International standard

Background of Newmont Mining Corporation Newmont Mining Corporation was founded in 1916 by Colonel William Boyce Thompson. They are one of the world’s largest gold producers and become a listed company in New York Stock Exchange (NYSC) since 1940. Their business locates in US, Australia, Indonesia, Ghana, Canada, Peru, New Zealand and Mexico. Newmont Mining Corporation has approximately 35,000 employees and contractors worldwide. They are the only gold mining company included in S&P 500 Index…

The risk of China and the US stock market is different with the Standard & Poor 's index for the past 10 years has a volatility of about 1.25% a day; with fuses at 7% which is about five and a half times the standard deviation. This is not a normal distribution; the probability of occurrence in reality is much higher, about once every two years, which historically was 7 times over the past…

In accounting terms, the process to harmonize the prevailing accounting standards that are issued by different regulatory bodies is called convergence. Although it is a known fact that the variety of accounting rules and practices around the world is due to the differences in culture, language, religion, education, and ideology and politics. However, the need of a single set of standards for the reporting of financial statements is becoming inevitable. With the significant growth of the…

the Financial Accounting Standards Board (FASB) created the Generally Accepted Accounting Principles (GAAP) which is a set of standards that includes a set of codes that provide structure and organization. (Spiceland, Sepe, & Nelson, 2013, pg. 10) Similarly, international countries have created their own set of accounting standards. However, in the past few decades, the United States and other countries have been getting into business with each other. The accounting standards between countries…

FASB by providing technical support, standard setting, and guidelines to CPAs nationwide. Because accounting is complex in nature this governing body works in collaboration with other institutes to ensure that organizations are adhering to the accounting standards established under the General Accepted Accounting Principles (GAAP). This paper will focus primarily on the AICPAs relationship in advising the FASB, their function in setting the auditing standards for public accounting firms and…

mid-September 2015, the Volkswagen (VW) scandal erupted in the United States, creating a shockwave in the diesel automobile sector both domestic and international. US authorities accused VW of installing “defeat devices” in nearly half a million cars between 2009 and 2015 to make them appear less polluting than they actually are. Independent tests done by the International Council on Clean Transportation (ICCT) confirmed that a selection of VW vehicles were emitting up to 40 times more nitrogen…

transactions, these firms manage a large amount of data. Accountancy boards standardize the methods these companies use to record financial information. To facilitate the business flow, the boards have cooperatively created a new revenue reporting standard. The boards have also outlined the basic steps all firms should take when making the transition. Depending on the entity, the boards expect firm’s to adopt these new practice by a given date. Managing Financial Data United States businesses…

withhold some of their pay or the papers themselves, making it very hard for the migrant to move jobs should conditions become unbearable. As migrants will often travel alone and be housed on-site by the company they work for, the risk of poor labour standards is high. The system is lucrative for local authorities as the migrants pay local taxes, but are not covered by local welfare benefits such as health care. As the official workers’ union is government controlled, it has no autonomous power…

UNIT 1: BUSINESS ENVIRONMENT ASSIGNMENT 1: COMPARING TWO DIFFERENT ORGANISATIONS Task 1 – Purpose (P1) Organization 1 Profit-making organization: Exxon Mobil ExxonMobil is the world's largest publicly traded international oil and gas company. The organization uses technology and innovation to help meet the world’s growing energy needs. It operates globally and within the private sector of the economy and is often referred to as a ‘Private Empire’. Exxon Mobil holds an industry-leading…

carefully from many different angles. When dealing with organizational issues at an international level, one must consider the language and culture differences, currency, and legalities regarding the alien country. Different countries follow different accounting principles, GAAP is only used in the U.S., which led to the formation of IFRS that works as a common set of accounting principles used at an international level, between many different countries. One of the main challenges faced when…