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In prior weeks you were asked to report on the following scenarios pertaining to Kobyashi Moru. Remember that each of these scenarios was an independent situation. • Week 03 - Segment Reporting• Week 06 - Explanatory and Opinion Paragraphs• Week 09 - Financial Statements Prepared using Chinese and GAAP StandardsIn your research, you found significant conflicting issues between global reporting standards. These affect every audit engagement that addresses books of original entry that utilize foreign GAAP that are translated into financial statements. Your previous coursework has taught you that in order for stakeholders to accurately address financial performance metrics, they have to be based on standards that are consistent and that follow US GAAP rules. Comparative analyses can only take place in an environment of stable, static and consistent rules. Your final project will be to synthesize the issues/data previously researched into a single paper. Prepare a 3-5 page paper that demonstrates your understanding of the issues. Address the following questions in your final paper: • What affect will foreign accounting standards have on your audit engagement from a resource, time and cost standpoint? • How will foreign standards affect your audit plan and sampling techniques used to validate original transactions? • How will you approach potential fraud issues in a global environment? • How is the accounting profession changing in order to address the issue of inconsistent accounting standards?
Based on your research, determine the types and methods of transfers that will most likely trigger a taxable event for your client. Indicate how you are likely to present this information to your client.
What gain or loss is recognized by the corporation when it issues its shares to Kyle? What is the basis to the corporation of the property it received from Kyle?
Which of the following would be treated as an extraordinary item?
Millward Corporation's books disclosed the following information for the year ended December 31, 2011: Millward's accounts receivable turnover is
Prepare a paragraph of explanation/interpretation of the data as if this were a small part of a lengthy report to potential investors.
Discuss the key factors that determined the company's financial performance during the year. Discuss what the primary assets held by the company are. Demonstrate how management portrays the internal control environment of NIKON.
Explain what must have happened to account for the remainder of the change in the accumulated depreciation account during 2007.
Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
In reviewing the tax credits , there are just as many for small businesses as for individual taxpayers, Explain how the IRS determines and measures the impact of enacting these credits on both types of taxpayers. Provide support for your opinion.
A violation of the profession's ethical standards most likely would have occurred when a CPA:
Ahyee Corp. is considering two equally risky, mutually exclusive projects, both of which projects have normal cash flows. Project A has an IRR of IRR of 11%, while Project B's IRR is 14%.
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