Log in
Accounting
1
answer
0
watching
102
views
26 Jul 2018

Describe (80 to 100 words) the process you would go through todetermine whether financial support is available to allow therequirements of an organisation to be achieved. (Please address theanswer in the context of how that to be determined within anAustralian Company from the accounting perspective) (Please type upyour answer)

Watch
1
answer
0
watching
102
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Beverley Smith
Beverley SmithLv2
28 Jul 2018

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

Can someone please summarize this from "the top 10 reasons to fix the FASB's conceptual framework"

9. Costs and Benefits

The FASB and IASB would do everyone a good turn by abandoning the timeworn notion that only statement preparers incur reporting costs and that only users reap the benefits. This chestnut isn’t true and never has been.

The costs of reporting aren’t borne by preparers but by their entities’ owners, who are also among the reports’ pri- mary users. Furthermore, managers benefit greatly from better public information that enables capital markets to establish more efficient security prices that reflect real risks.

There are no reasonable grounds for believing that markets respond to today’s inferior public information by bidding prices higher and accepting returns that are too low for their risk. In fact, the only rational response to incomplete and untrustworthy financial reports is lower security prices and higher capital costs.

The Boards’ discussions must articulate the point that management policies intended to reduce preparation costs diminish information quality and thus lead to higher information-gathering and processing costs. The seem- ingly economical practice of reporting only the bare min- imum is actually much more costly than just reporting what management already knows (or ought to know).

If users want to know assets’ market values not dis- closed by management, then all users must make deci- sions under uncertainty or elect to go through their own expensive estimation process. Adding to the total cost is the fact that the users’ self-generated data has question- able reliability and limited capacity to reduce uncertainty. If so, they demand higher returns, which, in turn, increase the reporting company’s cost of capital.

A decision to reduce accounting costs unavoidably caus- es total costs to go higher. Considered within the context that the highest objective of financial reporting is promot- ing economic productivity, it’s clear that overall savings can be achieved by mandating additional disclosures of useful information. (In fact, we’re confident that managers and owners can reap even greater savings by voluntarily disclos- ing useful information that isn’t required.)

These points are controversial, but we encourage the Boards to expand their discussion to include all costs and benefits, not just the simplistic idea that managers bear all costs and gain no benefits while users gain all benefits and bear no costs. In fact, both sides incur costs and gain benefits; once that relationship is clear, constructive progress is sure to follow.

Just need an idea how to do this:

ACCT 2101 Project Instructions

What to turn in: A typed, printed copy of your report and a printed copy of the financial statements. These must be neatly stapled together and submitted in class on or before the due date listed in the schedule. No exceptions. If you know or think you will be absent on the due date, please turn in your report early. This includes absences for GGC athletic events or other GGC sponsored activities. Five points will be deducted from your project grade for reports that are not stapled. Reports will not be accepted over email. You cannot use The Home Depot as this was our class example.

Report format: Times New Roman, 12 pt font, double spaced, one-inch margins, length is 2 -3 pages.

About the assignment: Select a company that is publicly traded in the United States. Go to sec.gov and look up the annual report for a company. This document is called a Form 10-K. For the most recent year available, print out copies of the Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows. Remember, the statements may have different names. Examples of alternative names can be found at the end of the textbook. Do not print the entire 10-K.

Select 3 financial ratios from the textbook and use the information from the financial statements to calculate the ratios. At the end of the textbook there is a list of financial ratios titled “Analyses.” There is also one or more ratios listed at the end of each chapter. Any 3 ratios may be selected from these sources.

Briefly research your company and its history.

Report Contents:

1) The introduction should describe the company. For example, what does the company do, where the company is located, when was it established, etc.

2) The body of the report should discuss the results of your financial ratio calculations. Be sure to include the name of the ratio and the formula. Then, show the calculations typed out. Lastly, interpret the ratio; this means describe what the ratio is telling you.

3) The conclusion of the report should include your opinion about whether or not you would invest in the company and why.

https://www.sec.gov/Archives/edgar/data/865436/000086543617000238/wfm10k2017.htm

Please read and share your thoughts on this recent brief article from the Journal of Accountancy on accountant skills needed for success in a tech-enabled future. Do you agree? Can you think of other skills that future accountants will need?

JOFA Article: (https://www.journalofaccountancy.com/issues/2018/jun/technology-skills-for-accountants.html)

"Many experts expect accountants' work and duties to change fundamentally in the coming years. As technology is developed to handle tasks that accountants traditionally have performed, CPAs' attention is likely to shift toward advisory roles, investigating exceptions and anomalies identified by technology, and developing processes and controls that will enable technology to perform certain necessary tasks. The technology will allow for a more complete audit that uses all available data rather than samples. And the scrutinizing of anomalies will provide opportunities for auditors to provide more useful information to clients.

Here are some of the skills CPAs will need to succeed in these new duties:

Understand how processes work. Even the most well-designed technological solutions are useless if they are not set up properly and monitored to determine whether they are performing effectively. Advising and consulting on business process improvements also will be a promising niche for CPAs in the future.

Communicate effectively with technologists. Successful CPAs who understand processes likely will not have the technological skills to code and implement systems. Technology experts, meanwhile, are unlikely to understand accounting and auditing rules and the deliverables required from systems. CPAs will need to be able to team with technologists and describe the decision trees that must be embedded in the technology to process the correct data and deliver the desired intelligence.

Learn to advise or consult, not command. Accountants are used to providing rule-based, definitive answers about making appropriate journal entries, information to be included in footnotes, and whether financial statements are materially misstated. But as accountants take on more advisory and consulting duties, they will need to learn how to provide opinions and advocate for their ideas without being overbearing.

Analyze data and communicate with clients. As technology results in the automation of more compliance-based services, accountants will have more time to spend with clients. To make the most of this time, accountants will need to learn how to analyze data for business insights and then be able to communicate those insights to clients."

Related Documents

AFA 300 Chapter Notes - Chapter 1: Income Tax, Operating Cash Flow, Deferral
whitemallard30
AFA 100 Chapter Notes - Chapter 1: Uptodate, Canadian Dollar, Retained Earnings
lavenderseal250
ACC 925
Midterm Exam
Study Guide
ACC 925 Study Guide - Comprehensive Midterm Guide: International Accounting Standards Board, Fair Value, Financial Statement
amberdolphin671

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in