Comparing the fees in 2004 versus those in 2010 and 2014 for General Electric and Fortune 100 companies, does it appear that AS 5 has reduced costs of section 404 compliance?
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Comparing the fees in 2004 versus those in 2010 and 2014 for General Electric and Fortune 100 companies, does it appear that AS 5 has reduced costs of section 404 compliance?
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- For General Electric and the Fortune 100 companies, can you identify the increased costs of section 404 compliance cited in the press?Assume that your firm was auditing General Electric in 2000 and was recommending an adjustment to its financial statements that reduced net income. Based on the fees paid to your firm in 2000, what incentive(s) might your firm consider in insisting upon this adjustment? How would your firm’s incentive(s) differ after 2004?Motorola is a world leader in the development of cellular phone technology. During the year, the company becomes aware of potential costs due to (1) a product defect that is reasonably possible and is reasonably estimable, (2) a safety hazard that is probable and cannot be reasonably estimated, and (3) a new product warranty that is probable and can be reasonably estimated. Which of these potential costs, if any, should Motorola record?
- A company was not able to file and pay its 2015 annual income tax. As a result of this, it was liable for a surcharge penalty of 96,500. There was willful neglect on the non-compliance. Assume all the liabilities are paid today. Question: 1. How much is the total amount due, exclusive of the compromise penalty?Yola Corporation is required to include 15 items in their 10-K for the year ending 9/30/21. Which required item from the 10-K would this content be located? Risks Specific to our Company We generate a significant portion of our revenues from advertising, and reduced spending by advertisers, a loss of partners, or new and existing technologies that block ads online and/or affect our ability to customize ads could harm our business. Question 26 options: a) Selected Financial Data b) Certain Relationships and Related Transactions and Director Independence c) Legal Proceedings d) BusinessA company was not able to file and pay its 2015 annual income tax. As a result of this, it was liable for a surcharge penalty of P96,500. There was willful neglect on the non-compliance. Assume all the liabilities are paid today. How much is the total amount due, exclusive of the compromise penalty?
- a. What is the Sarbanes –Oxley Act? (SOX) b. What are the highlights of SOX c. What are the costs and benefits of SOX d. Describe how SOX would have impacted Accounting over the past 18 years e. Provide the pros and cons of SOX f. Compare and contrast the usage of SOX in the private sector vs similar requirements in the public sectorYou are the new controller for Engineered Solutions. The company treasurer, Randy Patey, believes that as a result of pending legislation, the current 40% income tax rate will be decreased for 2017 to 35% and is uncertain which tax rate to apply in determining deferred taxes for 2016. Patey also is uncertain which differences should be included in that determination and has solicited your help. Your accounting group provided you the following information. Two items are relevant to the decisions. One is the $50,000 insurance premium the company pays annually for the CEO’s life insurance policy for which the company is the beneficiary. The second is that Engineered Solutions purchased a building on January 1, 2015, for $6,000,000. The building’s estimated useful life is 30 years from the date of purchase, with no salvage value. Depreciation is computed using the straight-line method for financial reporting purposes and the MACRS method for tax purposes. As a result, the building’s tax…a. What is the Sarbanes –Oxley Act? (SOX) b. What are the highlights of SOX c. What are the costs and benefits of SOX d. Describe how SOX would have impacted Accounting over the past 18 years e. Provide the pros and cons of SOX f. Compare and contrast the usage of SOX in the private sector vs similar requirements in the public sector. Required: Please only answer (d) to (f)
- Villa Company has experienced tough competition, leading it to seek concessions from its employees in the company’s pension plan. In exchange for promises to avoid layoffs and wage cuts, the employees agreed to receive lower pension benefits in the future. As a result, Villa amended its pension plan on January 1, 2017, and recorded negative past service cost of $125,000. Current service cost for 2017 is $26,000. Interest expense is $9,000, and interest revenue is $2,500. Actual return on assets in 2017 is $1,500. Compute Villa’s pension expense in 2017.Katherine Irving, controller of Lotan Corp., is aware of a pronouncement on accounting changes. After reading the pronouncement, she is confused about what action should be taken on the following items related to Lotan Corp. for the year 2020. 1. In 2020, Lotan decided to change its policy on accounting for certain marketing costs. Previously, the company had chosen to defer and amortize all marketing costs over at least 5 years because Lotan believed that a return on these expenditures did not occur immediately. Recently, however, the time differential has considerably shortened, and Lotan is now expensing the marketing costs as incurred. 2. In 2020, the company examined its entire policy relating to the depreciation of plant equipment. Plant equipment had normally been depreciated over a 15-year period, but recent experience has indicated that the company was incorrect in its estimates and that the assets should be depreciated over a 20-year period. 3. One division of Lotan Corp.,…Help me I got confusion on this , what is penalty on non compliances ? Starting 1 January 2020, the government began imposing a digital services tax (DST) of six per cent on foreign digital service providers (FSPs) in Malaysia. Based on the above required to explain and discuss clearly on penalty on non compliances Who was the penalty on non compliances and explain on it ?
