making it easier for battleships to pass hrough them. Great Britain, meanwhile, started setting up new naval bases in Scotland. Since Germany no longer had a small army and navy, France and Britain both felt threatened. They felt they had to keep up Germanys growing military. Great Britain and France were in an arms race before they knew it! An arms race is a competition between countries to acquire the largest military, translating into the greatest force. The army and naval arms race were Just the first few steps towards WWI, the war Germany was blamed for. Imperialism was another one of the reasons WWI started. Imperialism is when a country controls the economic, social, and political aspects of another country. All across England countries were fighting for the right to rule other nations. These nations were unprepared for the fight against the Englishmen and usually lost. The white men felt it was their duty to rule these savages. After all, how could people of different colored skin be of the same intellect as white men? This type of saving people was called Whitemans Burden. Imperialism also happened when other countries wanted another nations natural resources. Other times mperialism happened to show natives the right kind of religion. When countries imperialize, they also get a new market to sell to. In the 1800s, Europe began to imperialize Africa. During this time, France and Britain had control of large areas of Africa. The rise of industrialism had increased the need to imperialize. Because of rivalry with Germany. Germany only owned a small proportion of Africa. This was because they had started to colonize later than the rest of Europe. Imperialism, although not as big as part as the others, did play a role in WWI. Nationalism was basically the ticking time bomb that would start WWI. Nationalism mean being proud of ones country or ethnic group. Although nationalism can bring a country closer, it can also tear a country apart, and†in some cases, like WWI†start a war. For example if a country is made up of many different ethnic groups nationalism can divide a country (India had to be made into two separate countries: India and Pakistan). If a country is made up mostly the same ethnic group, it will be brought together (Germany). When Napoleon was sentenced to exile in Elba, The Congress of Vienna was held. The Congress of Vienna was supposed to sort out all of Europes problems in a nonviolent way. Countries from all over Europe sent their delegates to represent them. The big countries were Britain, France, Austria, Prussia, and Russia. Their delegates decided on a new Europe, a Europe that left both Italy and Germany divided into states. In 1861 Italy was unified, as well as Germany in 1871 due to strong nationalist movements. France lost the Alsace-Lorraine to Germany which had a lot of natural resources in the Franco-Prussian war and were now eager to take it back. In Sebria and Austria-Hungary lived large areas of differing nationalist groups, all enthusiastic to become free from the states in which they lived. Franz Ferdinand can be said to be the reason that WWI happened. An archduke, he was the heir to the Austro-Hungarian empire. Ferdinand, with his wife, decided to make an inspection of troops in the capital of Bosnia. While there, a Sebrian terrorist group of seven, The Black Hand, was going to try to assassinate him. The first two assassins were unable to kill him, but the third was able to throw a grenade that landed under the car in which they were traveling in. Although it did not injure him or his wife, Sophie, it did harm some of his attendants. After this point, no one knows for sure what happens. Some say he went to make sure his attendant were all right after the attack, others say he tried to escape the country. The only known fact is that he and his wife were killed by the fourth assassin, Gavrilo Princip, who died in prison later of TB. On June 28, 1914, Europe waited for a time bomb to go off. Alliances often help countries in their time of need. When all hope is lost and it looks like the chance of winning is long gone, a countrys ally will sweep in and save the day. In WWI, however, it had the opposite effect. An alliance is an agreement between countries to come to ones aid if they are attacked by another country. In 1879 Austria-Hungary and Germany made a pact to protect themselves from Russia, called the Dual Pact. In the year 1881 the Austro-Serbian Alliance was made. Austria-Hungary wanted to make sure Russia would not gain control of Serbia and the Balkans; hence the pact. The following year in 1882 Germany, Italy, and Austria-Hungary signed a pact that created The Triple Alliance. This pact was to keep Italy from siding with Russia and turning on Austria- Hungary and Germany. Russia finally formed an alliance in 1894 with France called the Franco-Russian Alliance; this was to protect Russia from Germany and Austria- Hungary. The nineteenth century rolled around and four more alliances were made. The first of these alliances was made between France and Britain, and although not was called the Entente Cordiale. Three years later in 1907, two pacts were made. The first pact was between Russia and Britain creating an alliance called the Anglo- Russian Entente. The second pact was called the Triple Entente and was between Russia, France, and Britain. This was in order to counteract the growing threat from Germany. By the time 1914 came, Britain, Russia, and France were determined to have peace. They all signed a treaty together†the Triple Entente†and made a pact ot to sign for peace without one another. Due to all these alliances, each country was pulled into this war, in essence causing a domino effect of varied allegiances. This became problematic, because it caused a massive escalation in the size of the war! When one country was declared war on, the alliances came into effect. In the end, most of Europe was pulled into a war because of their alliances. The first country to be declared war on was Serbia by Austria-Hungary. Germany decided to seize the moment and declared war on Russia. France, because of its alliance with Russia, was drawn into the war. France was to fght against Austria- Hungary and Germany. Germany later tried to attack France through Belgium, dragging Great Britain into the war.