Financial Reporting and Disclosure Issues: FRANCE CL E A N S P A C E LT D 24 March 2011 By: Charn Gek Cheng, Chiang Soo Ling, Kummar Sokali Muthu Mogan, Lee Siew Fen Samantha To: Mrs Maria Long MEMORANDUM To: Mrs Maria Long, Manager Accounts Department, Cleanspace Ltd From: Date: Subject: Accounting Theory Team No. 29 24 March 2011 Report on Financial Reporting and Disclosure Practices of France Enclosed is the research on “Financial Reporting and Disclosure Practices of France” for Cleanspace Ltd, authorised by you on 5 February 2011. In order to determine a suitable site for the international placement of Cleanspace Ltd subsidiary, a summary is done on France public firms’ financial reporting practices and influences. …show more content…
Maria Long, Accounts Manager. Its purpose is to research and
In this chapter, financial reporting of five countries: France, Germany, Czech Republic, The Netherlands, United Kingdom, were discussed.
In the course of history and as per the needs and complexity of financial system, almost each and every country in the world developed their own accounting principles and financial reporting system in accordance to their rule, law, culture and social order. However, as the world moves more toward globalization, world market economy get close to each other, International investments spread out throughout the globe especially among countries with open economy. Thus, the diversity in accounting practices is not conducive for boosting international investments, and businesses in today’s market. For example, guess you invest in the international market and you are required to prepare a financial report in compliance with rule of that country and then you need to convert the report to where your company is originally resident. First of all, it is a hassle for the investing companies to report based on the host country rule and regulation. Second, it creates a lot extra costs which fall on investors to compare the result of the report with different countries and may not be able to make a good comparison anyway. Thus, it limited the effectiveness of the international capital markets as well as cross border investment. (International Accounting Pg, 65)
At the end of 2011, retained earnings for the Bisk Company was $1,750. Revenue earned by the company in 2011 was $2,000, expenses paid during the period were $1,100, and dividends paid during the period were $500. Based on this information alone, retained earnings at the beginning of 2011 was
Alberta Mining Company extracts and processes a variety of ores and minerals. One of its operations is coal -cleaning plant that produces toxic wastes. For many years, the wastes have been properly disposed of though Canadian Disposal, an experienced company. However, disposal of the toxic wastes is becoming an economic hardship because increasing government regulations caused the cost of such disposal to quadruple in the list 6 years.
maximum length of your response is 3 pages. If necessary an additional two page appendix can be added for items such as illustrations, journal entries, financial statement items or IFRS or ASPE Standards extracts. The appendix should not contain discussion or analysis. [That is, the overall limit is three pages + a two page appendix, if needed, for a total of 5 pages (single spaced, minimum 12 font)].
The purpose of this paper is to present and explain the statement of cash flows by incorporating the statements No. 95, 102 and 104 that establish standards for cash flows reporting issued by FASB[i].
In this paper our objective is to understand the concept and theories of accounting. The paper explores public interest theory, private investment theory and regulator capture theory. After this our
The following is a review of the Financial Reporting and Analysis principles designed to address the
In the 6th edition, the financial statement samples of well-known companies give accurate information as to how a balance sheet is written. Because the statements were produced by a legitimate accounting entities, I believe the source was very useful for students who had to apply their accounting skills and knowledge onto a test or when preparing real financial statements for firms. There were only a few Canadian companies that adopted the International Financial Reporting Standards (IFRS) from the previous version of the book. The sources used were international financial statements of non-Canadian companies, which could marginalize Canadian readers since it was difficult for them to relate accounting practices to the latest international accounting system. If we were to publish the new edition, I recommend we include financial statements of Canadian companies that follow the IFRS, so readers can view how these companies adopted the new standard. The opportunity of using legal samples encourages more universities and academic institutions to use this book because the financial statements will be up-to-date and verifiable. With this minor addition, the new textbook will be modernized and further
According to Robert K. Elliot, 1997, assurance is a positive declaration that produces quality information which enhances the degree of confidence for all intended users as well as improves the quality of decision that being made. It is also part of corporate governance which provide reliable and accurate information to the stakeholders such as investors, employees, government, voluntary sector and market regulators, regarding the efficiency and effectiveness of organization’s policies, strategies and operations and compliance with the statutory obligations will be provided by the management. Due to the risk of uncertainties in the environments, stakeholders demand more from financial information to
The report starts with an introduction by articulating the purpose of the report and an overview of the company profile and a brief situation Analysis (PESTEL, SWOT and Porter’s Five Forces) and provides a brief summary of the Accounting framework and EU legal requirements on the Annual reports and the implications for Accor SA.
Some assets not only store wealth but also create income. For example, an investment in a share of stock stores wealth and also perhaps creates dividend income. A deposit in a savings account stores wealth and creates interest income. Some investors care more about increasing asset value than about income. For example, an investment in a share of corporate stock may produce a dividend, which is a share of the corporation’s profit, or the company may keep all its profit rather than pay dividends to shareholders. Reinvesting that profit in the company may help the company to increase in value. If the company increases in value, the stock increases in value, increasing investors’ wealth.
In the main analysis, this essay will describe the predictions and effects of financial accounting reports to discuss the statement based on the previous answer. In the conclusion, the essay will explain how the question helps to understand the importance of learning about accounting in its context.
Over the past few decades there has been a significant transformation in the global financial structure. These remarkable changes are a result of increasing global competition, changes in business and political climate, increasing technological advancements etc. Globalization in particular has given the corporations and individual borrowers to look beyond the borders for finance and investment opportunities. In order to protect these investors and to maintain the market integrity a financial reporting framework was developed. This framework ensures high quality of financial reporting and true and fair representation of general information for the users of financial statements (SEC, 2000).
Topics 1. Debt investments. (a) Held-for-collection. (b) Trading. 2. Bond amortization. 3. Equity investments. (a) Non-trading. (b) Trading. Questions 1, 2, 3, 13 4, 5, 6, 8, 11, 13 2, 4, 7, 8, 9, 22 6, 7 1, 12, 17 16, 22 8, 9, 14, 15, 16, 22 17, 18, 19, 20, 21 22 10, 11, 25 23, 27 24 29 30, 31, 32, 33, 34, 35, 36, 37 5 10 11 12 21 22, 23, 24, 25, 26, 27 12 13, 14, 15, 16, 17, 18 7, 8 6 1, 3, 10 2, 4 1, 2, 3 Brief Exercises Exercises 1 2, 3, 4 5 3, 4, 5 1 8, 10, 11 8, 9, 11, 12, 13, 15, 16, 17 13, 14, 17, 18 10, 11 6, 7 19, 20 5, 6, 8, 9, 10, 12 1, 2, 7 1, 3, 4, 7 1, 2 4, 7 3 Problems Concepts for