Legality and Ethicality of Financial Reporting

1) Issue – The team wants to develop new ventures and wants to keep it in house. They realize that everyone has things that they are working on. They start thinking of pulling warehouse staff to assist with order fulfillment, but right away Maria says no that it is not cost efficient to outfit them with new hardware. The

The pallets or equipment will now be held in the HOLDING AREA, until they can be processed (usually within 48 hours or less). This process consists of being barcoded, if needed, and entered into the Lynxnet

This option requires a separated bonded warehouse facility, it is costly and very difficult to administer. Outsourcing this project can reduce initial investment costs, reduce operational costs and can be terminated easily. A logistic company will provide the warehouse, the manpower, the equipment and will be responsible for shipping the goods in and out.

This has to be done between the time period of purchase and storage. They also have certain regulatory standards that are mandatory.

Excello Telecommunications has been a profitable company for many years, but recently the competitive landscape has become tougher. Competition from overseas manufacturers has lowered Excello’s market share and profits. For the first time it looks as is Excello will not meet earnings estimates. This information directly impacts bonuses, stock options, and the company’s share price. Top level management is concerned about the extent this impact will have on the company. This paper will serve to determine the ethicality of Excello’s actions and demonstrate what ethical standards and regulations

The year is quickly ending for Excello Telecommunications, and they are trying to maximize earnings for the company. With increased competition from foreign companies, Excello meeting its financial estimates are looking bleak. Failure to meet earnings expectations can reduce the availability of bonuses, stock options and could lessen the value of the company. Because of the threat in not meeting estimated earnings, the company’s CFO Terry Reed has a plan to make one last effort to meet company goals. Terry Reed has knowledge about a sale of $1.2 million to a

Determine the ethicality of the events within the case. This case walks the ethically slippery slope. Terry Reeds, the CFO panics about his personal gain if the company does not meet standard profitability. He forgets to put others first and tries to use his position to push other employees to tamper with sales information in the companies favor. The accounting department came up with three alternatives one of which meets ethical requirements. This area is still on the slippery side because the accounting department should only have produced ethical correct options.

The seller will sell, transfer and deliver to the buyer on the or before the 15th day of December, 2015, the following goods (the ‘Goods’):

ii) The sale recognized on June 30, 2002 because the equipment has been installed, tested, and accepted by the customer. And the collection is receivable.

terms of time can be managed in this scenario, as there is no specific delivery

Agro Storage has recently purchased a cold-storage warehouse that stores packages for three customers. Although the warehouse runs at 85% capacity, the previous owner was unsatisfied with profitability. Pressure on prices downward and

ICAEW made nine recommendations about financial reporting disclosures in 2013 to solve current disclosure overload problem. This report will mainly argue against recommendation four. Choosing this prospect because one of the objectives of the Financial Conduct Authority (FCA) is to protect consumers from being taken advantage of by other informed participants in the capital market. Among all the suggestions, disclosing different reports for different users has the most significant influence on investors and capital market.

In order for capital markets in the U.S. economy to operate effectively, corporate governance measures are needed to ensure adequate controls. Corporate governance is the system of regulations and processes in which various interests both directly and indirectly guide a company’s relationship with the capital marketplace. Businesses have obligations to various groups of stakeholders whom rely on financial reporting information in order to make sound market decisions. The reforms under ACA conform to the corporate governance model as presented in Figure 1. ACA legislation demonstrates the marketplace’s demand for universal healthcare coverage and reforms. Functioning under the employer mandate, companies must provide transparent and high quality reports to demonstrate compliance. In addition, since most of the provisions under ACA and the employer mandate are tax related, this causes most of the reporting process to take place on tax returns and monitoring to be fulfilled by the IRS.

Traditionally, financial reporting discloses only financial information to determine its financial performance. However, nowadays, success of one business is no longer solely depending on monetary gain, instead the impacts of companies’ activities have on society and environment as a whole is highly important. This trend has come across to increase the public expectation for organization to take responsibility for their non-financial impacts for example the impacts on the environment and community. Hence, Triple Bottom Line (TBL) which was first described in 1994 by John Elkington can be an ideal integrated approach that fit in to this approach in order to support the sustainability growth of the companies. Triple Bottom Line

| |customer is sent a statement on December 5 and a check is received| |