International Financial Reporting Standards

no. 11-16). The company's financial reports were audited by Elizabeth Alves, Vice President, Internal Audit and Risk Management (page no. 102) in accordance to GAAP (Generally Accepted Accounting Principles) and International Financial Reporting Standards (IFRS). The independent auditor's report was dated on the 31st of Oct 2014 (page no. 56). The financial statements were prepared according to the IFRS standards and was issued by the International Accounting Standards Board (IASB) which was…

There were many reasons for the downfall of Enron, corporate governance being one of the main. The Corporate Governance Code issued by the Financial Reporting Council (2010) defines corporate governance as ‘the system by which companies are directed and controlled’. Boards of directors are responsible for the governance of their companies. The shareholders’ role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in…

which should be avoided by the auditing committee like the auditing committee does not take action when it receives complaints. According to International Standards for the Professional…

Grace case are 2060: Reporting to Senior Management and 2440: Disseminating Results. 2060 discusses the requirement of the chief audit executive to “include [all] significant risk exposures and control issues, including fraud risks, governance issues, and other matters” when reporting to “senior management and the board (Textbook).” Mr. Eatough purposefully evaded reporting an issue of fraud by downgrading the severity of the company’s situation…

in the measurement of goodwill which have significant impact on financial position and result of the company. Therefore, initial recognition of goodwill and measurement after recognition are described in the period before 2004 and after it in order to make a comparison and conclusion whether those changes lead to a better measurement of…

categories of objectives should be one that follows (a) strategic objectives: which are goals aligning with the company’s mission/vision (b) Operational objective which imbeds performance and productivity (c) effective internal and external reporting, financial and non-financial (d) compliance with applicable laws and regulation. The COSO framework does not only reflect the assessment of hard controls such as authorization, supervisory and segregation of duties, but also soft controls like the…

Introduction The purpose of this research is to make emphasis on how important is in accounting to have Ethics. This will be a qualitative research since it will be descriptive about ethics in accounting. Ethic is a term that refers to a moral system, and code that provides criteria evaluation. An ethical dilemma describes when an individual or group experiment by testing their own ethics. Many of these dilemmas are easily to be identified and resolved. For example, by calling your boss when…

activities of the business at national and international level. The reporting of CSR execution or management in international value chain, sustainability and in all business activities, Monitoring and Evaluation (M&E), international standards etc. It needs much of the organizational efforts to qualify the CSR results in human rights, protection of environment, relations with their co-workers and the society. At international level, GRI (Global Reporting Initiative) and UNGC (UN Global Compact)…

study provides an overview of accounting for leases, specifically capital and operating leases. Some researchers have found that managers manipulate leasing data in order to report a large amount of debt on the off balance sheet, rather than on the financial statement (Biondi et al, 2011). When an entity leases property, they must pay installments on the property for the terms of the lease contract (Schroeder et al, 2011). While there are some benefits in leasing property, there are also some…

Since then twenty new accounting standards were issued by the Ministry of Finance of the Russian Federation aiming to align accounting practices with IFRS. Despite these efforts essential differences between national accounting standards and IFRS remain. Since 2004 all commercial banks have been obliged to prepare financial statements in accordance with both national accounting standards and IFRS. Full transition to IFRS is delayed and is expected to take place from 2011. Singapore: In…