Article 'SEC Regulators Should Adopt Global Financial Reporting Language For Better Business'
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Accounting and auditing firm The scandal's consequences would primarily be a professional embarrassment for auditing and accounting firms. The American Institute of Certified Public Accountants quickly altered the auditing standards of the accounting profession in the United States, prompting auditors to become more proactive in combating fraud. The shareholders
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Another advantage was the creation of The Public Company Accounting Oversight Board (PCAOB), whom oversees the audits of broker dealers and public companies. In light of the strict regulations, corporations have become more conscious of corporate social responsibility and doing the right thing. Many companies in the private sector even began to adopt some of the policy’s, such as the whistleblower program, “best practices,” and strengthening their ethics and conduct
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The FASB Accounting Standards Codification (FASB Codification) is the only source of authoritative GAAP apart from SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update to inform people about changes to the FASB Codification, which includes changes to non-authoritative SEC content. In relation to International Financial Reporting Standards (IFRS), after a new IFRS Standard is issued and before it becomes effective, the International Accounting Standards Board (IASB) helps stakeholders to understand the new Standard's principles very well. The activities of the board promote greater consistency in stakeholders' understanding of new Standards as the practice develops, which supports
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In Dennis Baron’s article, “Who Owns Global English?”, the author addresses the way English is being adapted around the world as well as why some countries wish to put a stop to it. This is centrally focused around a campaign for Spanish-English schools in Madrid hosting the slogan “yes, we want.” All languages change as the number of speakers grows; the English language is no different. Baron provides several examples of this growth from “Engrish” to slogans such as the one used in Madrid (36). Most notably however the author talks about the different kinds of English already in existence.
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Companies such as Apple have made a big impact on the world and our lives. Apple has affect our lives by changing the way we do things, for example, we started listening to music differently in 2010. Google also has an impact on our lives also, like the way use our emails which happen around 2009. General Electric provides electric and it has a big impact on how we use appliances.
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“There is every indication that the European Community will increasingly resist the importation of non-metric goods. (Garfinkel 12)” This would be bad for US trading since Europe makes up nearly half of the world’s manufacture trading. Without their trading America won’t receive the goods we need all because we have a different measuring system. “A shipment from General Electric that was turned back from a port in Saudi Arabia because it contained electrical cords that were six feet long instead of the required two meters.
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Globalization has had an impact on just about everywhere in the world, whether it be positive or negative. There have been many benefits and good things that have come out of this international movement. We have more goods, we are more connected, things are easier to do, goods are cheaper, and life values and conditions have improved, but what about the people who don't have access to these benefits? What about the people we don't talk about, the ones who make those cheap goods? For some, many negatives have come out of globalization, like decreased living conditions and isolation, even if in our eyes it seems all good and like we couldn't live without it.
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Which is a pretty big problem in certain areas of America, Asia, and some European areas. When I first read the article I haven't seen anything like it, I have never seen anything that tackled the Language Barrier issue that no one really talks about anymore and it is still a problem today. Which is shame because this isn't really recognized in the
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goods being produced and packaged under metric standards results in our country being at a competitive disadvantage in world markets (Manbeck).” National Institute of Standards and Technology (NIST) in USA has been encouraging U.S. industry to use the metric system. They said adapting the metric system in U.S. industry will increase its competitiveness (USA NIST The International System of Units (SI) 4). “As Representative, Vernon Ehlers of Michigan noted in Congressional testimony this year: it is not just how much we will gain by metrication, it is how much we have been losing by not switching to the world’s standard of measurement (“Going Metric Pays Off”).” Thus it is necessary for U.S. industry to switch to the world’s standard of
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There are several additional examples of managerial and accounting information found within the Business Week article. Some examples that would apply to Costco Wholesale Corporation are the profits gained by the company. A 25% profit gain was achieved by Costco during a quarter. The data would fit the attributes of both managerial and financial accounting information as it is financial and on the time horizon it took place in the past. A second example is the company’s stock taking a 4 % downward turn.
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Sariah Durrant Worldwide Communication (A Discussion of Adopting a Global Language) The diversity in our world is what makes it so beautiful and utterly unique. Because of the many cultures and the colorful histories they have, many interesting and amazing people exist today. Technology has been connecting many people who are so isolated from each other that they never would have been in contact if not for that.
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Financial accounting is specific to historical financial information to external users of information like the shareholders, creditors, stockbrokers, investors and including bankers and however such information is required to follow GAAP principles to maintain consistency, Heisinger, K., & Hoyle, J. B.(2012). Managerial accounting focuses on financial and nonfinancial information for internal users of the organization for decision making process and its users are managers, sales staff, purchasing officers and executives. One of the key characteristic of managerial accounting is making projections on futures projects for instance if the company is to introduce a new product, it should be accompanied with projected cashflow statement, and it
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They have produced a flood of various regulatory and legislative responses. Along with the Sarbanes-Oxley Act of 2002 and other similar regulations issued by the SEC now the New York Stock Exchange and the NASD both compel corporate CEOs and CFOs to certify the accuracy of financial statements filed with the SEC. This requires listed companies to genuinely adopt corporate governance guidelines or codes of ethics which specifically address the conduct of senior management, directors or officers. It forbids corporations to extend unnecessary credit to their directors or officers and also provides for forfeiture of profits and bonuses from sale of company stock if in case restatements have been made solely as a result of “misconduct” in financial reporting.
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Financial reporting laws have attempted to curb money laundering and our financial
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Having different accounting standards in the world is a problem for multinational public limited companies and investors in order to be able to compare and evaluate financial statements (Doupnik & Perera, 2009). Due to the economic and financial scandals and meltdown in recent years, the pressure has been increased on some countries such as United States. Therefore, it must eliminate the gap between the International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). The world of accounting diversity will have consequences on such changes, and the standard convergence of US GAAP with International Financial Reporting Standards also largely affect corporate management, investment, stock market, accounting personnel and accounting standard setters. In addition, the convergence of accounting standards will change the approach for international accounting harmonization to CPA and CFO, it affects the quality of international accounting quality standards and the effort made toward GAAP and IFRS convergence
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