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The pillar of the changes occurred in financial reporting after the accounting scandals is based on increased transparency and more support in conducting audit operations. The XBRL system for instance will allow the Securities and Exchange Commission to conduct analyses in a more efficient manner. All efforts to improve the financial reporting system have been condensed into the Sarbanes-Oxley Act. It represents the most important regulatory act of the past 70 years and it is applicable all around the world; it addresses issues that refer to all players in the corporate reporting chain. r />
Cooper, C., 2007, Extraordinary Circumstances: The Journey of a Corporate Whistleblower, John Wiley and Sons
References
Bautista, L.R., 2004, Implications and Effects of Sarbanes-Oxley Act, Securities and Exchange Commission, Retrieved at http://www.adbi.org/conf-seminar-papers/2006/03/30/1739.implications.effects.sarbanesoxley/onMarch 13, 2009
Lee, H., Effects of Sarbanes-Oxley Act of 2002 and SEC Final Rulings on Auditor Independence, SUNY Institute of Technology, Retrieved at http://www.sba.muohio.edu/abas/2003/vancouver/lee_auditor%20independence.pdfonMarch 13, 2009
Malpass, a., June 2, 2002, hp_:I/help animals.net/news artic/91719, Quoted by Hannon
August 22, 2002, Enron Scandal at-a-Glance, BBC News, http://news.bbc.co.uk/1/hi/business/1780075.stmlastaccessed on March 13, 2009
2002, Sarbanes-Oxley Act of 2002, Website of the Sarbanes-Oxley Act, http://www.sarbanes-oxley.com/section.php?level=1&pub_id=Sarbanes-Oxleylastaccessedon March 13, 2009
Creative Financial Analysis Limited, Part 2, Exhibit H - Accounting Red Flags
References
Bautista, L.R., 2004, Implications and Effects of Sarbanes-Oxley Act, Securities and Exchange Commission, Retrieved at http://www.adbi.org/conf-seminar-papers/2006/03/30/1739.implications.effects.sarbanesoxley/onMarch 13, 2009
Cooper, C., 2007, Extraordinary Circumstances: The Journey of a Corporate Whistleblower, John Wiley and Sons
Lee, H., Effects of Sarbanes-Oxley Act of 2002 and SEC Final Rulings on Auditor Independence, SUNY Institute of Technology, Retrieved at http://www.sba.muohio.edu/abas/2003/vancouver/lee_auditor%20independence.pdfonMarch 13, 2009
Malpass, a., June 2, 2002, hp_:I/help animals.net/news artic/91719, Quoted by Hannon
August 22, 2002, Enron Scandal at-a-Glance, BBC News, http://news.bbc.co.uk/1/hi/business/1780075.stmlastaccessed on March 13, 2009
2002, Sarbanes-Oxley Act of 2002, Website of the Sarbanes-Oxley Act, http://www.sarbanes-oxley.com/section.php?level=1&pub_id=Sarbanes-Oxleylastaccessedon March 13, 2009
Financial Reporting on the Internet (AMETEK, Inc.) The company's management as AMETEK observes in its 2012 annual report is responsible for not only the preparation but also the integrity of the financial statements and other related information (AMETEK, Inc., 2012). As the company further points out in its annual report, its financial statements conform to the provisions of GAAP (AMETEK, Inc., 2012). The relevance of following the standard set of accounting policies
Financial Reporting & Analysis This particular assignment is about financial research assignment in which shares analysis of a company has been conducted through different angles. The assignment has been divided into 5 different sections and every section has been related to the end result of the research. It is prerequisite for this particular assignment to select a company which has been listed on the Financial Times Stock Exchange (FTSE-100). The company
Failure-to-Disclose Disclosure & Financial Accounting Environmental and Financial Factors in the Petroleum Industry The petroleum industry has a unique responsibility in the initiative to practice environmental safeguarding while producing the petroleum products in such great demand. The financial manager must be decide what weight to apply to costs in terms of new processes and methods that are efficient as well as environmentally friendly and complaint. Weighing Costs in Failure-to-Disclose Environmental and Financial Factors in
S. GAAP," 2012). In other circumstances, IFRS requires the combination of two or more transactions when they are linked in a manner that the commercial impact can only be understood through referring to the transactions as a whole. Customer Loyalty Programs: Under IFRS accounting standards, loyalty or award programs in which a customer earns credit depending on their purchase of goods and/or services should be accounted for as multiple-element arrangements. Therefore, these
EasyJet Financial Reporting Recent History Regarding Corporate Accounting Policy The recent corporate accounting practices of easyJet Airlines reflects financial accounting policies at the company, which were in disapproval by Sir Stelios Haji-Ioannou, founder -- easyJet (Waller, 2008) . The Board of Directors are responsible for drafting and adopting of company accounting policies. Sir Stelios' rejection of the boards annual accounts is reflective of the agency/principle problem such that the board is now
Sarbanes-Oxley Act of 2002 in reducing fraudulent financial reporting Introduction to Fraudulent Financial Reporting Available research on financial statement fraud relies mostly on anecdotal evidence (for example, Wells, 2001, 2002, 2004a, and 2004b; Rezaee, 2003). This evidence offers advice on how mechanisms related to the fraud triangle can be curtailed. It leads to theoretical sense to reduce factors which lead to more instances of fraud. However, deterrence and established deterrence methods