International standard

1. Legal aspects A. The first question to analyze is whether Blooms Inc. has consent to collect the data of customers under the General Data Protection Regulation (GDPR). According to Article 7(1) GDPR, the fundamental condition for the data processing based on consent is the ability of the data’s controller to demonstrate that the data subject (i.e. the customer) has consented to the processing of his or her personal data. In the present case, the customers, namely Steven and John, freely and…

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…

As the result, the Appeals Council Office Disability Adjudication Review (ODAR) headquarters is located in Falls Church, Virginia. This is one of last levels for an administrative decision for Appeal Council issues. However, the Social Security Administration’s (SSA) will be the final action for claims. This is the final action for claims filed under Title II and Title XVI under Social Security Act. Appeals Council Office Disability Adjudication Review For the most part, Appeals Council…

Specific Identification Method My wife manages Stark Carpet’s San Francisco showroom. Their offerings include antique Oriental and Persian rugs with retail values in the tens to hundreds of thousands of dollars. This kind of inventory fits the specific identification method’s criteria i.e., high-end/price, low volume sales that track each inventory item individually as either a cost of goods sold on the income statement or a remaining asset on the balance sheet. Dr. Walther presented specific…

Revenue Recognition Changes Caused Fraud Revenue Recognition standards as we all know has been codified or updated several times in an effort to improve the usefulness and relevance of the reporting information. The trial and error concept of identifying what criteria works across business industry in recognizing revenue instigate several opportunities. The fact that there is not going to be a general standard on recognizing revenue that is commonly suitable to all business types turn out to be…

Walter P. Schuetze, the Chief Accountant to SEC and the Chief Accountant of the SEC’s Division of Enforcement, published an article entitled “What are assets and liabilities? Where is true north? (Accounting that my sister would understand) in 2001. Mr. 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…

Company Information a) Company name: Magnum Berhad Industry: Gaming b) Company name: London Biscuits Berhad Industry: Confectionery manufacturing Comparisons of Tax-Related Format and Disclosure Both Magnum Berhad (Magnum) and London Biscuits Berhad (LBB) are holding companies. Their respective group companies are Magnum Group of Companies and London Biscuits Berhad Group. Based on my observations, several comparisons can be made on the tax disclosure between the two chosen companies. Firstly,…

Introduction Audit committees have an important role to play in order to uphold both perceived and actual independence of the external audit process and this role will continue to evolve going forward (Cohen, Krishnamoorthy & Wright, 2002a). KPMG's Audit Committee Institute (2003) states: “Today, as never before, the role, responsibility, and accountability of the audit committee continue to be the focus of lawmakers, regulators, and shareholders. The audit committee's role in overseeing a…

Accounting Principles (GAAP) which all publicly traded companies must adapt to their financial systems. GAAP are high quality accounting standards that demand that financial statement users are provided relevant, clear, and useful information that is sufficient for their needs and also cost effective to the organization itself. While developing the standards, the FASB focuses on ensuring that they are integrative so as to reduce the accounting differences related to comparability.…