A Summary On The Law Of An Accountant

If some research is undertaken that provides evidence that capital markets do not always behave in accordance with the Efficient Market Hypothesis, does this invalidate research that adopts an assumption that capital markets are efficient?

Revenue recognition is one of the top causes for financial statement restatements. In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment letter process. Furthermore, revenue recognition is often prey to financial fraud.

The Chartered Accounting profession of South Africa is one of the most esteemed professions in the world, due to the enhancement and maintenance thereof by the South African accounting institutions (South African Institute of Chartered Accountants, 2011). This essay will discuss the Chartered Accounting profession in South Africa by referring to the professionalisation of accountancy in South Africa and the professional status of Chartered Accountancy in terms of the definition of a profession. This essay will furthermore explore the mechanisms that are inaugurated at present by the South African accounting institutions to maintain the professionalism of Chartered Accountancy.

Provided Case 09-3, we, Group 7 have dutifully researched the topic, using resources at our disposal to formulate a consistent, clear and legal response. The following submission outlines the case, our conclusions with supporting evidence and the accounting issues present in the subject.

By looking at Oxley section 301.4, the audit committee requires to establish procedures for the receipt and treatment of complaints regarding accounting, internal accounting controls, or auditing matters. In addition, the audit committee requires to establish procedures to ensure the confidentially for the issuer and anonymously situation.

The accounting profession is a highly regarded position of power. Since accountants possess this power, they are highly regulated to ensure the public they are practicing ethically. Although accounting opens doors for many professions, the world of tax accounting is one of the most highly regulated because it deals directly with the federal law through taxation of individuals and corporations. There are two regulatory bodies for tax practitioners: The Internal Revenue Service (IRS) and the American Institute of Certified Public Accountants (AICPA). Tax practitioners must follow the rules or guides within Circular 230, issued by the IRS, and the Statements on Standards for Tax Services (SSTS), issued by the AICPA. Even though these documents

The bylaws of the American Institute of Certified Public Accountants require that members adhere to the rules of the

MC Wells ‘A Revolution in Accounting Thought’. The Accounting Review. V.LI. No.3. July 1976. pp471-82. The article does not have an abstract – write an abstract of no more than 400 words. A short guide to writing an abstract is provided. ----Answered by Wenxin

The fourth section of this paper summarizes accountant liability imposed by statutory law. The most significant source of potential liability for accountants, especially those who perform work for public companies, is the liability imposed by federal statutes. Federal legislation of accountants began after the 1929 New York Stock Exchange crash, with the enactment of the Securities Act of 1933 and the Securities Act of 1934. This historic crash led to the Great Depression and an era of economic destabilization

The American Institute of Certified Public Accountants (AICPA) has the duty of ensuring CPA’s follow rules and stringent penalties can result if not compliant. A code of ethics is involved and revisions have been made in recent years. The entire ethics provisions apply to members in public practice, business, and other members. Furthermore, the provisions have made the revised code is the creation of three sections for members in diverse areas of practice to assist accounting professionals in each group to determine whether they are in violation of any rules of conduct, (Mintz, 2014). There are tools made for CPA’s to make better ethical decisions to avoid conflicts. For instance, a provision in the prior section explains of violation of honesty and objectivity if a member is coerced into pressure. Since revisions

Usually, these remaining uncertainties can be accounted for by estimating and recording allowances for anticipated returns and bad debts, thus allowing revenue and related costs to be recognized at point of delivery. But occasionally, an abnormal degree of uncertainty causes point of delivery revenue recognition not to be appropriate. Revenue recognition after delivery sometimes is appropriate for installment sales and when a right of return exists.

Due to the information, 20 acres of land equal 80 sheep according to the exchange rate of last year, a one-room cabin equal 3 acres of land and equal 12 sheep finally, a plow equals 2 goat and equal 2/3 sheep according to last year’s exchange rate and 2 carts which were traded with a poor acre of land equals 8 sheep plus 400 sheep. So Deyonne’s total assets are 500(2/3) sheep. Deyonne’s liabilities and assets deduction are 35 sheep plus 3 sheep, which will come to 38 sheep,

Place yourself in Hamilton Wong’s position. Would you report all of your time worked on the Wille & Lomax audit? Why or why not? Do you believe that Lauren Hutchinson behaved unethically by underreporting the time she worked on that engagement? Defend your answer.

This purpose of this research paper is to provide information about the importance of accountant’s liability to third party. In 1931, the case of Ultramares Corporation v. Touche brought about a very crucial segment of accountants liability to their clients. In this case, accountants were found negligent to the creditors. At this time, accountants were not liable to creditors because they were not primary beneficiaries and

The definition of accounting theory according to Coetsee (2010) is described in two different ways. The first philosophy concludes that accounting theory is a set of general principles that guide the evolution of accounting practice. The other philosophy describes accounting theory as activity of explaining and predicting accounting practice. What the viewer can see from the statement of the first philosophy is that the accounting theory exists before accounting practices meanwhile the latter states that the accounting practice exists before the theory. Since there are many arguments about this matter, many academic researchers have concluded that accounting theory can be divided into two categories which are positive and normative theory.