Acct Week 7 Assignment

This $490 million came from the netting manipulation when they offset their expenses with unrelated gains on the sale of assets. The geography manipulation allowed them to move millions of dollars to different sections of the income statement to “make the financials look the way we want to show them” said James Koenig, one of the primary forces behind the scandal. However, none of the fraudulent activities would have gone unknown for so long without the aid of the auditors, Arthur Anderson LLP, involved with Waste Management.

The Enron and WorldCom scandals were arguably the incidents that permanently changed the procedures for accounting controls. In response to these incidents, the Sarbanes-Oxley Act (SOX) of 2002 was passed. Once the knowledge of these scandals was made public, a number of subsequent accounting scandals were discovered in public companies such as Tyco International, HealthSouth, and American Insurance Group. In addition, a then-employee-owned company, Post, Buckley, Schuh & Jernigan, Inc. (dba PBS&J, now known as “Atkins North America, Inc.”), was also hit by a similar accounting scandal. Henceforth, a case study of PBS&J is presented where we will examine the fraudulent transactions that

When an error of overstatement like this one happens, the financial statements have to be restated in order(ed) to bring net income to the correct amount. The Cost of goods sold should’ve been increased by $8 million and the same

Overview of the Case: The Securities and Exchange Commission claims Mark D. Begelman misused proprietary information regarding the merger of Bluegreen Corporation with BFC Financial Corporation. Mr. Begelman allegedly learned of the acquisition through a network of professional connections known as the World Presidents’ Organization (Maglich). Members of this organization freely share non-public business information with other members in confidence; however, Mr. Begelman allegedly did not abide by the organization’s mandate of secrecy and leveraged private information into a lucrative security transaction. As stated in the summary of the case by the SEC, “Mark D. Begelman, a member of the World Presidents’ Organization (“WPO”), abused

On Friday, 17 July 2015, at approximately 1400 hours, I, Officer Allison Bigham, was contacted by a Parks Services Supervisor, Andrew Jones, in regards to an associate who was reported to have their cell phone on them. Jones stated that Miller had already been told to put the phone in her locker; however, she was being uncooperative. After updating Sergeants Frank Long and Charles Drakeford on the situation, I was instructed to pick up the associate, Victoria Miller, and escort her to the South Carolina Interview Room in order to complete a compliance verification audit. I met with Andrew Jones who stated that he would help me find Miller because Park Services had no way to contact her. Upon entering Boomerang Bay, Jones and I were flagged

On May 26, 2016, the United States Court of Appeals for the Eleventh Circuit in SEC v. Graham, No. 14-13562 (11th Cir. May 26, 2016), reached an important decision. The court extended the reach of 28 U.S.C. § 2462, the five-year statute of limitations for “any civil fine, penalty, or forfeiture” applicable to enforcement actions by the Securities and Exchange Commission (“SEC”). The court held that SEC enforcement actions for declaratory relief and disgorgement were subject to the five-year statute of limitations. The Eleventh Circuit built its ruling on top of a decision by the Supreme Court, Gabelli v. SEC, 133 S. Ct. 1216 (2013), which held that 28 U.S.C. § 2462 applied to SEC civil penalty actions.

The Securities Exchange Act of 1934 was passed by congress to strengthen the government’s control of the financial markets. It was preceded by the Securities Exchange Act of 1933 which was enacted during the Great Depression in hopes that the stock market crash of 1929 would not be repeated. The basic difference between the two acts was that the 1933 Act was to govern the original sales of securities by requiring that the issuers, the companies offering the securities, offer up sufficient information about themselves and the securities so that the potential buyers could make informed decisions. The 1934 Act was

You have done a very good progress this week. Your grades are good and improving. You have not missed any assignment or class. I am very proud of what you are doing. Keep doing such a good job. Your grades have been updated. Check them in the Excel document I attached to my email.

Too many disposals of small groups of assets that are recurring in nature qualify for discontinued operations under prior GAAP. This caused financial statements to be less decision useful for users. Additionally, the guidance on discontinued operations resulted in higher costs for preparers because it can be complex and difficult to apply. The FASB issued ASU 2014-08 to address those problems by changing the criteria for reporting discontinued operations, while simultaneously enhancing convergence with the International Accounting Standard Board’s reporting requirements for discontinued operations.

1) What are Alex’s rights, if any, in this situation? Outline the steps Alex would go

If there is no chance getting the queen of hearts in drawn and the chance of not getting it in 4th draw is

1. Is Coconut’s February 1, 2012, arrangement with Buffett within the scope of ASC 985-605?

1. Is Coconut’s February 1, 2012, arrangement with Buffett within the scope of ASC 985-605?

By: Trottman-Adewumi, Yolanda; Kelley, David; Smuglin, Len; Markovich, Gregory. Journal of Securities Operations & Custody.Autumn/Fall 2017, Vol. 9 Issue 4, p302-312. 11p. , Database: Business Source Complete

The Private Securities Litigation Reform Act (PSLRA), enacted in 1995 by Congress, was borne for the need to present some oversight in “abusive practices committed in private securities litigation” which subsequently caused periodic lawsuits against securities issuers and their stock prices that had significant changes. Because of these “frivolous” Rule 10b-5 lawsuits, the PSLRA raised three provisions that plaintiffs would have to meet to launch complaints.