International Accounting - Difficulties in Securing Relevant Financial Information Free Essay Example, 3500 words

Financial statements are supposed to give an insight into the company s capital adequacy, asset quality, earnings and liquidity (Davis et al. , 2000). According to Davis et al (2000), the sources of financial information are principally from three major categories that can be accessed online or from printed reports. This includes: Information obtained from financial statements this is usually made available to the public through periodic issuances of accounting reports, either quarterly, semi-annually or annually. Data collected by the supervisory entities in the particular industry or accounting collective body that monitors the observance of the regulatory and industry standards both nationally and internationally. These include accounting bodies, professional marketing associations or legally set bodies for either specific industry or state. Data obtained from agencies that may have profiled the particular companies in a specific study or academic research. This includes agenci es retained to study the industry or certain firms or products including research firms or academic institutions. Data from such domains is normally the most comprehensive as it encompasses properly researched material covering the whole sector. Difficulties in Securing Relevant Financial Information Lack of Standardisation The main hindrance encountered by MNCs seeking financial information of foreign rivals in overseas markets is lack of conformity in reporting standards in the published statements. We will write a custom essay sample on International Accounting - Difficulties in Securing Relevant Financial Information or any topic specifically for you Only $17.96 $11.86/page

Enron Corporation Essay - 3370 Words

Enron Corporation Before filing for bankruptcy in 2001, Enron Corporation was one of the largest integrated natural gas and electricity companies in the world. It marketed natural gas liquids worldwide and operated one of the largest natural gas transmission systems in the world, totaling more than 36,000 miles. It was also one of the largest independent developers and producers of electricity in the world, serving both industrial and emerging markets. Timeline Enron began as Northern Natural Gas Company, organized in Omaha, Nebraska, in 1930. The companys founding came just a few months after the stock market crash of 1929, an unusual time to launch a new venture. Several aspects of the Great Depression actually worked in†¦show more content†¦1985: InterNorth merges with Houston Natural Gas Corp. to form HNG/InterNorth. The new enterprise begins to divest some of its business that did not fit in with its long-term goals, including the Peoples division, which sells for $250 million. Perus government nationalizes the companys assets there, and HNG/InterNorth begins negotiating for payment, taking a $218 million charge against earnings in the meantime. 1986: Changes its name to Enron Corp. Sells its chemical subsidiary and its 50% stake in Citrus Corp. Enron built power plants in industrial and developing nations all over the world: Italy, Turkey, Argentina, China, India, Brazil, Guatemala, Bolivia, Colombia, the Dominican Republic, the Philippines, and others. By 1996, earnings from these projects accounted for 25 percent of total company earnings before interest and taxes 1998: Enron puts its Enron Oil Gas Co. up for sale, but refuses an offer, reportedly from Occidental Petroluem Corp., for 53.5% of the unit. The company secures roughly $800 million worth of new customers each quarter. By the years end, it is the largest electricity wholesale operation in the U.S. 1999: Acquires Teeside Utilities and Services from Imperial Chemical Industries PLC for $480 million. BP Amoco PLC pays $45 million for Enrons 50% stake in Solarex, a solar energy venture. BeginsShow MoreRelatedEnron And The Enron Corporation2203 Words   |  9 PagesNearly all accounting instructors utilize the so-called â€Å"Enron Scandal† as a means to educate students on accounting ethics and how regulations in the accounting world were enacted. The 2001 scandal involved two parties: Enron Corporation, a U.S. energy commodities firm, and their auditors Arthur Andersen, LLP, currently a U.S. holding company and formerly one of the â€Å"Big 5† U.S. accounting firms. When the scandal broke, Enron was one of the most innovative companies in the world and Arthur AndersenRead MoreEnron Corporation : The Enron Scandal Essay1172 Words   |  5 PagesThe Enron Scandal The objective of an audit is to â€Å"obtain reasonable assurance† of the credibility of the financial statements of a company . However, in some cases auditors can fail to recognize – or intentionally ignore – misleading data within a company’s financial statements, leading to negative outcomes for lenders and investors. This report will discuss the Enron scandal in which the auditing firm Arthur Andersen LLP turned a blind eye to the fraudulent actions of Enron Corporation, leadingRead MoreEnron Company : Enron Corporation2724 Words   |  11 Pages1. What was the case about? This paper is about the auditing fraud that occurred within the American company called Enron Corporation. Enron seemed to be one of the largest energy companies in America, but in reality, for some years, it was not going very well with the company. Enron had more expenditures, cash going out of the company, than revenues, cash inflows, causing them to experience severe loses. Therefore, the poor numbers of company, which showed that the company was deeply in debt, wereRead MoreEnron Scandal Of Enron Corporation Essay1145 Words   |  5 PagesIntroduction Enron scandal which aroused in 2001 was one of the most famous events in the area of fraud audit. As the auditor company of Enron, Arthur Andersen failed to prepare true and fair auditing reports. They both suffered lethal loss at that time. The following paragraphs will discuss this fraud event, including the organization history, the organization’s event, the fraud issue in the event, the consequence of the main stakeholders, auditors in the event and their roles, and the current situationRead MoreThe Collapse Of Enron Corporation1787 Words   |  8 Pagesthere somewhere.† -Daniel Henninger, The Wall Street Journal The collapse of Enron Corporation has created many discussions about the structure of corporate governance. The question of this essay first calls to examine some of the strengths and weaknesses of the shareholder model of corporate governance and how the fundamental principles of this model were instrumental in the disintegration of Enron. In particular, I will discuss Deakin’s article about the third position addressing howRead MoreThe Collapse Of Enron Corporation1547 Words   |  7 Pagesthe Enron Corporation and how the collapse of Enron Corporation consequence affected the United states financial market. Enron Corporation was the seventh largest company in the United States, and had the biggest audit failure. In this Research paper, it describes the reason of Enron Corporation collapse, including details of the internal/ external management, accounting fraud, and conflict of interest. Enron is the largest bankruptcy in America history! The Collapse of Enron Corporation andRead MoreThe Ethics Of The Enron Corporation1908 Words   |  8 Pages October 2, 2015, news broke that Enron Field was still the legal name of Minute Maid Park in the Texas comptroller’s office. Even after a 15 year period of change here in Houston, Texas, there are still small remembrance that the Enron Corporation was a large part of the Houston culture. Enron’s hold has been just as gripping 15 years after its closing as it was when it was a thriving vivacious company throughout the 1990 s and early 2000 s. As Houston’s economy is in quite the upswing; Enron’sRead MoreThe Collapse Of Enron Corporation1988 Words   |  8 PagesIntroduction: The abrupt and unanticipated collapse of Enron Corporation was due to one of the largest accounting frauds in U.S. history. This scandal had significant impact on the financial markets by causing enormous financial losses for numerous investors. Before filing for Chapter 11 reorganization bankruptcy protection in December of 2001, Enron was named the Most Innovative Company in America by Fortune Magazine from 1996 to 2001, and also named first in 1999 on its list of the 100 BestRead MoreThe Enron Corporation Scandal 1791 Words   |  7 PagesPRACTICES THAT WERE ASSOCIATED WITH THE ACCOUNTING SCANDAL. The Enron Corporation failures made world headlines for many reasons ranging from greed from its executives, the alleged malpractice and criminal behaviours, and its quick and disastrous collapse. The most critical factor in Enron’s melt down was the use of creative and manipulative accounting practices to distort reported proï ¬ tability and indebtedness that befell the corporation (A. Holt and T. Eccles, 2002) The accounting practices involvedRead MoreThe Reprehensible Story Of The Enron Corporation1680 Words   |  7 Pagesreprehensible story of the Enron Corporation’s rapid rise to success followed by their consequential disgraceful fall is one that has captivated the attention of the public for more than a decade. Not only was this scandal highlighted largely due to the widespread publication of the Enron Corp’s actions in the newspapers and television but must notably their substantial contradictory actions against not only basic ethics but Enronâ€℠¢s published Code of Ethics. Outlining the reputation of Enron, Kenneth Lay, Chairman

Standard English free essay sample

In contemporary society the Standard variety of English is the most commonly used as it is respected and associated with a higher prestige. Its usage is also advocated by prescriptivists who believe that it is the ‘correct’ and only variety that should be used. Standard English is usually seen in formal settings, where its usage is necessary for official and public purposes. However, contextual factors play a vital role in determining the most appropriate variety to be used, which is supported by the Principle of Appropriateness. Certain contexts where a non-standard variety is necessary are in social media settings and in communities of different ethnicities, where they are undeniably required to create solidarity between speakers. Standard English is the variety that has been codified; therefore it is esteemed and accepted as the language of the educated, financially comfortable groups. Its usage is employed in formal occasions such as in an occupational group, political settings or other formal events, to provide a sense of authority and credibility. For example, a doctor. For this question to be answered well, students needed to have a clear understanding of Standard English. By appreciating that this variety has prestige, no geographical base and is codified in dictionaries and style guides, students were able to construct relevant responses. Most students understood that by using non-Standard English it was still possible, depending on the appropriateness, to communicate effectively. A range of examples and usages was provided by students in supporting their contention, with many coming from the following varieties: †¢ slang ethnolects †¢ the language of teenagers and youths †¢ Aboriginal English †¢ ‘netspeak’. Most students recognised that by using a non-Standard variety of English a close rapport and distinct identity can be created. Conversely, some students recognised the importance of Standard English as a world language used for international communication. Some students erroneously wrote of the cultivated accent being a feature of Standard English and ‘the correct way to speak,’ without recognising that Standard English can be spoken in any ccent. A number of students also tried to make the contention that Standard English was not necessary, without appreciating the irony they were discussing the topic using Standard English. Standardisation and codification were often not well understood. Few students explored the importance of orthography and grammar in maintaining a Standard English and why these combine to create a variety of English that is understood by most of the population. The following extract provided a broad range of relevant and contemporary examples that enabled the student to provide strong evidence in support of why other varieties of English have a value and place in Australian society. There is good use of metalanguage and the paragraphing is structured and cohesive. There are many people in society, especially those with a prescriptivist attitude, who strongly believe that the Standard is ‘intrinsically superior to other varieties’, as stated by K Burridge. It is clear however that this is not true, when one considers the ability of ethnolects and Aboriginal English to express identity and finer nuance. Ethnolects occur when features of someone’s first language or ‘mother tongue’ are adopted into their second language, in this case English. Features can include the phonological addition of vowel sounds to the ends of nouns e. g. bread /_/ (common to Greek and Italian); the incorporation of foreign lexemes e. g. ‘habib’ to mean ‘mate’ (Lebanese ethnolect) and syntactic ellipsis of prepositions e. g. ‘a box matches’ (common to many ethnolects). These non-standard features reflect the foreign heritage of their users, which could not be achieved as well by the Standard. Similarly, Aboriginal English can be used to express someone’s indigenous roots and ultimately reflect the joining of Aboriginal and English cultures in our history. Whilst many of the features here are non-Standard, they are often rule governed. For example, many Aborigines use ’bin’ to mark a completed action but ‘was’ to show an ongoing action. Hence these dialects are not inferior to the Standard, they are simply different. Ethnolects and Aboriginal English are powerful tools for creating identity and so have a right to be used in place of the Standard. The following extract showed an awareness of how register can be changed depending on the context and audience. By providing examples and quotations from the same speaker, the student was able to show clearly why it is not always appropriate to use Standard English all the time. Standard English certainly is effective when used in formal situations. It has long been associated with power and prestige, being taught in schools and used in court. When Prime Minister Kevin Rudd gave his speech on bushfire mourning day, he avoided deviating from the Standard, as his Prime Ministerial roll and the context dictated that only Standard English was appropriate. However, when meeting with bushfire survivors, Rudd was aware that the context meant Standard English was not the best suited variety for his purpose of communication, and as such used the fairly informal greeting, ‘Hi, I’m Kevin! ’ and slang such as ‘I don’t give a bugger. ’ These lowered the social distance which was obviously ap3434 propriate in this context Clearly, Standard English is not always the most appropriate variety.

Modernism and Ball Turret Gunner free essay sample

In this poem it says at the start everything is gold or perfect then it goes away in the end which has loss of faith. It is rejecting Eden as a hero and who is flawed. â€Å"The Life You Save May Be Your Own† is modernism because a guy shows up, asks for work, takes the truck, and leaves the blind girl he married at a restaurant. This shows how a human mind can work in an evil way. He took the old ladies blind daughter that has never left home before and she loves her daughter and never wanted her to leave home but the strange man took her and left her all by herself. There is no hero in this story. The old lady didn’t do much to be a hero and neither did the blind girl. The strange man was the opposite of a hero, was greedy, and selfish by taking the car and leaving after he repaired it. We will write a custom essay sample on Modernism and Ball Turret Gunner or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page â€Å" The Death of the Ball Turret Gunner† is a contemporary work because it comments on itself by saying, â€Å"When I died they washed me out of the turret with a hoses†. This poem has multiple meanings. One meaning is that he is in his mom’s stomach. The second meaning is him in the ball turret of a B-17 airplane. This is very personal. He got killed fighting for his country and they sprayed him out with a hose and didn’t give him the proper burial and respect. Night is also a contemporary work because it is very personal. He was put in a death camp for many years treated like crap because he was jewish. They barely fed the prisoners so they starved and died. They would also kill them with gas and work them to death. He talks about the past with no fear so everyone knows what happened in the past. The whole story is commenting on itself by explaining what happened at those death camps. Some of these stories and poems are modernist and contemporary works. Whether is in our past or present its still important. The works have many meanings and people enjoy reading them for the meaning of it not just to be entertained by the story but the true meaning of it. Poems and short stories have made a big impact in education and the way society is. Many people love poems and short stories but other people can hate them. I don’t like them my self but they still are important in education and for our future world.