Rich and Wealth

3 Things You Receive Cost Adjustment In To Profit From Your Hobby

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3 things that will cost in the analysis of adjustment to-face you into the entertainment business to help (more…)

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“My Knot With Thread” – Stringing & Beading Choices To Make jewelry (2)

# 3 – A Accurate System

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“My Knot With Thread” – Stringing & Beading Choices To Make jewelry

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Implications of Respondent Classifications

The key classifications that should be correctly classified most frequently are those that involve actions that go beyond the flexibility inherent in GAAP and especially those actions that could potentially represent fraudulent financial reporting. Significant harm can be done to all stakeholders if firms are determined to have engaged in fraudulent financial reporting. On average, the actions that could be considered potentially fraudulent were classified as such. That is, actions 2, 9, 12, and 15 through 18 had average classification ranks of about 3.5 or higher. On balance, financial professionals recognize potentially fraudulent actions if they are presented to them. Whether such actions actually would be detected on a timely basis is a separate matter. (more…)

Commentary on the Respondent Classifications (5)

15. Sales are recognized upon the shipment of goods to a company’s field representatives. A sale to a field representative does not normally represent the shifting of the risk of ownership. The average ranking of 3.52 indicates that respondents saw this action as well beyond the flexibility inherent in GAAP. A total of 136 respondents classified this action as fraudulent financial reporting. (more…)

Commentary on the Respondent Classifications (4)

12. Goods are shipped to a customer who has not yet placed an order but probably will during the next quarter.

This action is unambiguously a violation of GAAP. The average ranking of 3.67 indicates that the respondent groups also viewed this as potentially fraudulent financial reporting. (more…)

Commentary on the Respondent Classifications (3)

7. Credit standards are relaxed at year-end in order to boost sales and with it earnings
for the year just ending. The average ranking of 1.59 also indicates no conflict between this real action and GAAP. However, a number of respondents annotated their response indicating that their classification of this action as a 1 assumed that an appropriate increase in the bad debt allowance was recorded. In addition, this is a case where a bad business decision may have been made to achieve a desired earnings objective. (more…)

Commentary on the Respondent Classifications (2)

As with number 3, the respondents generally saw this action as beyond GAAP. A total of 45 espondents classified this action as a 3. As all of these actions were to be consid-ered as having a material effect on financial performance, classification as beyond GAAP, a 3, should be seen as a minimum. As noted in question 3, classification as fraudulent financial reporting, a 4, also requires the additional criterion of the intent to deceive. Later sections will consider views on whether earnings management can be viewed as helpful to investors and others. Whereas overaccruing a (more…)

Commentary on the Respondent Classifications

A summary of the responses received together with commentary by survey number is provided below.

1. Goods are shipped to a customer and a sale is recognized. The purchaser is provided an oral right-of-return agreement and no provision for expected returns is recorded by the seller. The mean classification of 2.62 places this action beyond the limits of GAAP flexibility. Twenty-six of the 59 academics classified this action as a 4, as did 14 of the 30 CFOs. On the other hand, only 7 of the 24 analysts assigned this action a 4. If having some returns is a reasonable expectation, then earnings would clearly be overstated by failing to record a provision for (more…)