ACCA - DipIFR (Diploma in International Financial Reporting) is a new qualification, provided by ACCA.

ACCA tasks and goals

• understand and explain the structure of international professional and conceptual framework of accounting; • apply appropriate accounting standards for key elements of accountability; • know and be able to apply requirements for disclosure of information in financial statements and notes thereto; • be able to prepare financial statements of individual companies and address key elements in accordance with International Financial Reporting Standards and their interpretations; • prepare financial statements (except for consolidated statements of cash flow), including subsidiaries, associates and joint ventures;

ACCA - DipIFR (Diploma in International Financial Reporting)

The examines documents which support figures within the financial statements, assesses the overall accounting principles used, and evaluates the overall financial statement presentation. A qualified opinion indicates that the CPA is not in agreement with aspects of the financial statements and/or methods used to prepare their financial documents.

Sarbanes-Oxley Act: A Legislative Law to Win Public Trust in American Financial Industry

The PCAOB has established auditing, quality control, ethics, and independence standards to be used by registered public accounting firms in the preparation of audited financial statements for publicly traded companies, as required by the Sarbanes-Oxley Act of 2002 and the rules of the Securities and Exchange Commission (SEC).

The Sarbanes-Oxley Act of 2002 requires the PCAOB to: register accounting firms that audit publicly companies,; inspect registered accounting firms and their associated Certified Public Accountants (CPA's) annually for those whom annually audit over 100 public companies and a minimum of once every three years for those that audit under 100, assess the degree to which the firms comply with the act, the rules of the PCAOB and the SEC, professional standards in connection with the performance and issuance of audited financial statements and attest services; related matters involving public companies, and investigate and discipline any accounting firms and related accountants who are in violation of specific laws or standards. There are currently over 2,000 public accounting firms registered with the PCAOB, with more pending registration.

The Public Company Accounting Oversight Board's goal is to improve the quality of audited financial statements, reduce the risk of auditing failures, and increase public trust in financial reporting processes and of the auditing profession. To do this the PCAOB regularly issues reports detailing its inspections of public company audits.

What is the PCAOB For Audited Financial Statements?

Known as the Public Company Accounting Reform and Investor Protection Act of 2002 the Act was authored by Senator Paul Sarbanes and Representative Michael G. Oxley in response to the series of scandals concerning corporate financial agencies.The Sarbanes-Oxley Act is a legislative law designed and implemented to help enhance the policies and standards of U.S. public corporate and financial establishment firms.

Loan Modification Financial Hardship Letters - An Helpful Way to Plead Your Case

"Directors of every company (whether subject to audit or not) are responsible for ensuring that the company maintains proper accounting records and for preparing financial statements, which give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board and the Companies Acts, 1963 to 2006".

the discussions below deal specifically with common Financial Reporting disclosure issues, which arise in the Directors Report. Part B of this publication will deal with disclosure issues arising in the Auditors/Accountants Report while Part C will deal with disclosure issues arising in the Notes to the financial statements.

Risks ; Uncertainties

Section 13 of the Companies (Amendment) Act, 1986 (amended for Statutory Instrument No 116 of 2005) requires the directors of a company to identify the risks and uncertainties it's company faces and to disclose these in the Directors Report accompanying the company's financial statements.

Interests of Director's ; Secretary

Section 63 requires disclosure that no such interests were held if that is the case for a particular company.

Confusion often arises with regard to where in the Financial Statements such disclosures should be made. There are two options; as a paragraph in the Directors Report or alternatively in the Notes to the Financial statements.

Common Financial Reporting Disclosure Issues - (Part 1) Directors Report

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America’s Economic Oligarchy Remains Unchallenged

The specialized field that handles accounting for business is called financial accounting and provides individuals who are externally linked to that business with information on a company´s financial performance and position.

It organizes the transactions of a company by writing down those transactions and creating a financial statement or financial report that summarizes the data in a balance sheet or income statement. If the company is publicly traded, these financial statements will circulate wider, to customers, competitors and employees as well.

The FASB, or Financial Accounting Standards Board, is responsible for creating a standardized system of rules called accounting standards for financial accounting in the United States. These standards are important for financial accounting statements because so many people use these statements in so many different ways. Keeping track of this data helps a company to assess the value of their management and the resources they have allotted them to make their company run better, and financial statements help to determine the effectiveness of management for that company.

Why Financial Accounting is Important

America's financial oligarchy is still in control and, as such, the long-term consequences will be dire!

That certainly is the case with the powerful elites - the financial oligarchy - in America. ;In the case of the U.S. economic and financial crisis, global investors, afraid that the country or its financial sector wouldn't be able to pay off mountainous debt, suddenly stopped lending.

Financial Industry has Gained Political Power

The American financial industry gained political power over the years by amassing a kind of cultural capital, a belief system in which Washington insiders believe that large financial institutions and free-flowing capital markets are crucial to America's position in the world … and always and utterly convinced that whatever the banks said was true.

America's Oligarchs and the Financial Crisis

This velvet-glove approach is inadequate to change the behavior of a financial sector accustomed to doing business on its own terms, at a time when that behavior must change.

The second is a political balance of power that gives the financial sector a veto over public policy, even as that sector loses popular support.

The financial oligarchy's lobby group, the American Bankers Association, was successful in having political pressure brought to bear, by legislators from both parties, against the Financial Accounting Standards Board to do their bidding which now gives banks more discretion in reporting the value of mortgage securities. America's financial oligarchy is firmly in control and, as such, the long-term consequences will be dire!

ANALYSIS OF Financial STATEMENTS-SELECTIVE TOOLS

Subtopics include financial accounting, cost accounting, management accounting, internal auditing external auditing, international accounting, governmental and not-for-profit accounting and taxes. The most common means of conveying information to users is through the preparation of financial statements: 1. the income statement, 2. the balance sheet, 3. the statement of cash flows, and 4. the statement of shareholders' equity.

The income statement presents the profitability of company over a period of time.

Generally accepted accounting principles (GAAP) are a set of standards, methods, procedures, and guidelines companies follow in measuring and reporting financial information in the financial statements. The current accounting professional body that sets standards is known as the Financial Accounting Standards Board (FASB). The FASB issues standards called Statements of Financial Accounting Standards (SFAS).

Introduction to Financial Accounting and GAAP

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Financial statements for two companies under these circumstances are not wholly comparable.

A financial analyst can adopt the following tools for analysis of the financial statements.; These are also termed as methods of financial analysis.

1.; Comparative Financial Statements:-

;Comparative Financial statements are those statements which have been designed in a way so as to provide time perspective to the consideration of various elements of financial position embodied in such statements. In these statements figures for two or more periods are placed side by side to facilitate comparison.; Both the Income statements and Balance Sheet can be prepared in the form of Comparative Financial Statements.

;Comparative Income Statements:-

Comparative Balance Sheet:-

;2.Common-size Financial Statements:-Common-size Financial Statements are those in which figures reported are converted into percentages to some common base.; In the income statements the sale figure is assumed to be 100 and all figures are expressed as a percentage of sales.; Similarly in the balance sheet the total of assets or liabilities is taken us 100 and all the figures are expressed as a percentage of this total.

Bonus Shares Vs Stock Splits In Economic Management from HelpwithAssignment.com

Subtopics include financial accounting, cost accounting, management accounting, internal auditing external auditing, international accounting, governmental and not-for-profit accounting and taxes. The statement of shareholders' equity shows how the shareholders' equity changed over the period.

The current accounting professional body that sets standards is known as the Financial Accounting Standards Board (FASB). The FASB issues standards called Statements of Financial Accounting Standards (SFAS).

Introduction to Financial Accounting and GAAP

Definition: Bonus Shares are those shares which are issued to shareholders' by a healthy company without any cost.

<!--[if !supportLists]-->· <!--[endif]-->In this case the Shareholders' proportional ownership remains unchanged.

<!--[if !supportLists]-->· <!--[endif]-->The book value per share, the earnings per share and the market price per share decrease but the number of shares increased.

Part A: Equity Portion before Bonus Issue

Paid-up Share Capital

Paid-up Share Capital

<!--[if !supportLists]-->· <!--[endif]-->The Bonus issue may likely to bring the market price per share within a more popular range.

Part A: Equity Portion Before Stock Split

Paid-up Share Capital

Paid-up Share Capital

Comparison of Bonus Shares and Stock Splits:

Bonus Issue

The book value per share, earnings per share and the market price per share decline.

Economic Services Job QA

There are an estimated 1.61 billion Muslims worldwide, making Islamic banking one of the fastest growing segments of the financial industry. Banks serving the Islamic population must comply with several very specific principles of Islamic law if they hope to retain existing customers and attract new ones.

The basic principle of Islamic banking follows the laws of Sharia, known as Fiqh al-Muamalat (Islamic rules on transaction). The term "Islamic banking" is synonymous with "full-reserve banking" and "Sharia-compliant banking." The Islamic terminology for this is riba or ribaa.

Banks that comply with Islamic law are forbidden to charge interest or late payment fees, which is also considered a type of riba. Sharia-complaint banking products include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus) and Ijarah (leasing). The bank is known as the rabal-maal and the entrepreneur as the mudarib. The bank provides all of the necessary capital to start a business and the entrepreneur does the work of managing the business. The bank rewards the amount of time the depositor keeps the money in the bank with a hibah or gift, which is not guaranteed. The hibah is similar to interest, but lawful according the Islamic law.

An Islamic bank does not lend money to a borrower to buy properties; rather, the bank will purchase the property at the borrower's request at a freely disclosed price, and mark up the price for the borrower to pay back, therefore making a profit from the investment.

While each Islamic bank has its own board which rules on ethical banking principals, Islamic banking organizations have been establishing standard regulations and policies. The Islamic Development Bank has been working on international standards, policies and procedures, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Islamic Finance Service Board (IFSB), International Islamic Financial Market, Liquidity Management Center and International Islamic Rating Agency are in development to ensure accurate and fair banking practices.

Today, Islamic financial institutions exist worldwide, participating in the $180 billion/day industry. In 1975 there was one Islamic bank; today there are over 300 in more than 75 countries. The evidence is clear: Islamic banking is big business and it is growing every day.

However, in order for Islamic banks to be competitive with conventional products and attractive to customers, Islamic financial products must meet the risk/reward profiles of investors and issuers while fulfilling the tenets of the Sharia and remaining sufficiently cost-effective. Additionally, Islamic banks must educate their personnel to understand the tenets of Islamic law that pertain to banking, and to train them to comply with Sharia as they serve their Islamic customer population

Banking on Sharia Principles - Islamic Banking and the Financial Industry

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Certified Monetary Planner Courses in India

Banks serving the Islamic population must comply with several very specific principles of Islamic law if they hope to retain existing customers and attract new ones.

The basic principle of Islamic banking follows the laws of Sharia, known as Fiqh al-Muamalat (Islamic rules on transaction). The term "Islamic banking" is synonymous with "full-reserve banking" and "Sharia-compliant banking." The Islamic terminology for this is riba or ribaa. The bank is known as the rabal-maal and the entrepreneur as the mudarib. The hibah is similar to interest, but lawful according the Islamic law.

An Islamic bank does not lend money to a borrower to buy properties; rather, the bank will purchase the property at the borrower's request at a freely disclosed price, and mark up the price for the borrower to pay back, therefore making a profit from the investment.

While each Islamic bank has its own board which rules on ethical banking principals, Islamic banking organizations have been establishing standard regulations and policies. The Islamic Development Bank has been working on international standards, policies and procedures, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Islamic Finance Service Board (IFSB), International Islamic Financial Market, Liquidity Management Center and International Islamic Rating Agency are in development to ensure accurate and fair banking practices.

Today, Islamic financial institutions exist worldwide, participating in the $180 billion/day industry. In 1975 there was one Islamic bank; today there are over 300 in more than 75 countries. The evidence is clear: Islamic banking is big business and it is growing every day.

Additionally, Islamic banks must educate their personnel to understand the tenets of Islamic law that pertain to banking, and to train them to comply with Sharia as they serve their Islamic customer population

Banking on Sharia Principles - Islamic Banking and the Financial Industry

The same holds true for wealth management training courses too.

Certified financial planner courses are of various kinds too.

The Household Chief Economic Officer

If material, these may impact the analysis of company risk, lending and investment decisions.

IFRS 10 Consolidated Financial Statements states that control is the key factor in determining consolidation.

The new standard provides a much clearer definition of control (than previous standards) and provides more guidance in circumstances when control is difficult to assess.

Joint arrangements can either be joint operations or joint ventures.

The Financial Impact of Changes to On Balance Sheet and Off Balance Sheet Criteria

Economy: 1 a) obs.: an art of managing a household.

HCFO Standards of Conduct

The HCFO position has certain responsibilities and standards of conduct.

This standard of conduct is summarized in the concept of fiduciary duty.

For example, a corporation's board member has a fiduciary duty to the shareholders and a trustee has a fiduciary duty to the beneficiaries of the trust.; Thus, the fiduciary is the person who is bound by fiduciary duty.

In the context of a household, the HCFO is the fiduciary, and the household as a group is the client.; In other words, the HCFO manages the income and assets of the household to best achieve the goals of the group and is held to a high standard of ethics and trust in his activities.

1. The solvency of the household (that income is greater than expenses)
2. That the household is debt-free (with the possible exception of mortgage and business debt)
3. The amount of net worth of the household
4. Holding a periodic (i.e. monthly) financial meeting with other household members to review objectives.
5. Implementation of financial plans and programs to assist in the accomplishment of the goals of the household and the competent handling of financial emergencies.
6. The due diligence related to making and monitoring any investments held by the household.