Financial Reporting
I am currently taking summer classes for Sociology and Principles of Finance. As part of the class, I am required to write a one page paper each week on a topic I chose. I chose Financial Reporting. At...
View ArticleWhat are some of the main financial documents used in financial reporting?
According to Lasher’s “Practical Financial Management,” the three financial statements of interest to us are the income statement, the balance sheet, and the statement of cash flows (Lasher, 2008, p....
View ArticleWho Regulates Financial Reporting?
As previously discussed, financial statements can sometimes have their own “dialect,” in a manner of speaking. Additionally, financial statements can be subject to accounting fraud because management...
View ArticleWhat is financial reporting and who uses financial reports?
If “accounting is the language of finance” (Lasher, 2008, p. 9) then financial reporting is the “communication of financial information useful for making investment, credit, and other business...
View ArticleWhy was the Sarbanes-Oxley Act of 2002 created and how does it impact...
The Sarbanes-Oxley Act of 2002, also known as the SOX Act, was created in response to the series of misleading and outright fraudulent activity of big business in the 1990s (Lasher, 2008, p. 187)....
View ArticleWho was Enron and why is this important to financial reporting today?
Editor’s note: I wrote this one kind of late. It’s not my best, but I did get a pretty good grade on it. Enron was an energy trading company. Rather than generate energy themselves, Enron made its...
View ArticleFinancial Crises: And the Cycle Continues
After Enron, Global Crossing, and Xerox, we witnessed the creation of new regulation (the Sarbanes-Oxley Act of 2002), the establishment of a new oversight/regulatory organization, and increased...
View ArticleWhat are the Generally Accepted Accounting Principles (GAAP)?
Previously, we discussed the various regulations and regulatory bodies that govern financial reporting. We will now turn to the Generally Accepted Accounting Principles (GAAP) to explain the basic...
View ArticleGoing into Business? Learn a Programming Language
When doing homework for my business-related classes, I often find that knowing a programming language is very advantageous. Certainly there are times when it makes sense to use a calculator, but...
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