Executive Summary The primary purpose of this paper is to focus on the problems of management accounting and discover the principles, benefits, and issues of the balanced scorecard system, and how the implementation of it into the working process can foster the development of the business and improve effectiveness and...
Introduction International Financial Reporting Standards (IFRS) refer to a set of accounting laws formulated and maintained by the International Accounting Standards Board (IASB). The IASB came into effect in 2001 after replacing the International Accounting Standards Committee that issued the International Accounting Standards (IAS) from 1973 to 2000. The IASC...
Five skills that a forensic accountant needs to possess and evaluation the need for each skill After scandals of Enron, WorldCom, Adelphia and the 9/11 attacks among others, roles of forensic accountants became crucial in corporate governance. Forensic accountants prefer complex fraud investigation as they employ various key skills to...
Introduction Costing is one of the most essential aspects of the business. In this age, there is increasing competition because of the forces of globalization. Every business must utilize the best costing option to ensure that its products have the best prices, both for competitiveness, and to assure the business...
Executive Summary This report provides a comprehensive analysis of the financial performance and standing of Westfarmers Company for the 2010 and 2011 financial years using Financial Ratios. The report uses the annual reports the company published in 2011, which covers its annual reports for the two consecutive fiscal years. Annual...
Introduction In every organization, processing of data to facilitate the decision-making process is important. This process begins with data collection and classification. The accounting information system (AIS) serves these functions, but it focuses on financial information. Romney and Steinbert (2012) define the AIS as a system for collection, recording, and...
Introduction The Sarbanes-Oxley Act was introduced in 2002 by Paul Sarbanes, a Senator, and Michael Oxley, a representative. In fact, the act’s name derives from the two men’s surnames (Kimmel, Weygandt & Kieso, 2012). It brought about enough information and proposed resources that can help ensure effective auditing and administration...
This report provides an insight into the implementation of the International Financial Reporting Standards (IFRS) in Australia and various countries across the globe. The report begins by elucidating the difference between the General Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). The IFRS accounting principles enable accountants...
Financial statements are formal records of organizational financial activities for a given fiscal period. These records quantify and confirm the “financial position, strength, performance, and liquidity of an organization” (Illinois Small Business Development Center, n.d, p. 2). Financial statements account for the financial impacts of business engagements. Five major types...
Introduction The international financial reporting standards also abbreviated as IFRS are accounting standards set by the International Accounting Standards Board (IASB) showing particular guidelines on how financial reporting should be done uniformly across the world. In fact, the international financial reporting standards are intended to ensure that companies that have...
