This document provides an overview of Positive Accounting Theory (PAT). It begins by defining positive and normative theories, and explaining how PAT seeks to explain and predict accounting practices rather than prescribe how accounting should be done. It then discusses the origins and assumptions of PAT, including how it was influenced by agency theory. Key aspects of PAT covered include how it views the firm as a nexus of contracts and the role of accounting in addressing agency problems and reducing agency costs. The document also outlines the major hypotheses of PAT and discusses how accounting can both efficiently reduce costs but also be manipulated opportunistically.
This document discusses measurement issues in accounting for changing prices and market conditions. It begins by outlining the learning objectives, which include understanding different measurement approaches and their strengths/weaknesses. Historical cost accounting is discussed, including its limitations in periods of changing prices, such as not reflecting current values. Alternative approaches mentioned include current cost accounting and current purchasing power accounting, which adjust historical costs for inflation. The selection of measurement approaches involves many considerations around relevance, faithful representation, and costs/benefits.
This document provides an overview of capital markets research, which examines the relationship between financial accounting information and share prices. It begins with learning objectives that cover understanding capital markets research and how it differs from behavioral research. It then discusses the role and reasons for conducting capital markets research, including exploring how accounting disclosures impact investors and share prices. Key assumptions and methods used in capital markets research are also summarized, such as the efficient market hypothesis and event studies. Major findings from previous capital markets research studies are then highlighted regarding the information content of accounting disclosures and earnings announcements.
This document provides an overview of the history and development of financial accounting regulation. It discusses how accounting regulation began in the early 20th century in response to the separation of ownership and management in businesses. Early regulation focused on codifying existing accounting principles and practices. It then outlines the key events in accounting regulation, including the establishment of regulatory bodies like the SEC in the US and the development of mandatory accounting standards in countries like the UK and US later in the 20th century. The overall purpose of the document is to give the reader an understanding of how and why financial accounting became a regulated practice.
1
7-1
ACCOUNTING THEORY
TOPIC 6
CHAPTER 7
Positive Accounting Theory
Learning objectives
7.1 Understand how a positive theory differs from a normative
theory.
7.2 Be aware of the origins of Positive Accounting Theory (PAT).
7.3 Understand that PAT uses insights from agency theory and
why agency theory is of relevance to financial accounting
practices.
7.4 Be aware of the central assumptions of PAT.
7.5 Be aware of the meaning and nature of agency costs.
7.6 Understand why an organisation can usefully be referred to
as a ‘nexus of contracts’.
7.7 Understand the perceived role of accounting in minimising the
transaction costs of an organisation.
continued
Learning objectives (cont.)
7.8 Be aware that accounting policy choices made by
management will be influenced by both efficiency
considerations as well as opportunistic motivations.
7.9 Be able to identify the reasons for the existence of ‘creative
accounting’.
7.10 Be able to explain the meaning of ‘political costs’ and how
accounting can be used to reduce the costs associated with
various political processes.
7.11 Understand the role of accounting-based management
compensation schemes and debt covenants in reducing
potential conflicts (agency costs) within an organisation.
7.12 Understand how particular accounting-based agreements
with parties such as debtholders and managers can provide
incentives for managers to manipulate accounting numbers.
continued
1
2
3
2
Learning objectives (cont.)
7.13 Be aware of what constitutes ‘conservative’ accounting
procedures and why conservative accounting procedures
provide efficient mechanisms for minimising the contracting
costs within an organisation.
7.14 Understand the relevance of PAT to current debates about
how assets and liabilities should be measured.
7.15 Be able to identify some of the criticisms of PAT.
Positive theories compared to
normative theories
• A positive theory seeks to explain and predict
particular phenomena
– Positive Accounting Theory (PAT), which we explore in this
lecture, is one example of a positive theory of accounting.
Other examples are covered in the next lecture (when we
consider theories such as Legitimacy Theory and
institutional theories which are positive theories that can be
applied to explain the practice of accounting)
• By contrast, normative theories (which were
considered in Chapters 5 and 6) prescribe how a
particular practice should be undertaken
– the prescription might depart from existing practice
Positive Accounting Theory
defined
• PAT ‘… is concerned with explaining accounting
practice. It is designed to explain and predict which
firms will and which firms will not use a particular
method … but it says nothing as to which method a
firm should use.’ (Watts and Zimmerman 1986, p. 7)
• Again, positive theories do not prescribe what should
occur – they focus on explaining or predicting what
does occur
continued
4
5
...
accounting information and decision makingfarhana rahman
This chapter provides an overview of the exercises, cases, and internet assignments in the textbook. It includes:
1) Descriptions of 15 exercises that cover topics such as users of accounting information, financial reporting, accounting principles, and accounting terminology.
2) Descriptions of 5 cases that explore topics like the reliability of financial statements and accounting systems. The estimated completion times and difficulty levels are provided.
3) A description of an internet assignment directing students to access accounting information on the Rutgers University website.
The document concludes with sample answers to 40 discussion questions that correspond to the chapter material. The questions cover accounting concepts and help students develop communication skills.
The document discusses international accounting standards and the efforts towards harmonization. It provides background on the International Accounting Standards Board (IASB) and their objectives to standardize accounting practices globally through International Financial Reporting Standards (IFRS). While IFRS adoption aims to reduce differences in financial reporting between countries, the document notes there are still likely to remain differences in accounting practices due to factors like taxation systems, economic influences, and implementation of standards. Overall, complete global standardization of accounting may not be realistic due to various country-specific influences.
This document provides an overview of Positive Accounting Theory (PAT). It begins by defining positive and normative theories, and explaining how PAT seeks to explain and predict accounting practices rather than prescribe how accounting should be done. It then discusses the origins and assumptions of PAT, including how it was influenced by agency theory. Key aspects of PAT covered include how it views the firm as a nexus of contracts and the role of accounting in addressing agency problems and reducing agency costs. The document also outlines the major hypotheses of PAT and discusses how accounting can both efficiently reduce costs but also be manipulated opportunistically.
This document discusses measurement issues in accounting for changing prices and market conditions. It begins by outlining the learning objectives, which include understanding different measurement approaches and their strengths/weaknesses. Historical cost accounting is discussed, including its limitations in periods of changing prices, such as not reflecting current values. Alternative approaches mentioned include current cost accounting and current purchasing power accounting, which adjust historical costs for inflation. The selection of measurement approaches involves many considerations around relevance, faithful representation, and costs/benefits.
This document provides an overview of capital markets research, which examines the relationship between financial accounting information and share prices. It begins with learning objectives that cover understanding capital markets research and how it differs from behavioral research. It then discusses the role and reasons for conducting capital markets research, including exploring how accounting disclosures impact investors and share prices. Key assumptions and methods used in capital markets research are also summarized, such as the efficient market hypothesis and event studies. Major findings from previous capital markets research studies are then highlighted regarding the information content of accounting disclosures and earnings announcements.
This document provides an overview of the history and development of financial accounting regulation. It discusses how accounting regulation began in the early 20th century in response to the separation of ownership and management in businesses. Early regulation focused on codifying existing accounting principles and practices. It then outlines the key events in accounting regulation, including the establishment of regulatory bodies like the SEC in the US and the development of mandatory accounting standards in countries like the UK and US later in the 20th century. The overall purpose of the document is to give the reader an understanding of how and why financial accounting became a regulated practice.
1
7-1
ACCOUNTING THEORY
TOPIC 6
CHAPTER 7
Positive Accounting Theory
Learning objectives
7.1 Understand how a positive theory differs from a normative
theory.
7.2 Be aware of the origins of Positive Accounting Theory (PAT).
7.3 Understand that PAT uses insights from agency theory and
why agency theory is of relevance to financial accounting
practices.
7.4 Be aware of the central assumptions of PAT.
7.5 Be aware of the meaning and nature of agency costs.
7.6 Understand why an organisation can usefully be referred to
as a ‘nexus of contracts’.
7.7 Understand the perceived role of accounting in minimising the
transaction costs of an organisation.
continued
Learning objectives (cont.)
7.8 Be aware that accounting policy choices made by
management will be influenced by both efficiency
considerations as well as opportunistic motivations.
7.9 Be able to identify the reasons for the existence of ‘creative
accounting’.
7.10 Be able to explain the meaning of ‘political costs’ and how
accounting can be used to reduce the costs associated with
various political processes.
7.11 Understand the role of accounting-based management
compensation schemes and debt covenants in reducing
potential conflicts (agency costs) within an organisation.
7.12 Understand how particular accounting-based agreements
with parties such as debtholders and managers can provide
incentives for managers to manipulate accounting numbers.
continued
1
2
3
2
Learning objectives (cont.)
7.13 Be aware of what constitutes ‘conservative’ accounting
procedures and why conservative accounting procedures
provide efficient mechanisms for minimising the contracting
costs within an organisation.
7.14 Understand the relevance of PAT to current debates about
how assets and liabilities should be measured.
7.15 Be able to identify some of the criticisms of PAT.
Positive theories compared to
normative theories
• A positive theory seeks to explain and predict
particular phenomena
– Positive Accounting Theory (PAT), which we explore in this
lecture, is one example of a positive theory of accounting.
Other examples are covered in the next lecture (when we
consider theories such as Legitimacy Theory and
institutional theories which are positive theories that can be
applied to explain the practice of accounting)
• By contrast, normative theories (which were
considered in Chapters 5 and 6) prescribe how a
particular practice should be undertaken
– the prescription might depart from existing practice
Positive Accounting Theory
defined
• PAT ‘… is concerned with explaining accounting
practice. It is designed to explain and predict which
firms will and which firms will not use a particular
method … but it says nothing as to which method a
firm should use.’ (Watts and Zimmerman 1986, p. 7)
• Again, positive theories do not prescribe what should
occur – they focus on explaining or predicting what
does occur
continued
4
5
...
accounting information and decision makingfarhana rahman
This chapter provides an overview of the exercises, cases, and internet assignments in the textbook. It includes:
1) Descriptions of 15 exercises that cover topics such as users of accounting information, financial reporting, accounting principles, and accounting terminology.
2) Descriptions of 5 cases that explore topics like the reliability of financial statements and accounting systems. The estimated completion times and difficulty levels are provided.
3) A description of an internet assignment directing students to access accounting information on the Rutgers University website.
The document concludes with sample answers to 40 discussion questions that correspond to the chapter material. The questions cover accounting concepts and help students develop communication skills.
The document discusses international accounting standards and the efforts towards harmonization. It provides background on the International Accounting Standards Board (IASB) and their objectives to standardize accounting practices globally through International Financial Reporting Standards (IFRS). While IFRS adoption aims to reduce differences in financial reporting between countries, the document notes there are still likely to remain differences in accounting practices due to factors like taxation systems, economic influences, and implementation of standards. Overall, complete global standardization of accounting may not be realistic due to various country-specific influences.
This document outlines chapter 8 of the textbook "Financial Accounting Theory" which discusses unregulated corporate reporting decisions through the lens of systems-oriented theories. It begins by listing 13 learning objectives covering legitimacy theory, stakeholder theory, institutional theory and how these theories can help explain voluntary corporate disclosures. It then defines these theories, which view the organization as part of the broader social system and influenced by political economy theory. Empirical studies are cited showing how legitimacy theory has been used to explain changes in social and environmental reporting in response to events threatening corporate legitimacy.
This document provides an overview of financial accounting theory. It discusses what a theory is, different types of accounting theories (positive vs normative), and how theories have developed over time through both inductive and deductive approaches. Early theories were developed inductively by observing accounting practices, while later normative theories prescribed new practices. Positive theories seek to explain and predict practices. The document notes there is no universally accepted accounting theory and different researchers may embrace different paradigms. It also discusses evaluating and criticizing theories.
This document provides an overview of financial accounting theory and theories of accounting. It discusses what a theory is, the importance of studying accounting theories, and different approaches to developing accounting theories. Specifically, it covers:
- The early development of accounting theory relied on inductive reasoning by observing accounting practices. However, this approach was criticized for justifying the status quo.
- Beginning in the 1960s-1970s, there was a shift to normative or prescriptive theories that sought to prescribe improved accounting practices through deductive logical arguments, rather than just describing existing practices.
- Understanding accounting theories helps to critically evaluate current practices, develop improved practices, and defend the accounting profession from criticism of current methods. Knowing
This document provides an overview of brief learning exercises, full exercises, cases, and critical thinking cases covered in Chapter 1 of an accounting textbook. The exercises cover topics such as users of accounting information, components of internal control, accounting standards, and ethics. They are designed to help students develop skills like analysis, judgment, research, and communication. The cases provide real world examples and assessments of topics like reliability of financial statements and codes of ethics. Estimated completion times and difficulty levels are provided for each case.
This document outlines the key concepts and learning objectives of behavioural research in accounting. It discusses how behavioural research examines how individuals react to and use accounting information, using experimental methods. This differs from capital markets research which looks at aggregate market reactions. The document also discusses common research methods like the Brunswick Lens Model and protocol analysis, and explores how individuals use heuristics and cues when making decisions. Understanding how people process accounting information can help improve financial reporting and decision making.
Study unit 1-Introduction to Accounting and Finance (3).pptxdesmondgoitsemangbot
This document provides an overview of an accounting and finance course. It includes 8 study units that cover topics like financial statements, cost analysis, and capital investment. Students will be assessed through tests, assignments, and an exam. The first study unit introduces accounting and finance, explaining it is concerned with collecting and communicating financial information to help users make decisions. It discusses the main users of this information and characteristics that make accounting useful, like relevance and faithful representation. Finally, it frames accounting as an information system that identifies, records, analyzes, and reports financial data for decision makers.
Service Quality At Univrsity Of Dar Es Salaam Business...Jan Champagne
The document provides background information on the University of Dar Es Salaam Business School (UDBS) in Tanzania. It discusses how UDBS was established in 2008 as a result of the transformation of the former Faculty of Commerce and Management. It also outlines some of UDBS' strengths, including its staff and the breadth and quality of its undergraduate, postgraduate, and training programs in business and management. The document goes on to provide definitions of "service" and the key characteristics of services from various scholars in the literature.
This document provides an introduction to financial management. It outlines the objectives of the course as recognizing the meaning and scope of financial management and discussing the goals, functions, and aspects related to it. It defines finance as managing money and being concerned with the institutions, markets, and instruments involved in money transfers. It also provides definitions of financial management from various sources and outlines the scope, functions, and objectives of financial management as well as how the finance function relates to other business functions.
This document provides an introduction to financial management. It defines financial management as the business function concerned with managing a company's finances through tools and techniques. The objectives are to understand financial management concepts, the financial manager's functions, major financial decisions, tax environment, and financial analysis tools. These major decisions include investment, working capital, financing, and earnings management. The financial manager is responsible for capital budgeting, liquidity management, funding sourcing and use, financial planning and analysis, document custody, payments, banking monitoring, budgeting, and earnings management. Proper financial management allows for sound business decisions, maximum resource use, business performance measurement, and new opportunity evaluation.
This document provides guidance on essential grant management practices, including organizing files for each grant, reviewing terms and conditions, developing work plans, ensuring financial and compliance management systems, properly charging costs, and maintaining sound procurement processes. Key recommendations are to open a file for each grant, hold an initiation meeting to review responsibilities, refine work plans as needed, establish financial reporting and cost allocation systems, and develop procurement procedures that promote fairness and competition.
This document provides an overview of accounting and economic decisions (Unit I). It defines accounting and discusses its uses, including providing information for business and economic decision making. It outlines the key financial statements and describes the various users of accounting information, including investors, lenders, managers, employees, government, and the public. It also distinguishes between financial and management accounting and discusses the key principles of accounting, including the business entity, money measurement, cost, and matching concepts.
The document discusses a survey conducted by Deloitte on tax operations and resourcing models. It finds that tax departments are at a tipping point due to pressures to add more strategic value to businesses combined with skills shortages and changing talent needs. Resourcing challenges and skills gaps are major barriers preventing tax functions from becoming more strategic partners. As a result, many companies are rethinking their resourcing models and prioritizing more efficient options like data simplification and lower-cost outsourcing to address these issues and lay the foundation for a more strategic future role.
Presentation by Rachel Holloway, Department for Business, Energy, & Industrial Strategy, United Kingdom, at the RIA workshop which took place in Lima on 22-24 May 2017. Further information is available at www.oecd.org/gov/regulatory-policy/.
The document discusses the concept of earnings management and whether it is good or bad. It defines earnings management as when managers manipulate financial statements to present a more favorable view of company performance rather than the actual results. Managers have incentives like bonus plans, debt covenants, and avoiding losses to engage in earnings management. While it allows some flexibility, earnings management can mislead investors and hinder resource allocation if overused. The document reviews literature on identifying earnings management and calls for stronger auditing standards to improve detection of fraudulent financial reporting.
A successful transition plan requires sustained focus from a law firm. The document outlines key elements of an effective transition plan, including work-life timelines, marketing strategies, attorney development processes, recruiting efforts, compensation incentives, and more. It emphasizes the importance of strategic staffing, expanding marketing approaches, and providing support systems to help partners prioritize firm interests as they near retirement. A third party can help guide firms through the complex strategic, cultural, and economic issues involved in transition planning.
Global Bridge Management Sdn Bhd can assist companies through every stage of the IPO process, from preliminary assessment and pre-listing preparation to post-listing compliance and investor relations. Their services include auditing, corporate governance consulting, regulatory reporting, and helping companies build management teams and board structures to meet listing requirements. As specialists in IPO advisory, Global Bridge can leverage their experience to guide companies efficiently through the complex IPO lifecycle and requirements to achieve a successful public listing.
Global Bridge Management Sdn Bhd provides concierge services to guide small and medium enterprises through the process of going public. They assist companies with pre-listing assessments and diagnostics, fundraising of RM20 million, assigning a reporting accountant, and strategic advice. During the listing process, they help with audit/reporting, M&A opportunities, regulatory compliance, internal controls, capital markets transactions, management team development, and governance best practices. Their goal is to prepare companies for a successful initial public offering and life as a publicly traded entity.
Introduction to The overview of GAAP LO 1-5.pptxJemalSeid25
This document provides an overview of generally accepted accounting principles (GAAP) and the organizations that establish accounting standards. It discusses that GAAP are the standards and guidelines accountants follow to record transactions and prepare financial statements. The key standard-setting bodies are the AICPA, FASB, SEC, and GASB. The AICPA establishes ethical standards for accountants. The FASB establishes GAAP for non-government entities. The SEC regulates securities laws and financial markets. The GASB establishes GAAP for state and local governments. All companies should follow GAAP when reporting financial information externally to provide useful and comparable information to investors and other users.
The role of internal auditors is evolving with modern corporate governance. Boards are responsible for overseeing internal control systems, and internal audit assists by evaluating controls and risk management. For internal audit to be effective, it must be strategically positioned, have a structure that ensures objectivity, and be properly funded. Internal audit also needs clear reporting lines to the board or audit committee. Data analytics is transforming audit engagements by enabling auditors to discover patterns in large datasets and enhancing audit quality and effectiveness.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
This document outlines chapter 8 of the textbook "Financial Accounting Theory" which discusses unregulated corporate reporting decisions through the lens of systems-oriented theories. It begins by listing 13 learning objectives covering legitimacy theory, stakeholder theory, institutional theory and how these theories can help explain voluntary corporate disclosures. It then defines these theories, which view the organization as part of the broader social system and influenced by political economy theory. Empirical studies are cited showing how legitimacy theory has been used to explain changes in social and environmental reporting in response to events threatening corporate legitimacy.
This document provides an overview of financial accounting theory. It discusses what a theory is, different types of accounting theories (positive vs normative), and how theories have developed over time through both inductive and deductive approaches. Early theories were developed inductively by observing accounting practices, while later normative theories prescribed new practices. Positive theories seek to explain and predict practices. The document notes there is no universally accepted accounting theory and different researchers may embrace different paradigms. It also discusses evaluating and criticizing theories.
This document provides an overview of financial accounting theory and theories of accounting. It discusses what a theory is, the importance of studying accounting theories, and different approaches to developing accounting theories. Specifically, it covers:
- The early development of accounting theory relied on inductive reasoning by observing accounting practices. However, this approach was criticized for justifying the status quo.
- Beginning in the 1960s-1970s, there was a shift to normative or prescriptive theories that sought to prescribe improved accounting practices through deductive logical arguments, rather than just describing existing practices.
- Understanding accounting theories helps to critically evaluate current practices, develop improved practices, and defend the accounting profession from criticism of current methods. Knowing
This document provides an overview of brief learning exercises, full exercises, cases, and critical thinking cases covered in Chapter 1 of an accounting textbook. The exercises cover topics such as users of accounting information, components of internal control, accounting standards, and ethics. They are designed to help students develop skills like analysis, judgment, research, and communication. The cases provide real world examples and assessments of topics like reliability of financial statements and codes of ethics. Estimated completion times and difficulty levels are provided for each case.
This document outlines the key concepts and learning objectives of behavioural research in accounting. It discusses how behavioural research examines how individuals react to and use accounting information, using experimental methods. This differs from capital markets research which looks at aggregate market reactions. The document also discusses common research methods like the Brunswick Lens Model and protocol analysis, and explores how individuals use heuristics and cues when making decisions. Understanding how people process accounting information can help improve financial reporting and decision making.
Study unit 1-Introduction to Accounting and Finance (3).pptxdesmondgoitsemangbot
This document provides an overview of an accounting and finance course. It includes 8 study units that cover topics like financial statements, cost analysis, and capital investment. Students will be assessed through tests, assignments, and an exam. The first study unit introduces accounting and finance, explaining it is concerned with collecting and communicating financial information to help users make decisions. It discusses the main users of this information and characteristics that make accounting useful, like relevance and faithful representation. Finally, it frames accounting as an information system that identifies, records, analyzes, and reports financial data for decision makers.
Service Quality At Univrsity Of Dar Es Salaam Business...Jan Champagne
The document provides background information on the University of Dar Es Salaam Business School (UDBS) in Tanzania. It discusses how UDBS was established in 2008 as a result of the transformation of the former Faculty of Commerce and Management. It also outlines some of UDBS' strengths, including its staff and the breadth and quality of its undergraduate, postgraduate, and training programs in business and management. The document goes on to provide definitions of "service" and the key characteristics of services from various scholars in the literature.
This document provides an introduction to financial management. It outlines the objectives of the course as recognizing the meaning and scope of financial management and discussing the goals, functions, and aspects related to it. It defines finance as managing money and being concerned with the institutions, markets, and instruments involved in money transfers. It also provides definitions of financial management from various sources and outlines the scope, functions, and objectives of financial management as well as how the finance function relates to other business functions.
This document provides an introduction to financial management. It defines financial management as the business function concerned with managing a company's finances through tools and techniques. The objectives are to understand financial management concepts, the financial manager's functions, major financial decisions, tax environment, and financial analysis tools. These major decisions include investment, working capital, financing, and earnings management. The financial manager is responsible for capital budgeting, liquidity management, funding sourcing and use, financial planning and analysis, document custody, payments, banking monitoring, budgeting, and earnings management. Proper financial management allows for sound business decisions, maximum resource use, business performance measurement, and new opportunity evaluation.
This document provides guidance on essential grant management practices, including organizing files for each grant, reviewing terms and conditions, developing work plans, ensuring financial and compliance management systems, properly charging costs, and maintaining sound procurement processes. Key recommendations are to open a file for each grant, hold an initiation meeting to review responsibilities, refine work plans as needed, establish financial reporting and cost allocation systems, and develop procurement procedures that promote fairness and competition.
This document provides an overview of accounting and economic decisions (Unit I). It defines accounting and discusses its uses, including providing information for business and economic decision making. It outlines the key financial statements and describes the various users of accounting information, including investors, lenders, managers, employees, government, and the public. It also distinguishes between financial and management accounting and discusses the key principles of accounting, including the business entity, money measurement, cost, and matching concepts.
The document discusses a survey conducted by Deloitte on tax operations and resourcing models. It finds that tax departments are at a tipping point due to pressures to add more strategic value to businesses combined with skills shortages and changing talent needs. Resourcing challenges and skills gaps are major barriers preventing tax functions from becoming more strategic partners. As a result, many companies are rethinking their resourcing models and prioritizing more efficient options like data simplification and lower-cost outsourcing to address these issues and lay the foundation for a more strategic future role.
Presentation by Rachel Holloway, Department for Business, Energy, & Industrial Strategy, United Kingdom, at the RIA workshop which took place in Lima on 22-24 May 2017. Further information is available at www.oecd.org/gov/regulatory-policy/.
The document discusses the concept of earnings management and whether it is good or bad. It defines earnings management as when managers manipulate financial statements to present a more favorable view of company performance rather than the actual results. Managers have incentives like bonus plans, debt covenants, and avoiding losses to engage in earnings management. While it allows some flexibility, earnings management can mislead investors and hinder resource allocation if overused. The document reviews literature on identifying earnings management and calls for stronger auditing standards to improve detection of fraudulent financial reporting.
A successful transition plan requires sustained focus from a law firm. The document outlines key elements of an effective transition plan, including work-life timelines, marketing strategies, attorney development processes, recruiting efforts, compensation incentives, and more. It emphasizes the importance of strategic staffing, expanding marketing approaches, and providing support systems to help partners prioritize firm interests as they near retirement. A third party can help guide firms through the complex strategic, cultural, and economic issues involved in transition planning.
Global Bridge Management Sdn Bhd can assist companies through every stage of the IPO process, from preliminary assessment and pre-listing preparation to post-listing compliance and investor relations. Their services include auditing, corporate governance consulting, regulatory reporting, and helping companies build management teams and board structures to meet listing requirements. As specialists in IPO advisory, Global Bridge can leverage their experience to guide companies efficiently through the complex IPO lifecycle and requirements to achieve a successful public listing.
Global Bridge Management Sdn Bhd provides concierge services to guide small and medium enterprises through the process of going public. They assist companies with pre-listing assessments and diagnostics, fundraising of RM20 million, assigning a reporting accountant, and strategic advice. During the listing process, they help with audit/reporting, M&A opportunities, regulatory compliance, internal controls, capital markets transactions, management team development, and governance best practices. Their goal is to prepare companies for a successful initial public offering and life as a publicly traded entity.
Introduction to The overview of GAAP LO 1-5.pptxJemalSeid25
This document provides an overview of generally accepted accounting principles (GAAP) and the organizations that establish accounting standards. It discusses that GAAP are the standards and guidelines accountants follow to record transactions and prepare financial statements. The key standard-setting bodies are the AICPA, FASB, SEC, and GASB. The AICPA establishes ethical standards for accountants. The FASB establishes GAAP for non-government entities. The SEC regulates securities laws and financial markets. The GASB establishes GAAP for state and local governments. All companies should follow GAAP when reporting financial information externally to provide useful and comparable information to investors and other users.
The role of internal auditors is evolving with modern corporate governance. Boards are responsible for overseeing internal control systems, and internal audit assists by evaluating controls and risk management. For internal audit to be effective, it must be strategically positioned, have a structure that ensures objectivity, and be properly funded. Internal audit also needs clear reporting lines to the board or audit committee. Data analytics is transforming audit engagements by enabling auditors to discover patterns in large datasets and enhancing audit quality and effectiveness.
Similar to Chapter 3 Craig Deegan The regulation of financial accounting (20)
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
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