Belmont Report

Issue: 1a) Are the disclosures in the Swiss annual report really unnecessary? 1b) what social, economic, and institutional factors in Switzerland Might be causing the inclusion of these disclosures? 1c) Describe on of the differences in financial reporting between a Swiss company and the reporting in another country? Facts: Rob Carpenter senior manager at a prestigious accounting firm, recently transferred to the international division of acquisition and mergers. Mr. Carpenter was recently

ISSUE: Accounting for Fuzzy Dice Inc. acquisition of Tiny Tots Toys LLC related to decision (1) to use purchased facility to enter another business line or (2) renovate the facility to expand the current production. BRIEF BACKGROUND OF COMPANY Fuzzy Dice Inc. (“Fuzzy” or “the Company”) manufactures novelty items that it distributes to wholesalers and large online and direct-mail retailers. Fuzzy operates in an area where several other light manufacturers operate, one of which is Tiny Tots Toys

fiscal year 1994. 2. Disclosure of franchising stores operating results The operating results of the franchising stores were not disclosed in the company¡¯s financial statements, except for the system-wide store revenue. From the data of annual report, we understand that the total of all franchising stores increased significantly from $152 million in 1993 to $383 million in 1994. However, we have no ideas whether such stores were making profits or not. The profitability of the franchising stores

To be recognized, revenues must be realized or realizable and earned. The revenue-earning activities include delivering or producing goods, rendering services or performing other activities that constitute its ongoing major or central operations, and revenues are considered to have been earned when the entity has substantially accomplished what it must do to be entitled to the benefits represented by the revenues [SFAC No. 5, “Recognition and Measurement in Financial Statements of Business Enterprises”]

organisation determines the different financial statements required to be completed annually. This report will analyse three contrasting types of entities, in addition to the differences in the annual reports produced. From a not-for profit charity, The Salvation Army, to a large New Zealand business, The Warehouse Group and a Maori land trust, Waikato-Tainui. Users of the information The objective of accounting reports are to provide external and internal users the information that enables them to make improved

Company Background The Oil & Gas Company of Trinidad and Tobago Limited is a combined energy based oil Production Company which operates in the areas of exploration, drilling, refining and sells a variety of products such as LPG, gasoline, diesel, aviation and bunker fuel. The company was incorporated in 1995 with a combined operation in the areas of petroleum producing, and refining and marketing. The Oil & Gas Company is one of the crude oil producers in Trinidad and Tobago, with an interest

CHAPTER 1 INTRODUCTION 1.1 Background Investment options are very diverse and complex currently. An investor can invest their fund into every investment that attracts them. One of the investment options in Indonesia is share investment in Indonesia Stock Exchange (IDX). An investor can do investment by purchasing shares from listed company. Before the investors make decision, they need relevance and timely information to analyze the targeted company’s performance. Investors gain the company’s information

of which five are the most significant. These sections are Section 302, Section 401, Section 404, Section 409, and Section 802. Section 302 pertains to Corporate Responsibility for Financial Reports. This section requires the management of the issuing company to certify that the officers have reviewed the report, financial statements and accompanying notes and supplementary information are free from material misstatement. The financial statements and accompanying notes and supplementary information

financial reports adhere within compliance according to current authoritative standards. Many cite the Sarbanes-Oxley Act (SOX) of 2002 as being legislation that has had the most profound impact on the auditing profession; incidentally, an auditor’s job is to certify financial statements are a fair representation of a company’s financial position, at a given point in time, using current acceptable standards. Society deems auditors as gatekeepers and expects the auditing profession to find and report fraud

INTRODUCTION The HealthSouth Corporation was started in 1984 by Richard Scrushy with hopes of becoming one of the largest healthcare companies in the country. It was doing quite well by 1996 with a market value of nearly $12 billion and was one of the United States largest healthcare firms. This all fell apart in 2003 when it was discovered that Scrushy and his employees had committed fraud in the estimated range of almost $2.7 billion (Daigle, Louwers and Morris 887). Scrushy, over the years