Review the provisions of the Sarbanes-Oxley Act of 2002 to address the accounting scandals in the late 1990s and early 2000s (Enron, WorldCom, etc.)BELOW:

List the existing provisions in the Act do you believe (if any) are unnecessary or over-regulate the profession?

As a result of corporate accounting scandals, such as those at Enron and WorldCom, the U.S. Congress enacted the Sarbanes-Oxley Act of 2002 (SOX). The purpose of SOX is to restore trust in publicly traded corporations, their management, their financial statements, and their auditors. SOX enhances internal control and financial reporting requirements and establishes new regulatory requirements for publicly traded companies and their independent auditors. Publicly traded companies have spent millions of dollars upgrading their internal controls and accounting systems to comply with SOX regulations. As shown in Exhibit 1-10, SOX requires the company’s CEO and CFO to assume responsibility for their company’s financial statements and disclosures. The CEO and CFO must certify that the financial statements and disclosures fairly present, in all material respects, the operations and financial condition of the company. Additionally, they must accept responsibility for establishing and maintaining an adequate internal control structure and procedures for financial reporting. The company must have its internal controls and financial reporting procedures assessed annually. Some Important Features of SOX SOX also requires audit committee members to be independent; that is, they may not receive any consulting or advisory fees from the company other than for their service on the board of directors. In addition, at least one of the members should be a financial expert. The audit committee oversees not only the internal audit function but also the company’s audit by independent CPAs. To ensure that CPA firms maintain independence from their client company, SOX does not allow CPA firms to provide certain nonaudit services (such as bookkeeping and financial information systems design) to companies during the same period of time in which they are providing audit services. If a company wants to obtain such services from a CPA firm, it must hire a different firm to do the nonaudit work. Tax services may be provided by the same CPA firm if pre-approved by the audit committee. The audit partner must rotate off the audit engagement every five years, and the audit firm must undergo quality reviews every one to three years. SOX also increases the penalties for white-collar crimes such as corporate fraud. These penalties include both monetary fines and substantial imprisonment. For example, knowingly destroying or creating documents to “impede, obstruct, or influence” any federal investigation can result in up to 20 years of imprisonment. SOX also contains a “clawback” provision in which previously paid CEO’s and CFO’s incentive-based compensation can be recovered if the financial statements were misstated due to misconduct. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 further strengthens the clawback rules, such that firms must recover all incentive compensation paid to any current or former executive, in the three years preceding the restatement, if that compensation would not have been paid under the restated financial statements. In other words, executives will not be allowed to profit from misstated financial statements, even if the misstatement was not due to misconduct.

Many part-time or evening MBA students have their tuition paid for by their employer. Is an MBA education firm-specific or general training? Given your answer, how do you explain this practice? What arrangements or contractual terms do you predict that such firms will try to impose in these cases?

Training and Development assignment.

Describe the usage of Computer Based Training (CBT) in McDonald's Company training programs.

Format

A i. McDonald's Company Background (Founder, date of establishment and number of franchisers)

ii. Discuss on the blending of Computer Based Training (CBT) with other training methods

iii. Explain the types of Computer Based Training (CBT) such as Program Instruction, Intelligent Tutoring Systems, Interactive Multimedia and Virtual Reality and give some examples.

Oakville Corp. incurred the following costs during 2020 in connection with its research and development phase activities:

(a)

Calculate the amount to be reported as research and development expense by Oakville on its income statement for 2020. Assume the equipment is purchased at the beginning of the year. Assume the company follows IFRS for financial reporting purposes.

Question 3 (Total 6 marks)

Biogen Pharmaceutical Ltd is a large pharmaceutical company based in Australia. During the year ending 30 June 2020, Biogen Pharmaceutical Ltd purchased two electronic databases containing scientific data related to respiratory drugs. Database A was acquired for $1,000,000 and contains data that is copyright protected. Database B was acquired for $800,000 and contains data that is not copyright protected. Required

(a) Explain whether Database A and Database B satisfy:

(i) The definition of an intangible asset in accordance with AASB 138 Intangible Assets, and

(ii) The recognition criteria for an intangible asset in accordance with AASB 138 Intangible Assets.

(b) If both databases were recognised by Biogen Pharmaceutical Ltd as intangible assets, explain:

(i) How the databases would be measured on initial recognition and subsequent to initial recognition, and

(ii) Whether the useful life of the databases would be assessed as finite or indefinite.

important: The relevant requirements of AASB 138 Intangible Assets have been appropriately applied and particularly explained.

.

Accounting for Restricted Stock Awards

Geelong Technology (GT) is a software company based in Boston. Since January 1, 2015, the company has granted restricted stock to its CEO at the beginning of each year to help boost future company performance. Vesting for each award occurs if the CEO stays employed at the company for a period of two years from the grant of the award.

The par value of the stock is $1.

It is now September 13, 2018 and the CEO leaves the company.

Create the Journal Entries with calculations in accordance for US GAAP for all events.

Accounting Cycle Review 11-01 a,b, c1-c3

Morgan Company’s balance sheet at December 31, 2019, is presented below.

During January 2020, the following transactions occurred. (Morgan Company uses the perpetual inventory system.)

Adjustment data:

A)Prepare journal entries for the transactions listed above and the adjusting entries.

B)Prepare an adjusted trial balance at January 31, 2020.

C)Prepare an income statement.

D)Prepare an owner’s equity statement for the month ending January 31, 2020.

E)Prepare a classified balance sheet as of January 31, 2020

The Bookbinder Company has made $300,000 before taxes during each of the last 15 years, and it expects to make $300,000 a year before taxes in the future. However, in 2016 the firm incurred a loss of $750,000. The firm will claim a tax credit at the time it files its 2016 income tax return, and it will receive a check from the U.S. Treasury. Show how it calculates this credit, and then indicate the firm's tax liability for each of the next 5 years. Assume a 35% tax rate on all income to ease the calculations. Enter your answers as positive values. If an amount is zero, enter "0".

1. Prior Years	2014	2015
   Profit earned	$	$
   Carry-back credit	$	$
   Adjusted profit	$	$
   Tax previously paid (35%)	$	$
   Tax refund: Taxes previously paid	$	$

   
   Total check from U.S. Treasury $  
   
2. Firm's tax liability
   2017:    $  
   2018:    $  
   2019:    $  
   2020:    $  
   2021:    $  

As of July, 2020 the unemployment rate fell to 11.1%. The U.S. unemployment rate is at its lowest level in months and the economy added a record number of jobs in June. How do you interpret this rate? Identify at least two changes to the Unemployment Insurance Policy that were instituted in March 2020 in response to the COVID-19 crisis. What might be some of the short-term and long-term consequences of this change.

a. Provide information about the corporate governance of the nestle company

b. For corporate governance ( for nestle company) indicate whether you are advocating for the separation of the role of chairperson and CEO or preferring the continued practice of allowing one corporate executive to be both chairperson and CEO for nestle company

c. What’s the main ethics problem, provide detailed information how the nestle and its managers solve the problem? Explain how would you attempt to solve it?