Essay on accounting study materials

Submitted By jill2455
Words: 1843
Pages: 8
Open Document
Question 1 and 2
France
Overview
“The Plan” – national uniform chart of accounts (national accounting code)
Objectives and principles of financial reporting
Definitions of elements
Recognition and valuation rules
Standardized chart of accounts
Model financial statements
Other influences on French accounting rules
Commercial legislation (Code de Commerce)
Tax laws
Accounting regulation and enforcement
CNC – National Accounting Board
Keeps plan current
Makes rulings and recommendations on accounting issues
CRC – Accounting Regulation Committee
Converts CNC rulings and recommendations into binding regulations
ANC – National Accounting Authority
Will replace CNC and CRC as the national standard setter
AMF – Financial Markets Authority
Supervises securities markets
OEC – Institute of Public Accountants
Represents the accounting profession
Members prepare financial statements, and provide tax, information systems, and management advisory services
CNCC – National Institute of Statutory Auditors
Members audit and give an opinion on financial statements
Must report criminal acts to the High Council of External Auditors
Substantial overlap in OEC and CNCC membership
Statutory auditors not allowed to provide accounting services to the same client
AMF oversees audits of listed companies, but relies on a committee of the CNCC to conduct audit-quality reviews
Unusual features of French financial reporting
Must report results of environmental activities
Reports aimed at preventing bankruptcies
Social report
GERMANY
Overview
Creditor protection
Conservative balance sheet valuations
Reserves as protection against unforeseen risks and insolvency
Accounting is designed to compute a prudent income amount that leaves creditors unharmed after distributions are made to owners
Influence of tax law
Determination principle: taxable income is determined by what is booked in a company’s financial records
Reliance on statutes and court decisions
Accounting regulation and enforcement
German Commercial Code (HGB)
Applies to all business entities
German Accounting Standards Board
Develops recommendations for consolidated financial statements
Financial Reporting Enforcement Panel
Enforces compliance with German financial reporting requirements and IFRS by listed companies
Chamber of Accountants
Oversees WPs (“enterprise examiners”)
Unusual features of German financial reporting
Auditor’s private report to board of directors and supervisory board on company’s future prospects
Czech Republic
Overview
Accounting changed directions several times in 20th century, reflecting the country’s political history
Until end of World War II – German influences
After World War II – Soviet influences
After 1989 – EU influences (market orientation)
Accounting regulation and enforcement
Ministry of Finance
Oversees Commercial Code (modeled on German commercial law)
Oversees Accountancy Act (based on EU directives)
Chamber of Auditors
Oversees auditors
Unusual features of Czech financial reporting
Form over substance still applies in some cases
Still implementing accounting practices consistent with EU directives and IFRS
The Netherlands
Overview
Accounting paradoxes
Permissive requirements, but high professional practice standards
Code law country whose accounting is oriented toward fair presentation
Fair presentation orientation developed without a strong stock market
Other influences on Dutch accounting
U.K. and U.S. as much as continental European countries
Accounting profession
Business economics (microeconomics approach)
IASB
Accounting regulation and enforcement
Company law – Act on Annual Financial Statements
Dutch Accounting Standards Board
Develops guidelines on generally acceptable accounting standards
Netherlands Authority for the Financial Markets
Supervises operations of securities markets
Oversees financial reporting and auditing of listed companies
Enterprise Chamber
Show More

Related Documents: Essay on accounting study materials

Related Fundamentalss For Business Majors Or Other Students

REQUIRED MATERIALS: For Business majors or other students who must also take Accounting 2603: Special binder: Financial and Managerial Accounting, Waybright and Braun, with MyAccountingLab, 2011, Prentice Hall, 1st edition -- $160.00 For those who need to take only Financial Accounting (Accounting 2602): MyAccountingLab Access Code W/E-text Financial Accounting, Waybright, 2011, Prentice Hall, 1st ed., $105.00 Course Description Students will study of the accounting cycle and generally…

Words 339 - Pages 2

Notes On Managerial Accounting

Chapter 1-1 CHAPTER 1 MANAGERIAL ACCOUNTING Managerial Accounting, Fifth Edition Chapter 1-2 Study Study Objectives Objectives 1. Explain the distinguishing features of managerial accounting. 2. Identify the 3 broad functions of management. 3. Define the 3 classes of manufacturing costs. 4. Distinguish between product and period costs. 5. Explain the differences between a merchandising and a manufacturing income statement. Chapter 1-3 Study Study Objectives Objectives 6. Indicate…

Words 2485 - Pages 10

Feasibility Study Essay example

PROFESSIONAL ACCOUNTING” FOSTER http://www.mccombs.utexas.edu/MPA/Traditional-MPA.aspx “Traditional Approach to the Texas MPA” The University of Texas at Austin McCombs School of Business http://business.illinois.edu/accountancy/programs/msa/ “Master of Science in Accountancy (MSA)” COLLEGE of BUSINESS at ILLINOIS http://business.illinois.edu/accountancy/programs/mas/ “Master of Accounting Science” COLLEGE of BUSINESS at ILLINOIS http://www.smeal.psu.edu/macc “Master of Accounting (MAcc)…

Words 5271 - Pages 22

SAP ERP Configuration Case

CASE STUDY SAP ERP Configuration Case Phase I – Financial Accounting This case desribes in detail the first phase of the SAP ERP configuration curriculum based on the Global Bike model company. It explains the basic enterprise structure and processes for Financial Accounting. Product MOTIVATION PREREQUISITES SAP ERP GBI Release 6.04 In the initial GBI configuration case you have identified and analyzed problems as well as developed and discussed possible solutions. Before…

Words 14973 - Pages 60

Notes on Management Accounting Essay

Unit 7: Management Accounting Unit code: J/502/5419 QCF Level 3: BTEC National Credit value: 10 Guided learning hours: 60 Aim and purpose The aim of this unit is to enable learners to understand how important management accounting is to all businesses. It looks at costing and budgeting, and how to use current or historical financial data to plan for the effective finances and costs of the business for the future. Unit introduction Whether an organisation is successful…

Words 4482 - Pages 18

Essay on Seminar 1

COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 WARNING § This material has been reproduced and communicated to you by or on behalf of Monash University pursuant to Part VB of the Copyright Act 1968 (the Act). § The material in this communication may be subject to copyright under the Act. Any further reproduction or communication of this material by you may be the subject of copyright protection under the Act. § Do not remove this notice. 1 Words of Wisdom “The secret of a good [seminar]…

Words 3552 - Pages 15

Essay about Cfos Involved in Material Manipulations

Involved in Material Manipulations? Author: Mei Feng, Weili Ge, Shuqing Luo, Terry Shevlin Journal: Journal of Accounting and Economics Introduction A significant portion of the United States citizenry has been either directly or indirectly affected by corporate accounting scandals. A majority of citizens have followed them in the news. Below is a list of some of the highly publicized scandals in recent times that directly involved Chief Financial Officer involved accounting manipulations:…

Words 1309 - Pages 6

ACC220 Timetable 2013 Essay

Form Quick outline search at Bottom of Form ACC220 - Accounting Basics II Top of Form Bottom of Form Outline info Semester Top of Form Bottom of Form School Top of Form Bottom of Form Last revision date Nov 27, 2012 12:12:12 PM Last review date Nov 27, 2012 12:12:12 PM Subject Title Accounting Basics II Subject Description In this second of the two introductory accounting courses, students will expand their understanding of accounting principles and concepts while covering specific topics…

Words 1234 - Pages 5

Scientific Method and Cs Essay

9:00-10:00am and 12:00-1:00pm Also available by appointment. (I am generally around MWF, call ahead to confirm) 1. Course Objectives This course is an advanced course in auditing. The course materials consist primarily of professional standards (both from the AICPA and PCAOB), empirical research, and case studies on selected topics in auditing. Subject matters include the demand for auditing, the effects of the Sarbanes–Oxley Act, risk assessment, fraud, and audit testing. Students are expected to gain…

Words 3434 - Pages 14

Accounting Information System Essay

reflection about learning Accounting Information Systems Part 1 The course of Accounting Information Systems (AIS) introduces fundamental information system concepts and includes the knowledge of applying the system to collect, store and analysis the financial and accounting information for decision-makers (Dull et.al 2012). By learning this course, it helps to build the ability of using information technology to manage and process information in business process and to deal with some practical…

Words 1700 - Pages 7