Analysis Of The Quarterly Reporting System Of The Past

Comprehensive Annual Financial Report (CAFR) is a report used by cities, and local governments to provide the public with their financial records each year, while adhering to government accounting standards board (GASB) guidelines. The report presents a comprehensive picture of the reporting entity’s financial condition, it provides how funds are spent and allocated throughout the year.

Such an intense focus has been placed on quarterly earnings as an indication of a company’s success by everyone from analysts to executives that ethics have for the most part been thrown out the window, sacrificed to the all important number, i.e. earnings per share. This is the theory in Alex Berenson’s book “The Number: How the Drive for Quarterly Earnings Corrupted Wall Street and Corporate America.” This number has become part of a game to be played, a figure to be manipulated – beat the number and Wall Street all but throws a parade, miss it and a company’s stock may be abandoned. Take into account the incentives that executives have to beat the number and one can find plenty of reasons to manage earnings.

This research paper will detail the modified accrual revenue recognition in State and Local Government (SLG) accounting. There will also be discussions on the guidance of governmental fund expenditure recognition, and how it is used in state and local governments. Certainly, there are differences between the fund and the government-wide financial statements, but there are some similarities. Within the paper, it will include the purpose as well as the content of the financial statements. While explaining the government-wide financial statements, the preparation using derived information in the conversion worksheets, will be presented. Lastly, in this research paper, I will explain the elements of a Comprehensive Annual Financial Report (CAFR).

An annual report is a ‘portrait’ of the business. It embeds a sense of achievement, as well as, future prospects into the minds of the company, as well as, its readers (Sanders, 1949).

Hooker Furniture Corporation uses a multi-step format for what they call the Statement of Income (Income

1.In week one reading the reader will find out there is four primary financial statement balance sheet, income statement, statement of stockholder’s equity, and statement of cash flows.

Baruch Lev and Feng Gu authors of “The End of Accounting and The Path Forward for Investors and Managers” indicate that over the past 110 years, the structure and content of financial reports has not changed, and that the role that these reports play in influencing the decisions of investors has greatly diminished. Lev and Gu make a case that non-transaction events that are not captured by the financial reports such as those disclosed through 8-k filings with the Securities and Exchange Commission (“SEC”) have a greater impact on stock prices, and thus more useful to investors. In addition, they suggest that one of reasons for the decline in usefulness of financial reports stems from the increase of estimates that has made its way into these reports (Lev and Gu 2016).

Suncor Energy Inc. is a company that was founded in 1967; it is Canada 's premier integrated energy company, and the fifth largest North American energy company. Suncor provides thousands of well-paid jobs, puts millions of dollars in Canadian businesses every year, takes action on environment issues and supports our communities by funding local initiatives. (Suncor Website, 2012) Suncor is leading the way in oil sands operations and development while investing in technologies to improve environmental performance. A considerable part of Suncor’s portfolio is invested renewable energy

When looking for investment opportunities, whilst analyzing the trends in a company’s financials may paint a fairly accurate picture of their financial standing, and allow for prediction in years to come, without first properly addressing environmental factors that affect the company, one cannot come to an informed decision about where or not to invest. The predominant categories these fall under being political, social, economic and technological, there are certain facets that prove more important than others. In terms of Suncor Energy, there is no one most important factor, as each interconnects with the others to make up that which is the competitive environment. To begin with, the economic environment affects Suncor, both on a local and global scale.

Corporate annual reports are important research tools that enable investors to keep current on the

Total assets at the end of its most recent annual reporting period? Why is this important?

Riordan Manufacturing, an industry leader in the field of plastic injection molding, has facilities in California, Georgia, Michigan and China. The accounting functions are carried out in each individual location, and consolidated for processing in the corporate offices in California. The Georgia and Michigan locations, being newly acquired, are using systems that are not completely compatible with the corporate offices. This is causing problems on many levels and within this paper, Learning Team A will discuss the accounts receivable cycle as Riordan Manufacturing would like to achieve.

In addition, a number of new business practices had developed that were not contemplated at the time of the original paper. Finally, several surveys of our members highlighted serious deficiencies in the financial reporting framework, problems that hampered their ability to analyze companies and make wellinformed financial decisions. Consequently, those CFA Institute staff and volunteer members who have the responsibility of advocating for high-quality financial reporting thought that the time had arrived for the views in the white paper to be refreshed and extended to better reflect the changed circumstances. Once the work was underway, however, the project scope was expanded to consider both conceptual issues as well as revisions to financial statement display—that is, the business reporting model in its entirety. A special group of CFA Institute volunteer members was assembled—the Business Reporting Subcommittee—and tasked with developing the new paper. The Subcommittee comprised a subset of members from two existing standing CFA Institute committees: (1) the Global Financial Reporting Advocacy Committee (GFRAC), which was responsible for addressing proposals of the International Accounting Standards Board (IASB), and (2) the Financial Accounting Policy Committee (FAPC), which had similar responsibilities for proposals of the U.S. Financial Accounting Standards Board (FASB). The Subcommittee held extensive discussions over the next

Integrated reporting (IR) is a major development in a number of sustainability-related accounting initiatives. With IR the focus will be on strategic rather than operational or transactional. The purpose of this essay is to produce insights from the academic journal articles into the rapidly developing field of IR. The essay draws up what IR is and its key concepts and guiding principles. In addition it outlines the apparent opportunities / benefits and challenges / limitations of IR for reporting entities. The essay also outlines the implications it has to the society at large from the adoption of IR by reporting entities. The essay provides reporting organisations and other interested parties with insights into concerns and characteristics of IR.

Every company has an accounting cycle. An Accounting cycle is the process that begins with analyzing and journalizing transactions and it ends with the post-closing trial balance. When preparing the accounting cycles there are ten steps that are included. They are as follow; transactions are analyzed and recorded in the journal, posted to the ledger, an unadjusted trial balance is