Transformation of Fundamental Accounting Principles in the Context of a Company Insolvency from the Perspective of the Digital Economy

2019 ◽  
pp. 75-85
Author(s):  
Ruslan Tkhagapso
Keyword(s):  
Digital Economy ◽  
Accounting Principles ◽  
A Company ◽  
Company Insolvency

ROLE AND FEATURES OF MANAGEMENT ACCOUNTING IN THE DIGITAL TRANSFORMATION OF THE COMPANY

2021 ◽  
Vol 4 (4) ◽  
pp. 165-168
Author(s):  
V. I. ABRAMOV ◽  
◽  
D. M. MIKHAYLOV ◽  
A. D. STOLYAROV ◽  
◽  
...  
Keyword(s):  
Management Accounting ◽  
Digital Economy ◽  
Digital Transformation ◽  
A Company

The article examines the role of management accounting in the preparation and implementation of the digital transformation of a company, examines the features and requirements for management accounting in the digital economy, substantiates proposals for key changes in the organization of management accounting in the digital transformation of a company.

scholarly journals We Are Not Publicly Traded And So The Rules Dont Apply Or Do They Should They?

2011 ◽  
Vol 8 (1) ◽  
pp. 103-106
Author(s):  
Kelly Noe
Keyword(s):  
Publicly Traded ◽  
Generally Accepted Accounting Principles ◽  
Accounting Principles ◽  
A Company ◽  
Privately Held

This paper presents a case study of the accounting practices of a company that is privately held. The company follows Generally Accepted Accounting Principles (GAAP) but has some questionable transactions. The paper then follows up with a discussion of baby-GAAP and possible consequences of two different GAAP options.

25. Company insolvency proceedings

2019 ◽  
pp. 251-270
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Financial Difficulties ◽  
The Law ◽  
Insolvency Proceedings ◽  
A Company ◽  
Company Insolvency

This chapter deals with the procedures available when a company is insolvent or facing financial difficulties. It also considers the ways in which insolvent partnerships can be subject to the same procedures as companies. The law relating to these matters is principally contained in the Insolvency Act 1986 (IA 1986) together with the Insolvency Rules 1986, as amended by the Insolvency Act 2000 and the Enterprise Act 2002. The insolvency legislation provides four procedures for companies in financial difficulties: administration, voluntary arrangement, receivership, and liquidation.

25. Company insolvency proceedings

2018 ◽  
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Financial Difficulties ◽  
The Law ◽  
Insolvency Proceedings ◽  
A Company ◽  
Company Insolvency

This chapter deals with the procedures available when a company is insolvent or facing financial difficulties. It also considers the ways in which insolvent partnerships can be subject to the same procedures as companies. The law relating to these matters is principally contained in the Insolvency Act 1986 (IA 1986) together with the Insolvency Rules 1986, as amended by the Insolvency Act 2000 and the Enterprise Act 2002. The insolvency legislation provides four procedures for companies in financial difficulties: administration, voluntary arrangement, receivership, and liquidation.

25. Company insolvency proceedings

2017 ◽  
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Financial Difficulties ◽  
The Law ◽  
Insolvency Proceedings ◽  
A Company ◽  
Company Insolvency

This chapter deals with the procedures available when a company is insolvent or facing financial difficulties. It also considers the ways in which insolvent partnerships can be subject to the same procedures as companies. The law relating to these matters is principally contained in the Insolvency Act 1986 (IA 1986) together with the Insolvency Rules 1986, as amended by the Insolvency Act 2000 and the Enterprise Act 2002. The insolvency legislation provides four procedures for companies in financial difficulties: administration, voluntary arrangement, receivership, and liquidation.

25. Company insolvency proceedings

Business Law ◽  
2021 ◽  
pp. 249-270
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Financial Difficulties ◽  
The Law ◽  
Insolvency Proceedings ◽  
A Company ◽  
Company Insolvency

This chapter deals with the procedures available when a company is insolvent or facing financial difficulties. It also considers the ways in which insolvent partnerships can be subject to the same procedures as companies. The law relating to these matters is principally contained in the Insolvency Act 1986 together with the Insolvency Rules 1986, as amended by the Insolvency Act 2000 and the Enterprise Act 2002. The insolvency legislation provides four procedures for companies in financial difficulties: administration, voluntary arrangement, receivership, and liquidation.

25. Company insolvency proceedings

2020 ◽  
pp. 249-268
Author(s):  
J. Scott Slorach ◽  
Jason Ellis
Keyword(s):  
Financial Difficulties ◽  
The Law ◽  
Insolvency Proceedings ◽  
A Company ◽  
Company Insolvency

This chapter deals with the procedures available when a company is insolvent or facing financial difficulties. It also considers the ways in which insolvent partnerships can be subject to the same procedures as companies. The law relating to these matters is principally contained in the Insolvency Act 1986 together with the Insolvency Rules 1986, as amended by the Insolvency Act 2000 and the Enterprise Act 2002. The insolvency legislation provides four procedures for companies in financial difficulties: administration, voluntary arrangement, receivership, and liquidation.

scholarly journals Auditor’s Duty to Ensure Clients are Using Accounting Practices in Compliance with Generally Accepted Accounting Principles: A Case Study of Infinity Business Group, Inc.

2021 ◽  
Vol 06 (07) ◽  
Author(s):  
Stephen Errol Blythe ◽  
Keyword(s):  
Business Group ◽  
District Court ◽  
Securities Fraud ◽  
Fiduciary Duties ◽  
Generally Accepted Accounting Principles ◽  
Accounts Receivable ◽  
Accounting Practice ◽  
Accounting Principles ◽  
A Company

Infinity Business Group, Inc. (IBG), a company specializing in the collection of bad checks, was incorporated in 2003. IBG recorded its collection fees as Accounts Receivable even before the Not-Sufficient-Funds checks were collected, a method not in compliance with Generally Accepted Accounting Principles; accordingly, IBG’s auditor should not have issued unqualified opinions on the financial statements during 2003-2008. A $23 million write-off of Accounts Receivable in 2009 had a devastating effect on the company and it declared bankruptcy in 2010. In 2019, the Bankruptcy Court ruled: (a) the auditor’s unqualified opinions violated the U.S. Securities Exchange Act, and the auditor was forced to plead guilty to one felony count of securities fraud; (b) IBG’s CFO was dishonest when he responded to an inquiry from a lender about the Accounts Receivable; (c) Morgan Keegan & Company, Inc. (MK), a brokerage and investment banking firm contractually affiliated with IBG, encouraged IBG to discontinue using the improper accounting method; (d) IBG’s President Cordell made a misrepresentation to MK in 2007 when he stated that all of the questionable Accounts Receivable had been written off; (e) in 2008, MK became aware that IBG might change the accounting method; (f) MK never encouraged IBG managers to breach fiduciary duties to IBG; (g) MK did not owe IBG fiduciary duties, but even if it did, there is no evidence of a breach because MK encouraged discontinuance of the improper accounting practice; (h) some of the managers and directors of IBG were innocent, they did not participate in daily operations of the company, and they did not have control of the company; and (i) notwithstanding the fact they did not commit securities fraud, some of the “innocent” managers and directors failed to discharge their duties to IBG by advocating for the continued use of the improper accounting method. On appeal in 2021, the District Court affirmed the Bankruptcy Court, holding that: it did not make any legal errors; the Bankruptcy Trustee did not adequately prove damages caused by MK; and the Bankruptcy Trustee’s claims were barred by the Doctrine of in Pari Delicto.

scholarly journals Using Digital Technologies in the Domestic Companies’ Strategy Formation

2019 ◽  
Vol 11 (2) ◽  
pp. 107-121
Author(s):  
E. R. Sharko ◽  
I. I. Saveliev
Keyword(s):  
Web Site ◽  
Digital Technologies ◽  
Digital Economy ◽  
High Tech ◽  
The Internet ◽  
Strategy Formation ◽  
New Era ◽  
Media Space ◽  
A Company ◽  
Domestic Companies

The article deals with the features of the development and formation of the digital economy as a new era and the conditions for the functioning of modern companies. The digital economy is a new way and functioning mode of the market which competition has become even more toughened, and methods have become more diverse and high-tech. The authors substantiate the need to form a strategy for the development of companies taking into account new digital concepts and tools. The authors proposed the concept and structure of media space, highlighted the elements of macro-and mesosphere of the company. Also, a study was conducted to identify the basic requirements that consumers impose when choosing a company for further interaction in the search media space. Before ordering products (services, works), future customers carefully study information about the company on the Internet, analyze web-site, read reviews, blogs that affect the decision to buy. The results can be used in the formation of the concept of development of the company's strategy, both in the field of material production and in the field of services and the provision of various works.

1 Jurisdiction, Sources and General Rules

2021 ◽  
Author(s):  
French Derek
Keyword(s):  
Building Society ◽  
General Rules ◽  
A Company ◽  
Company Insolvency

The chapter discusses the process of applying for and making winding-up orders. Proceedings for Winding Up by the Court Under Insolvency Act 1986 must be made by Petition. Winding up is most often sought by creditors of insolvent companies and is usually seen primarily as an insolvency procedure. Other purposes may justify making a winding-up order. From the time that a court makes an order that a company is to be wound up, the company has a liquidator under IA 1986. The liquidator must take into his custody or under his control all the property and things in action to which the company is or appears to be entitled. A compulsory winding up is wholly dependent on the court. It is for the court to oversee the realization of the assets of the company and their distribution, on the correct principles, among creditors and members. Legislation has made available various company insolvency procedures which, though not winding-up orders or bank or building society insolvency orders, replace a company’s directors with an independent insolvency office-holder who is at least capable of achieving the winding up of the company.

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