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Accounting Reporting Criteria

1207 words - 5 pages

Accounting Reporting CriteriaDuring the last few years, the regulatory environment has drastically changed in the United States. The drastic change was done after the Tyco and Enron sandals were uncovered. The new changes are designed to help protect the American public who invest in companies in the United States of America. After the Tyco and Enron sandals, a light bulb went off at the government. The government finally realized that they needed to step in to ensure that companies are honestly reporting their finances. The action that congress took was to establish the Sarbanes Oxley Act of 2002. “The Act details the requirements for financial reporting for public corporations and is ...view middle of the document...

This accounting tool offer indices for corporate evaluation and serve as a data source for the disclosure to the public. The FASB and SEC are important organizations in terms of standard setting in the United States. “The Sarbanes-Oxley Act of 2002 (SOX) and other regulatory initiatives by the PCAOB and SEC have dramatically changed the environment in which public companies operate. These regulatory factors have affected how companies calculate and report financial results- and how executives utilize external auditors, tax advisors and other consultants to help them manage financial aspects of their business” (Maxick and Battaglia, 2008). Integrity of financial reporting is important because of the reliance that is placed on financial information by both outside and inside the reporting organization. This measure is used to keep companies honest about their money.Comparing U.S. and foreign companies issues with foreign currencyFor organizations to remain competitive in the global marketplace, they will have to face issues of foreign currency. Organizations wanting to make doing business easier may want to have the currency exchange issue run as smoothly as possible. Doing business outside the United States, an organization will create exposure to currency movement. A great many companies consider foreign currency transactions a part of doing business in the international arena, this is figured into the operations (Hollein, 2002). Wal-Mart is considered the world’s largest retailer and Carrefour of France is the second largest retailer in the world. Both retailers adhere to the International Accounting Standards Board (IASB) (Hill, 2004). Many countries outside of the United States adopt this accounting standard. International Monetary Fund (IMF) is an international system dealing with floating exchange rate. This international procedure gives countries more control over their own monetary policies (Hill, 2004). Currency challenges will always exist when doing business with foreign nations this is an ongoing concern. Many organizations dealing in import and export seek out buyers and sellers who provide pricing in their own currency; it makes transactions easier for all involved. Many international companies like Wal-Mart and Carrefour are continually exposed to currency swings, understanding this exposure has kept them in their global positions (Hollein, 2002). Organizations that plan to stay in the global marketplace will have to learn how to manage exposure. Those organizations that do manage exposure will be able to participate in favorable currency movement (Hollein, 2002).Comparing U.S. GAAP with U.S. and foreign companiesPWC is helping affected companies to understand what FIN 48 means for them...

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