Download or read book The Role of the Accounting Profession in Preventing Another Financial Crisis written by United States Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-10-10 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of the accounting profession in preventing another financial crisis: hearing before the Subcommittee on Securities, Insurance, and Investment of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... April 6, 2011.
Download or read book The Role of the Accounting Profession in Preventing Another Financial Crisis written by United States Senate and published by . This book was released on 2019-10-27 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of the accounting profession in preventing another financial crisis: hearing before the Subcommittee on Securities, Insurance, and Investment of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Twelfth Congress, first session ... April 6, 2011.
Download or read book Crisis Recovery and the Role of Accounting Firms in the Pacific Basin written by David L. McKee and published by Bloomsbury Publishing USA. This book was released on 2002-04-30 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors bring the disciplines of accounting and economics to bear on an examination of the critical role played by the major accounting firms in the ongoing economic recovery of Pacific Rim nations from the Asian financial crisis of the late 1990s. Accounting firms, through their service offerings, are having an impact not only on economic indicators, but also on longer-term growth prospects and development patterns in the newly industrialized nations of Southeast Asia (Hong Kong, Singapore, South Korea, and Taiwan), emerging nations (Malaysia, Thailand, the Philippines, and Indonesia) and selected Pacific island nations (including Papua New Guinea, Fiji, and Vanuatu). For practitioners in the private and public sectors and their academic colleagues. Demonstrating the full extent of the influence of global accounting firms on Pacific economies, the authors provide an overview of domestic accounting institutions for each grouping of nations in order to lend valuable context to the discussion of the role of international services firms in each individual jurisdiction. For those whose work or academic accounting services in Southeast Asia, or the role in the region of the World Bank, the International Monetary Fund, and various regional development banks and United Nations agencies.
Download or read book The Role of the Accounting Profession in Preventing Another Financial Crisis written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment and published by . This book was released on 2011 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Governance in the Aftermath of the Global Financial Crisis Volume III written by Zabihollah Rezaee and published by . This book was released on 2018-04-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation The 2007-2009 global financial crises have eroded the public confidence in corporate governance and the financial reporting process. Policymakers, regulators and the business community have responded by taking proper initiatives to prevent further occurrences of financial crises. Restoring the public confidence requires a significant coordinated effort, regulatory measures and best practices by policymakers, regulators, business organizations and the accounting profession. One of the key provisions of these regulatory reforms, which seek to restore public confidence, is that a properly constituted and functioning audit committee can improve the quality of financial reporting by acting as an effective arbitrator in management and auditor disputes. Thus, this book addresses the audit committee attributes as an integral part of corporate governance to improve quality, reliability, and transparency of financial reports and credibility and effectiveness of the related audit functions. This book presents the roles, responsibilities, structure, composition, qualification, authority, resources and other attributes of the audit committee in accordance with the most recent regulatory requirements and best practices.
Download or read book Accounting discretion of banks during a financial crisis written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2009-09-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows that banks use accounting discretion to overstate the value of distressed assets. Banks' balance sheets overvalue real estate-related assets compared to the market value of these assets, especially during the U.S. mortgage crisis. Share prices of banks with large exposure to mortgage-backed securities also react favorably to recent changes in accounting rules that relax fair-value accounting, and these banks provision less for bad loans. Furthermore, distressed banks use discretion in the classification of mortgage-backed securities to inflate their books. Our results indicate that banks' balance sheets offer a distorted view of the financial health of the banks.
Download or read book Financial Stability written by Frederick L. Feldkamp and published by John Wiley & Sons. This book was released on 2014-09-04 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applying the Lessons of History to Understanding Fraud Today and Tomorrow Financial Stability provides a roadmap by which the world can anticipate and avoid future financial disruptions. This unique discussion of past and present financial events offers new insights that explain economic, political, and legal antecedents of financial crises in Western markets. With a detailed discussion of the history of finance, this book shows modern investors and finance professionals how to learn from past successes and failures to gauge future market threats. Readers will gain new insight into the antecedents of todays financial markets and the political economy that surrounds them. Armed with this knowledge, they will be able to craft a strategy that steers away from financial disorder and toward maximum stability. Coverage includes discussion of capital, forecasting, and political reaction, and past, present, and future applications within all realms of business. The companion website offers additional data and research, providing a complete resource for those seeking a better understanding of the risk at hand. As the world struggles to emerge from the latest financial crisis, professionals in finance, the law and other disciplines, and the people they advise, are searching for understanding to avoid future crises. Financial Stability argues that the best lessons are learned from our own mistakes, and that the ability to look ahead depends upon our willingness to look back. Readers will: Review the historical laws, practices, and outcomes that shaped the modern day financial markets of the great western economies Understand the theory of financial stability, the roles of law and transparency, and the importance of action to punish fraud in order to prevent future contagion Work through the theoretical proofs in terms of math, law, accounting, economics, philosophy, and international trade Build a strategy for the future with consideration toward needs, sources, balance, and learning from past mistakes Everywhere around the globe, at all points in history, financial crises have always been rooted in the confluence of politics, finance, and law. Financial Stability puts the latest global financial crisis in perspective, highlighting the lessons we have already learned, and those we need to internalize today.
Download or read book Corporate Governance in the Aftermath of the Global Financial Crisis Volume IV written by Zabihollah Rezaee and published by . This book was released on 2018-04-04 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation The 2007-2009 global financial crises have eroded the public confidence in corporate governance and the financial reporting process. Policymakers, regulators and the business community have responded by taking proper initiatives to prevent further occurrences of financial crises. Restoring the public confidence requires a significant coordinated effort, regulatory measures and best practices by policymakers, regulators, business organizations and the accounting profession. One of the key provisions of these regulatory reforms, which seek to restore public confidence, is that a properly constituted and functioning audit committee can improve the quality of financial reporting by acting as an effective arbitrator in management and auditor disputes. Thus, this book addresses the audit committee attributes as an integral part of corporate governance to improve quality, reliability, and transparency of financial reports and credibility and effectiveness of the related audit functions. This book presents the roles, responsibilities, structure, composition, qualification, authority, resources and other attributes of the audit committee in accordance with the most recent regulatory requirements and best practices.
Download or read book More Accounting Changes written by Robert Herz and published by Emerald Group Publishing. This book was released on 2016-09-12 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, More Accounting Changes, is a revised and updated edition of Herz’s earlier work, reflecting: developments in financial reporting; global developments regarding the use of International Financial Reporting Standards; current efforts at disclosure modernization and simplification by the SEC and FASB; and more developments in the field.
Download or read book Dangerous Markets written by Dominic Barton and published by John Wiley & Sons. This book was released on 2002-10-02 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: A corporate guide to crisis management in volatile financial markets Current financial crises in Argentina, Japan, and Turkey are being played out on the front pages of newspapers, and these are just the most recent financial crises that have rolled across the globe in the last decade and whose far-reaching impact hurts business around the world. Dangerous Markets: Managing in Financial Crises recognizes that no global corporation or financial institution can afford to ignore the potential of a financial storm and will help top management and financial professionals navigate through this often disastrous maze. While many books discuss financial crises and their ramifications, none has presented an action plan for managing these storms—until now. Dangerous Markets: Managing in Financial Crises presents a method that allows executives and financial professionals to recognize the warning signs of a financial crisis and act appropriately before the situation spirals out of control. Based on years of research and practice in cleaning up the mess, McKinsey consultants Barton, Newell, and Wilson reveal the warning signs of potential financial catastrophes and provide unique principles that can be followed to shape and manage a strategy for survival.
Download or read book Accounting For Crises A Marxist History Of American Accounting Theory C 1929 2007 written by Rob Bryer and published by World Scientific. This book was released on 2023-07-07 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historians have not convincingly explained modern capitalism's two major economic crises, the Great Depression of the 1930s, and the Global Financial Crisis (GFC) of 2008-2009. Accounting for Crises offers a new explanation, why both began and were more severe in the USA ('America'), based on an accounting interpretation of Marx's theory of crises. It explains their origins in capitalists' control of accumulation, which reveals important overlooked roles for Irving Fisher's accounting theory. This theory, by allowing discretion in accounts, in the context of falling rates of profit, encouraged 'swindling', overstating reported profits, and understating their risk, which facilitated and aggravated both crises. Framed by Fisher's theory, during the 1920s American accounting theorists justified discretion, which Creating the 'Big Mess' (the companion volume) concluded it management used to conservatively smooth earnings. Accounting for Crises shows that Fisher's theory , also underlays the popular new theory of investment that justified valuing shares using reported earnings, which encouraged their manipulation and legitimized 'speculation'. This, it argues, underlays America's exceptional late-1920s stock market boom, the 1929 Great Crash, and the depth and length of its Great Depression. Prominently associated with the boom, Fisher became unpopular after the crash, his name disappearing from public debate. Nevertheless, the book concludes, his theory hindered economic recovery, weakened 1930s reforms, undermined accounting regulation from the late-1930s, and following his rehabilitation from the late-1950s, underlies the Financial Accounting Standards Board's conceptual framework, which by allowing off-balance-sheet accounting for securitization-SPEs, fostered the 2007 'credit crunch' that triggered the 2008-2009 Global Financial Crisis (GFC).
Download or read book Corporate Governance and the Global Financial Crisis written by William Sun and published by Cambridge University Press. This book was released on 2011-07-21 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two decades there has been a notable increase in the number of corporate governance codes and principles, as well as a range of improvements in structures and mechanisms. Despite this, corporate governance failed to prevent a widespread default of fiduciary duties of corporate boards and managerial responsibilities in the finance industry, which contributed to the 2007–10 global financial crisis. This book brings together leading scholars from North America, Europe, Asia-Pacific and the Middle East to provide fresh and critical analytical insights on the systemic failures of corporate governance linked to the global financial crisis. Contributors draw from a range of disciplines to demonstrate the severe limitations of the dominant corporate governance framework and its associated market-oriented approach. They provide suggestions on how the governance problems could be tackled to prevent or mitigate any future financial crisis and explore new directions for post-crisis corporate governance research and reforms.
Download or read book Management accounting when an organization is facing default written by Mafrolla Elisabetta and published by G Giappichelli Editore. This book was released on 2018-01-26 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crises around the world have attracted the attention of theorists and practitioners from a wide range of disciplines. This book focuses on the management accounting procedure adopted to deal with uncontrollable dangerous events, i.e. issues. A model is drawn for dealing with issues through a financial pressure-based warning system, enabling its predictive ability on the best instruments available to the management accounting profession. Issues induced by several external or internal sources of information and manifested through compelling financial pressure are unpredictable issues, which surprise the organization during its lifetime, unless an effective issues management process is enacted. This text describes the main features of a financial pressure issues management process, aimed at contrasting financial distress and incumbent default.Coping with uncontrollable events through proactive management, on the basis of a planned organization, while looking at operative and strategic solutions, eases the probability of an effective response to unfortunate events and increases the capacity to control and mitigate the costs of the crisis, and, in the best-case scenario, even circumvents the eventuality of default.ELISABETTA MAFROLLA is assistant professor of Accounting at University of Foggia. She was also a visiting fellow at several relevant business schools in Europe, like London School of Economics, Linnaeus University, Agder University and University of Münster. Her favourite field of research is focused on public policy determinants and consequences of accounting. She published in top ranked international journals like Journal of Accounting and Public Policy, Management Decision, Local Government Studies, Journal of Family Business Strategy, Public Money and Management.
Download or read book Financial Reporting Handbook written by Michael R. Young and published by Aspen Publishers Online. This book was released on 2003 with total page 1824 pages. Available in PDF, EPUB and Kindle. Book excerpt: Never before has a single reference provided such quick access to every critical aspect of financial reporting. In addition to covering the new Sarbanes-Oxley legislation, SEC rules and regulations, and corporate governance standards promulgated by the Independence Standards Board and the AICPA at institutions such as New York Stock Exchange, NASDAQ, and the American Stock Exchange, the Financial Reporting Handbook tackles important underlying themes such as the centrality of the audit committee, the individual responsibility of executives, and the integrity of the outside auditor. Best of all, the Financial Reporting Handbook will be updated every quarter with the relevant laws and regulations that are developed and implemented.
Download or read book Accounting and the Global Economy After Sarbanes Oxley written by Don E. Garner and published by Routledge. This book was released on 2008 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Suitable for students and practitioners in accounting, international business, finance, and economics, this work focuses on the changing accounting and auditing standards in national and global economies in the post-Enron/Arthur Andersen era. It also offers an examination of accounting practitioners' past challenges and future prospects.
Download or read book Unaccountable written by Mike Brewster and published by Wiley. This book was released on 2003-10-21 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: For thousands of years, those who controlled and monitored society's finances-accountants-were often the most powerful, respected, and influential members of the community. From the collectors at communal granaries in the ancient Middle East to the scribes who monitored Queen Victoria's Exchequer, the accountant's role has been to preserve the integrity of financial systems. In the United States, twentieth-century accountants played a vital role in shaping the transparency of U.S. capital markets, counseling the Allies on financial matters in both world wars, advising Congress on the creation of the federal income tax, and inventing the concept of the gross national product. Yet by 2003, the reputation of the public accountant was in tatters. How did the accounting profession in America squander its legacy of public service? What happened to the accountants that presidents, senators, and captains of industry turned to for advice? Why did auditors stop looking for fraud? How did this once revered profession find itself in this unlikely and humiliating state?
Download or read book Lehman Brothers written by Oonagh McDonald and published by Manchester University Press. This book was released on 2015-11-01 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: This electronic version has been made available under a Creative Commons (BY-NC) open access license. Using extensive documentary evidence and interviews with former Lehman employees, Oonagh McDonald reveals the decisions that led to Lehman’s collapse, investigates why the government refused a bail-out and whether the implications of this refusal were fully understood. In clear and accessible language she demonstrates both the short and long term effects of Lehman’s collapse.
