Business Commons^™

Fasb/Gasb Recognition And Reporting Differences: A Nonprofit Sector Perspective, Treba Marsh, Mary Fischer

Faculty Publications

The financial statement users’, investors’, donors’ and academic researchers’ understanding of current accounting recognition and reporting guidance affect their ability to compare financial information issued by nonprofit universities, hospitals, fund-raising organizations and government agencies. The financial results reported by public nonprofit organizations is different from that reported by private nonprofit organizations. This study discusses the events that brought about the divergence in nonprofit financial accounting recognition and reporting,and illustrates specific differences.

Environmental Risks: Doing Business In China, Jack R. Ethridge, Treba Marsh, Esther Bunn

Faculty Publications

Planning and conducting the audit of financial statements involves understanding the entity and the environment in which it operates. First and foremost this requires identifying the risks faced by the entity. Identifying these risks can be a complex and difficult task since the auditor needs to not only understand the entity’s risk process but also independently understand the risks facing the firm. Tackling this task will involve a comprehensive review of the external and internal factors affecting the business. It is possible many identified business risks are related to financial reporting risk and ultimately to audit risk. Therefore, the auditor …

Enterprise Risk Management For Fishing Tournaments, George Louis Hunt, Jack R. Ethridge, Violet Rogers

Faculty Publications

The fishing tournament industry is confronted with many of the same risks as other industries (such as financial statement misstatements), share some risks specific with others (such as cheating in casinos), and face some unique risks (such as the risk of competitors adding weight to fish).

This teaching case explores some of the risks inherent in the fishing tournament industry. Students are given background information about a how a tournament operates and then asked to perform an overall risk assessment using the COSO enterprise risk management framework. Elements of the assignment include assessing the internal environment, setting of objectives, and …