In the business situation with Ahi Corporation, an employee of Ahi offers the suggestion of a using a “float” to earn interest on a payment due to Internal Revenue Service. In the past this practice of a free money was once encouraged by many, to help aid business, however in recent years is has been discouraged and it is not recommended. In 2003, Congress passed Check 21 (Check Clearing for the 21st Century Act), allowing banks to use scanned checks. The float days have decrease as well as…
Principles) to IFRS (International Financial Reporting Standards). Companies, especially in the United States of America, are using a system of inconsistent accounting standards for their financial reporting. That is why FASB encourages most organizations moving to a universal system of reporting. However, the transition affects the financial data, financial compliance controls, financial reporting procedures, performance management networks, training programs and the financial disclosures.…
come as no surprise that the financial disclosures in Swiss GAAP are just a stringent as they are in the US GAAP framework. The disclosure requirements in Swiss GAAP vary by the industry in which the company operates as well as how the big the company’s operations are. To disclosure requirements can be easily looked at by breaking them down in five separate sections to determine if the company needs to comply with the certain disclosures in their financial statements. The first of these sections…
1. Conceptualizing the Event Organized by Hong Kong event Management Company to bid and manager an event, The annual Christmas Carnival has been provisionally held from 1 November, 2016 to 31 January, 2017. The event is situated in prime position on the Central Harbourfront. Conveniently situated in prime position location with easy public access, developed transportation links, the visitor can walk within distance from nearby MTR Hong Kong Station, Central Station, and Admiralty station. With…
Background One of the many enduring puzzles in corporate finance has been the need and outcome of the M&A (merger and acquisition) activities during different times. Generally, history is not discussed in detail for corporate finance owing to the changing market dynamics; however, M&A activities are different in terms of learnings they bring forward. A merger involves a combination of two existing companies into one single entity. Mergers attract consolidation of the industry since it is…
Elements of Territoriality Elements of Territoriality 1. Are the pedestrian routes clear and legible? 2. Are entry points into the area visible and well-defined? 3. Are there signs to locate where you are? 4. Are there sufficient way-finding maps / signs to key destinations? 5. Are there confusing levels/zones?* 3.7.1.3.2 Elements of Surveillance In this second element there are 6 items being tested. The items are as shown and presented in Table 3.2 below. Table 3.2 Elements of…
for International Accounting Standards Board. The IASB is a standard-setting board whose main role is to ‘develop and approves ‘International Financial Reporting Standards’ so that all financial reports and financial statements globally are detailed and can be easily read by all users. With constant regulation and development, it ensures all business’ financial records are formatted the same and easy to transfer information to and from them. To become an IASB member isn’t an easy task. IASB…
Schuetze addresses what are assets and liabilities? He asserts that “the FASB’s definition of an asset is so complex, so abstract, so open-ended, so all-inclusive and so vague that we cannot use it to solve problems” (p. 12). In my opinion, that statement is somewhat unprecise because of three reasons following. Schuetze states that “Assets are cash, contractual claims to cash, and things that the business owns and that can be sold for cash” (p. 5). For example, the author mentions that his…
The update about revenue recognition is a result of the ongoing convergence between FASB and IASB. Both accounting bodies have different rules and guidelines on how to report revenue. Under each body, there are different standards for various kinds of revenue. The FASB has topic 605 (Revenue Recognition). The IASB has IAS 18 (Revenue) and IAS 11 (Construction Contracts). The result was absence of uniformity in revenue recognition method across industries and geographical locations. The update…
remains that, in the current integration of both national and world economy, an absence of a unified and well transparent system of financial reporting will distort investment across national boundaries (Beke, 2010; Epstein, 2009; Meeks and Swann, 2009). Comparatively,…