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The Statement Of Cash Flows - Is It An Improvement?, Christina A. Zielinski
The Statement Of Cash Flows - Is It An Improvement?, Christina A. Zielinski
Honors Capstones
The methods of reporting cash flows has undergone continuous change since the late 1800's. My objective of writing this paper was to determine if the current method of reporting cash flows, the Statement of Cash Flows, is more useful than prior cash flow statements like the "Funds" Statement or the Statement of Changes in Financial position. This paper discusses: 1) the history of reporting cash flows, 2) problems associated with past methods, 3) current cash flow reporting requirements, 4) why current methods are better than old methods, and 5) the improved ratio analysis possible with the information derived from the …
An Argument For Recording Stock Options As Stockholders Equity, Richard D. Schefke
An Argument For Recording Stock Options As Stockholders Equity, Richard D. Schefke
Honors Capstones
Disclosing the hidden executive compensation known as stock options has been the goal of the Financial Accounting Standards Board (FASB) since 1984. This initiative has been met with great resistance from the corporate world who would like to keep this compensation off of the books. The purpose of this paper is to explore the basic arguments of each side, and then come up with a compromise plan. The 100 page exposure draft by the FASB was my first source, and then further research from articles was researched for the opposing viewpoints. An appendix is included highlighting 13 various companies current …
Do Historical Cost Financial Statements Comply With The Objectives Of Sfac 1?, Michelle L. Bogner
Do Historical Cost Financial Statements Comply With The Objectives Of Sfac 1?, Michelle L. Bogner
Honors Capstones
The Financial Accounting Standards Board has issued Statements of Financial Accounting Concepts to provide the objectives which financial reporting should comply with. As the economic environment and markets have changed, there has been some controversy over whether historical cost information complies with these objectives. This paper reviews the objectives and comes to the conclusion that historical cost is satisfactory for the present, but a change will probably be needed in the future. Several alternatives are discussed and a gradual change to a valuation basis is recommended. User and preparer opinions are discussed and the recommendations take into account their opposition …
The Home Office Deduction, Nick Tsagalis
The Home Office Deduction, Nick Tsagalis
Honors Capstones
As a result of a recent Supreme Court decision, Commissioner v. Soliman, stricter guidelines have been imposed upon taxpayers regarding their eligibility to take a home office deduction under the "principle place of business" election. As a result of Soliman, determining a taxpayer's principal place of business went from a "facts and circumstances" test, tailored to each individual case, to tests that consider only two factors. Several pronouncements and publications have prescribed guidelines and examples that explain this decision. Soliman, however, has been subject to criticism by the tax profession. Some professionals believe these tests are too strict. The pronouncements …
The Statement Of Cash Flows - Unresolved Issues, Deborah A. Zielinski
The Statement Of Cash Flows - Unresolved Issues, Deborah A. Zielinski
Honors Capstones
Financial Accounting Standards no. 95, the Statement of Cash Flows, was released to enhance the comparability and usefulness of the Statement of Cash Flows. Overall, the new guidelines (under Financial Accounting Standards no. 95) on preparing the Statement of Cash Flows have solved many problems that have been disputed int he past, however comparability and usefulness still remain to be a significant concern among financial statement users. Specifically, classification of several items, the direct and indirect methods of reporting cash flow from operations, and noncash transaction disclosures are three of the most significant unresolved issues that must be addressed. Proposed …
International Accounting Standards Committee And The Harmonization Of International Accounting Standards, Neeru K. Cerny
International Accounting Standards Committee And The Harmonization Of International Accounting Standards, Neeru K. Cerny
Honors Capstones
This study deals with the works of the International Accounting Standards Committee (IASC) and the problems faced by it in the process of harmonizing international accounting standards. Sources used include books written by experts in the field of international accounting, articles written by accounting practitioners, and interviews conducted with the aid of a selfprepared questionnaire (attached). While concentrating on the IASC as the sole standards-setting body, this study also briefly discusses the roles of other organizations such as the International Federation of Accountants (IFAC) and the International Organization of Securities Commission (IOSCO) in the development of international accounting standards. The …
Limited Liability Companies, Cindy Buckley
Limited Liability Companies, Cindy Buckley
Honors Capstones
In summary, a new business form combining corporate limited liability and partnership pass-through taxation is well on its way to becoming the preferred form for conducting business. The new limited liability company possesses many advantages, with few disadvantages, over alternative forms of ownership. With this new business form also comes questions concerning ethical behavior and public relations problems. Over time, these issues will be encountered and further approached by upholding professional and ethical standards and by helping third parties understand the benefits of this new business form. While still growing in recognition and adoption, new limited liability companies have the …