Question

Real-time information disclosure becomes possible, how are accounting periods designed?
With Internet, mobile payment and other technology development, how to ensure funds security and information security ?
Cross-border e-commerce is growing, how to proceed cross-border audit and cross-border regulation ?

Answer 1

answer1.

Real-time iinformation idisclosure ibecomes ipossible, ihow iare iaccounting iperiods idesigned

Accounting istandards iand ipractices ihave iincreased ias ipractitioners ifound iways ito iestablish ia imore iuniform imethod iof ireporting. i iDespite ithe ivariety iof iareas icovered iby ithese istandards, idevelopers ishare ione icommon ithought. iA inew iconcept iregarding ifinancial ireporting ihas ibeen iunveiled iover ithe ilast ifew iyears. i iThis iconcept iis icalled ireal-time ireporting iand iinvolves ithe ipresentation iof ia icompany’s ifinancial iinformation ialmost iinstantaneously. i iIn iorder ito imake ithis idecision, ian iinvestigation iinto ithe imany iideas isurrounding ireal-time ireporting iis ineeded.

i i i i i i i i i i i i i i i iAn iaccounting iperiod iis ian iestablished irange iof itime iduring iwhich iaccounting ifunctions iare iperformed, iaggregated, iand ianalyzed iincluding ia icalendar iyear ior ifiscal iyear. iThe iaccounting iperiod iis iuseful iin iinvesting ibecause ipotential ishareholders ianalyze ia icompany’s iperformance ithrough iits ifinancial istatements ithat iare ibased ion ia ifixed iaccounting iperiod.

1. An iaccounting iperiod iis ia iperiod iof itime ithat icovers icertain iaccounting ifunctions, iwhich ican ibe ia icalendar ior ifiscal iyear, ibut ialso ia iweek, imonth, ior iquarter, ietc. i

2. Accounting iperiods iare icreated ifor ireporting iand ianalyzing ipurposes, iand ithe iaccrual imethod iof iaccounting iallows ifor iconsistent ireporting. i

3. The imatching iprinciple istates ithat iexpenses ishould ibe ireported iin ithe iaccounting iperiod iin iwhich ithe iexpense iwas iincurred, iand iall irevenue iearned ias ia iresult iof ithat iexpense ibe ireported iin ithe isame iaccounting iperiod.

There iare itypically imultiple iaccounting iperiods icurrently iactive iat iany igiven ipoint iin itime. iFor iexample, ian ientity imay ibe iclosing ithe ifinancial irecords ifor ithe imonth iof iJune. iThis iindicates ithe iaccounting iperiod iis ithe imonth i(June), ialthough ithe ientity imay ialso iwish ito iaggregate iaccounting idata iby iquarter i(April ithrough iJune), ihalf i(January ithrough iJune), iand ian ientire icalendar iyear.

Answer2.

With iInternet, imobile ipayment iand iother itechnology idevelopment, ihow ito iensure ifunds isecurity iand iinformation isecurity i

The igrowth iin iwireless itechnology iincreases ithe inumber iof imobile idevice iusers iand igives ipace ito ithe irapid idevelopment iof ie-commerce iconducted iwith ithese idevices. iThe inew itype iof ie-commerce itransactions, iconducted ithrough imobile idevices iusing iwireless itelecommunications inetwork iand iother iwired ie-commerce itechnologies, iis icalled imobile icommerce, iincreasingly iknown ias imobile ie-commerce ior im-commerce. iMobile icommerce ienables ia inew imode iof iinformation iexchange iand ipurchases, iand iit ipresents ian iunexplored idomain. iTo icustomers, iit irepresents iconvenience; imere-chants iassociate iit iwith ia ihuge iearning ipotential; iservice iproviders iview iit ias ia ilarge iunexplored imarket; igovernments ilook iit ias ia iviable iand ihighly iproductive iconnection iwith itheir iconstituents.

i i i i i i i i i i i i i i i i i i i i i i iMobile icommerce ipromises imany imore ialluring imarket iopportunities ithan itraditional ie-commerce. i iM-Commerce iis ian iarea iarising ifrom ithe icombination iof ielectronic icommerce iwith iemerging imobile iand ipervasive icomputing itechnology. iThe imost iimportant iapplication iof imobile iCommerce iis iMobile ipayments. iThese iservices imakes ia imobile idevice ito iact ias ia ibusiness itool ireplacing ibank, iATM, iand icredit icards iby iletting ia iuser iconduct ifinancial itransactions iwith imobile imoney. iA imobile iuser iattempts ito ipurchase igoods ior iservices ifrom ia ibusiness ior iservice iprovider, iwhich ithen icontacts ia itrusted ithird iparty, ithe iwire-less iservice iprovider, ior ia ifinancial iinstitution ito iauthenticate ithe iuser iand iamount iof ipurchase.

i i i i i i i i i i i i i i i i i i i i i i i i i iAccording ito ithe iMobile iPayment iForum ithe iMobile ipayments iare ithe itransactions iwith ia imonetary ivalue ithat iis iconducted ithrough ia imobile itelecom-medications inetwork ithrough idiverse imobile iusers idevices, isuch ias icellular itelephones, ismart iphones ior iPDA’s iand imobile iterminals. iMobile ipayment iis ia itransfer iof ifunds iin ireturn ifor igoods ior iservices iin iwhich ia imobile idevice iis ifunctionally iinvolved iin iexecuting iand iconfirming ipayment. iMobile ipayment isystems ienables icustomers ito ipurchase iand ipay ifor igoods ior iservices ivia imobile iphones. iHere, ieach imobile iphone iis iused ias ithe ipersonal ipayment itool iin iconnection iwith ithe ire-mote isales. iA iphone icard-based ipayment isystem ihas ithe iadvantage iover ithe itraditional icard-based ipayment iin ithat ithe imobile iphone ireplaces iboth ithe iphysical icard iand ithe icard iterminal ias iwell. iPayments ican itake iplace ianywhere ifar iaway ifrom iboth ithe irecipient iand ithe ibank.

i i i i i i i i i i i i i i i i i i i i i i i iSET istands ifor iSecure iElectronic iTransactions iand iis ia iproposed istandard ifor iperforming icredit icard itransactions iover ithe iInternet. iSET, iis ian iopen inetwork ipayment-card iprotocol. i iIt iis iprimarily idesigned ito ienable ithe iuser ito isecurely iemploy itheir icredit icard ipayment iinfrastructure ion ithe iopen inetwork, isuch ias ithe iInternet. iSET iis ia ivery icomprehensive isecurity iprotocol, iwhich iutilizes icryptography ito iprovide iconfidentiality iof iinformation, iensure ipayment iintegrity, iand ienable iidentity iauthentication. iFor iauthentication ipurposes, icardholders, imerchants, iand iacquirers iare iissued idigital icertificates iby itheir isponsoring iorganizations. i iIt irelies ion icryptography iand idigital icertificate ito iensure imessage iconfidentiality iand isecurity.

SECURITY iREQUIREMENTS iFOR iMOBILE iPAYMENTS

For ithe iutilization iof iInternet iand imobile icommunications ithere iis ia irequirement ifor isecurity iservices ito iprovide icommunications iintegrity iand iprivacy. iMobile icommunications iis ithe icapacity iand icapability ito iperform itransactions iat iany itime iirrespective iof igeographical ilocations. i iAll imobile isubscribers iuse imobile idevices ito iaccess iall ithese iresources. iMobile ipayment itransactions iare icarried iout iwith ithe ihelp iof imobile idevices. iA icommon ifeature iof ithese idevices iis ithat ithey iare ismall iand iportable. iAt ievery istage ithey irequire isecurity iservices. i iThere iare idifferent isecurities iwhich iprovide ithe icompleteness iof iinformation.

Answer3.

Cross-border ie-commerce iis igrowing, ihow ito iproceed icross-border iaudit iand icross-border iregulation i

The igrowing itrade iin icross-border ielectronic icommerce i(E-Commerce) iin iphysical igoods ihas igenerated ienormous iopportunities ifor ithe iglobal ieconomy, iproviding inew igrowth iengines, ideveloping inew itrade imodes, idriving inew iconsumption itrends iand icreating inew ijobs. iThis iunprecedented igrowth ihas irevolutionized ithe iway ibusinesses iand iconsumers imarket, isell, iand ipurchase igoods, iproviding iwider ichoices, iadvance ishipping, ipayment iand idelivery ioptions. iIt ihas ialso iopened iup iglobal ieconomic iopportunities ito imicro, ismall iand imedium-sized ienterprises i(MSMEs) iin iterms iof iwider iaccess ito ioverseas imarkets iby ilowering ientry ibarriers iand ireduced icosts. i

i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i iThe inew iand irapid iexpansion iof icross-border iE-commerce iis iimpacting iall icountries iand ijurisdictions, iso iits imanagement ineeds ia iglobally iinnovative, iinclusive, istrategic iand icollaborative iapproach. iIt iis iimperative ithat igovernments iand ithe iprivate isector iensure ithat ithe ipotential ibenefits iare irealized iby iworking iin ipartnership ito iensure ithe ifacilitation iof ilegitimate icross-border iE-Commerce itrade, ifair iand iefficient irevenue icollection iand icommunity iprotection.

The iFramework iprovides ithe istandards ifor ithe ieffective imanagement iof icross-border iEcommerce ifrom iboth ifacilitation iand icontrol iperspectives. iOverall, ithe iFramework:

1. iEstablishes iglobal istandards ito ipromote icertainty, ipredictability, itransparency, isafety iand isecurity, iand iefficiency iin ithe iE-Commerce isupply ichain.

2. iPromotes ia iharmonized iapproach ito irisk iassessment, iclearance/release, irevenue icollection, iand iborder icooperation iin irelation ito icross-border iE-Commerce.

3. Establishes ia istandardized iframework ifor iadvance ielectronic idata iexchange ibetween iE-Commerce istakeholders iand iCustoms iand iother irelevant igovernment iagencies iwith ithe iaim ito ifacilitate ilegitimate ishipments, iproviding ia imore ilevel-playing ifield ifor ivarious istakeholders.

4. Seeks ito istrengthen ico-operation ibetween iCustoms iadministrations, iother irelevant iGovernment iagencies iand iother istakeholders iinvolved iin icross-border iE-Commerce.

Legal iand iRegulatory iFrameworks

The iexponential igrowth iin icross-border iE-Commerce ihas, iin isome icases, ioutpaced ithe idevelopment iand iimplementation iof irelevant ilaws ito ieffectively iregulate ithis itrade. iSome iof ithe iexisting inational/regional ilegal iand iregulatory iprovisions imight inot ibe iin iline iwith inew ibusiness imodels iin ithe icontext iof iexponentially igrowing icross-border iE-Commerce.

The ilegal iframework ishould ibe ifounded ion ithe iprinciples iof igood igovernance, ifairness, itransparency, iwhilst imeeting ithe inew iand iemerging irequirements, ias iwell ias ibalancing iof ithe idiverse iinterest iof iall istakeholders iinvolved iin icross-border iE-Commerce.