scholarly journals PERKEMBANGAN AKUNTANSI SINGAPURA SERTA ANALISIS FINANCIAL SHENANIGANS PADA BLUMONT GROUP LTD

2021 ◽  
Vol 6 (1) ◽  
pp. 84-95
Author(s):  
Natalis Christian ◽  
Friendty Friendty ◽  
Alfredo Crisitiano ◽  
Angellyn Lim ◽  
Uci Sufikat Maskat
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Research Method ◽  
Financial Statements ◽  
Share Price ◽  
Business Service ◽  
Financial Reporting Standards ◽  
Price Manipulation ◽  
A Company ◽  
Very High

The development of accounting is related to manipulating financial performance. Accounting includes organizations, certification profession, and financial reporting standards in that country. Financial shenanigans is an action planned to manipulate the financial performance of a company which consists of seven categories. This article describes a comparison between the development of accounting for Indonesia and Singapore, and an analysis of seven financial shenanigans in manipulating financial performance Blumont Group Ltd, a business service company located in Singapore, where was involved in a case of very high new share price manipulation with two listed Singapore companies, Asiasons Capital Ltd and LionGold Corp Ltd in 2013. The research method explains based on facts in Singapore and the financial statements 2016-2020 of Blumont Group Ltd. The results explain that there isn’t evidence that the Blumont Group Ltd company does shenanigans one, two, four, five, six and seven, but was found to practice shenanigans three. Keyword: The development of accounting, Financial Shenanigan, Singapore, Indonesia, Manipulation.

scholarly journals Ifrs Versus Cz Gaap: Influence of Construction Contracts on Financial Indicators

2015 ◽  
Vol 3 (2) ◽  
pp. 76-86
Author(s):  
Kristýna Havlová
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Financial Statements ◽  
Lower Percentage ◽  
Financial Indicators ◽  
The Czech Republic ◽  
Construction Contracts ◽  
Financial Reporting Standards ◽  
Fixed Assets ◽  
Accounting Procedure

Abstract In 2009, 117 countries all over the world allowed to prepare financial statements according to International Financial Reporting Standards (IFRS) including the Czech Republic. Between Czech General Accepted Accounting Principles (CZ GAAP) and IFRS are some differences involving reporting of noncurrent fixed assets, leasing, construction contracts etc. Using different accounting procedure we can get different value of assets and assets are one component that is used to calculate the financial performance indicators. Those indicators are then used by investors to assess the financial performance of companies and the application of IFRS instead of CZ GAAP can lead to distinct presentation of enterprise performance. In this paper we examine the influence of construction contract reporting using IFRS and CZ GAAP on financial indicators. IFRS leads to more stable development during the period when the project is in progress. In the last year when the project is finished the figures of both ratios (ROA and Z-score) are getting worse which is due to the lower percentage of the construction that is built in this year.

scholarly journals The Effect of Converting to Internal Financial Reporting Standards on The Financial Performance of Saudi Joint-Stock Companies: أثر التحول لمعايير التقارير المالية الدولية على الأداء المالي لشركات المساهمة السعودية

2021 ◽  
Vol 5 (1) ◽  
Author(s):  
Najla Ibrahim Abdulrahman, Elaf Naser Algarni
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Financial Statements ◽  
Total Asset ◽  
Reporting Standards ◽  
Net Income ◽  
Financial Reporting Standards ◽  
Positive Effect

The aim of the research is to study the effect of converting to internal financial reporting standards on the financial performance of Saudi joint-stock companies. Thought testing the following hypothesis: there is an effect of converting to internal financial reporting standards on gross profit, net income, total asset and total equity. The sample contained six joint-stock companies from basic materials sector. Using the financial statements for five years from 2014 to 2018. The study findings show that there is positive effect of converting to internal financial reporting standards on gross profit and total equity. Also, there is an effect of converting to internal financial reporting standards on net income and total assets. Therefore, converting to internal financial reporting standards effect the financial performance of Saudi joint-stock. The important recommendations are report the effect of converting to internal financial reporting standards on all elements in the financial statements of Saudi joint-stock companies in the clarifications.

scholarly journals IFRS Versus CZ GAAP: Influence Of Construction Contracts On Financial Indicators

2015 ◽  
Vol 3 (2) ◽  
Author(s):  
Kristýna Havlová
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Financial Statements ◽  
Lower Percentage ◽  
Financial Indicators ◽  
The Czech Republic ◽  
Construction Contracts ◽  
Financial Reporting Standards ◽  
Fixed Assets ◽  
Accounting Procedure

In 2009, 117 countries all over the world allowed to prepare financial statements according to International Financial Reporting Standards (IFRS) including the Czech Republic. Between Czech General Accepted Accounting Principles (CZ GAAP) and IFRS are some differences involving reporting of noncurrent fixed assets, leasing, construction contracts etc. Using different accounting procedure we can get different value of assets and assets are one component that is used to calculate the financial performance indicators. Those indicators are then used by investors to assess the financial performance of companies and the application of IFRS instead of CZ GAAP can lead to distinct presentation of enterprise performance. In this paper we examine the influence of construction contract reporting using IFRS and CZ GAAP on financial indicators. IFRS leads to more stable development during the period when the project is in progress. In the last year when the project is finished the figures of both ratios (ROA and Z-score) are getting worse which is due to the lower percentage of the construction that is built in this year. 

scholarly journals Impact of the Accounting Standards Applied on the Assessment of the Financial Situation of a Company from the Mining Sector

2018 ◽  
Vol 28 (6) ◽  
pp. 25-38
Author(s):  
Michał Wierzbięta
Keyword(s):  
Financial Reporting ◽  
Research Method ◽  
Financial Analysis ◽  
Balance Sheet ◽  
Mining Industry ◽  
Accounting Standards ◽  
Financial Data ◽  
Financial Reporting Standards ◽  
The Impact ◽  
A Company

The discrepancies between the Polish balance sheet law and the International Financial Reporting Standards (IFRS) with regard to the recognition and presentation of economic events may in some cases have a significant impact on the financial data of the entities applying selected standards. Having regard to the Polish legal system, which imposes the obligation to apply IFRS on listed entities, at the same time excluding this possibility for other entities, it is interesting to attempt to verify the potential comparability of specific companies with a similar profile, operating in the same industry. The aim of the paper is to identify and assess the impact of the accounting standards applied on the key financial ratios and data of an entity operating in the mining industry. The research method used in the paper is financial analysis. The data used for the analyses cover the years 2007–2015.

scholarly journals An assessment of the challenges of adopting and implementing IFRSS for SMEs in South Africa

2016 ◽  
Vol 14 (2) ◽  
pp. 212-221 ◽  
Author(s):  
Sikhwari Rudzani ◽  
Manda David Charles
Keyword(s):  
South Africa ◽  
Financial Performance ◽  
Financial Reporting ◽  
Financial Statements ◽  
Limpopo Province ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Accounting Profession ◽  
Financial Reporting Standards ◽  
Vhembe District

The purpose of this study is to assess the challenges faced by small and medium sized enterprises (SMEs) in adopting and implementing International Financial Reporting Standards (IFRS) for SMEs in South Africa. There is a perception that, although SMEs are required to use IFRS for SMEs in South Africa, many of these entities are finding it difficult to adopt or implement the IFRS for various reasons including lack of the necessary expertise. The objective of the study is to establish, empirically, the reasons and, subsequently, to determine the attributing causes of the problem, if that was the case. The study is based on a sample of randomly selected number of SMEs in Vhembe district, Thohoyandou, Limpopo province, South Africa. The study findings show that many SMEs in Vhembe District (67%) have adopted IFRS for SMEs in various forms and degree, but, generally, SMEs still find challenges in implementation due to lack of resources. For compliance purposes, however, even those SMEs which have not substantially implemented the IFRS for SMEs are expected to prepare their financial statements by referring to the guidelines. Consequently, this raises a problem when comparing financial performance of various SMEs whose financial statements are prepared using different approaches. The study findings serve as a reminder to the accounting profession about the challenges that SMEs face when they attempt to adopt IFRS for SMEs

Making the Right Comparisons: Novartis AG

2007 ◽  
Vol 22 (4) ◽  
pp. 721-733 ◽  
Author(s):  
Elaine Henry ◽  
Ya-Wen Yang
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
Accounting Principles ◽  
The Right ◽  
Analytical Skill

This case introduces the concept of convergence between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). The scenario involves a securities analyst's evaluation of Novartis AG's financial performance under IFRS and U.S. GAAP, and provides an opportunity to examine the issues giving rise to differences under the two sets of standards. Based on the company's 20-F disclosure, the case uses the reconciliation footnotes to recast the company's IFRS financial statements to U.S. GAAP. The analytical skill of adjusting financial statements is useful beyond the IFRS-to-U.S. GAAP context.

scholarly journals Consolidation of Specific Items of Financial Statements of Company Group: Principles, Conditions and Features

2020 ◽  
Vol 87 (4) ◽  
pp. 117-128
Author(s):  
I. M. Dmytrenko ◽  
N. V. Shaimukhometova
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
Subject Area ◽  
Consolidated Financial Statements ◽  
External Auditors ◽  
Financial Reporting Standards ◽  
Economic Decision Making ◽  
Company Group ◽  
The Impact ◽  
A Company

The impact of the adequacy of the application of the basic principles, conditions and order of consolidation by a company group, to ensure the reliability of the most specific items of financial statements, is considered as a subject matter of internal and external auditors. The components of the consolidated financial statements, its structural elements, specific items and a set of necessary disclosures in the notes are distinguished on the basis of comparative analysis. The conditions for the parent company’s control as an investor over the activities of its subsidiaries as an investee for the purpose of applying the consolidation procedure are systematized. The prerequisites for ensuring the reliability of the consolidated reporting information are generalized. The characteristics of these prerequisites are given in view of the parent company’s ownership of a certain share of the net assets of the subsidiaries at the reporting date and its investments in the subsidiaries during the reporting year with their inclusion in the book value. The necessary emphasis is placed on the proper disclosure of information about all subsidiaries in accordance with the principles of financial reporting. The subject area of internal and external audit is analyzed with focus on the most specific items of the consolidated financial statements: uncontrolled interest, goodwill and intra-group transactions. The factors for minimizing the risk of distortion at the level of individual articles and the consolidated financial statements of a company group as a whole are identified. The instruments of ensuring the proper degree of completeness and reliability of disclosure in the consolidated statements of a company group in accordance with the requirements of international financial reporting standards are considered. In particular, the specificity of the disclosure of the influence of related parties on the profit, loss and financial position of the group is discussed. The pragmatic value of disclosures is determined in view of providing users with consolidated financial statements that are transparent and relevant to economic decision making.

ANALISIS PREDIKSI POTENSI KEBANGKRUTAN PADA PT BANK MUAMALAT INDONESIA Tbk PERIODE 2012-2016 DENGAN MENGGUNAKAN METODE ALTMAN MODIFIKASI

2017 ◽  
Vol 5 (2) ◽  
pp. 287-324
Author(s):  
Dewi Laela Hilyatin
Keyword(s):  
Financial Performance ◽  
Financial Structure ◽  
Financial Statements ◽  
Financial Ratios ◽  
Z Score ◽  
Altman Analysis ◽  
Gray Area ◽  
Modification Method ◽  
A Company

Abstract Bankruptcy is a very essential issue that every company should be aware of. Bankruptcy of a company can be minimized by advanced prediction; such as analyzing the financial statements. This study discusses the financial performance of PT Bank Muamalat Indonesia Tbk, which indicates that there is a degression in some number of financial ratios, the closing of offices and firing of employees in 2012-2016, causing he fact that BMI must pay attention and improve its financial performance and anticipate the existence of a bankruptcy in the company. Based on Altman analysis modification for financial performance of PT Bank Muamalat Indonesia Tbk in 2012-2016, it found Z-Score value of 0,825, 0,659, 1,243, 0,982 and 0,892. Based on Z-Score criteria, PT Bank Muamalat Indonesia Tbk is predicted to experience problems in management and financial structure and also in potentially bankruptcy due to Z-Score value <1,1 while the highest Z-Score value is in 2014, which shows the value of Z-Score>1,1 and <2,6, which means the company is in the gray area, meaning the company’s category is not said to be bankrupt and also not healthy. Keywords: Bankruptcy, Altman Modification Method

IFRS IMPLEMENTATION AS ONE OF THE FACTORS FOR IMPROVING THE INVESTMENT CLIMATE IN UKRAINE

2017 ◽  
Author(s):  
Kateryna Sova ◽  
◽  
Natalia Yatsenko ◽  
Denys Zagirniak ◽  
◽  
...  
Keyword(s):  
Financial Reporting ◽  
Direct Investment ◽  
Financial Statements ◽  
International Standards ◽  
Investment Climate ◽  
The European Union ◽  
Economic Activities ◽  
Financial Reporting Standards ◽  
Almost All ◽  
The Impact

The article is devoted to the study of the impact of the introduction of International Financial Reporting Standards (IFRS) on changes in the investment climate in Ukraine. The relevance of the topic is that improving the practice of applying IFRS as a tool for exchanging financial information is one of the key conditions for improving the investment climate in Ukraine. The authors have created the generalized scheme that illustrates the chronological list of enterprises that are required by law to prepare financial statements in accordance with IFRS. It was noted that in 2018, in accordance with Part 2 of Article 12 of the law on accounting and financial reporting in Ukraine and resolution of the Cabinet of Ministers of Ukraine No. 547 from 11.07.2018, the criteria of enterprises that are required to prepare financial statements in accordance with IFRS were updated. This step significantly increased the level of application of international standards due to the adoption of such a decision at the legislative level. The dynamics of the number of IFRS enterprises in Ukraine was analyzed. The analysis showed that over the past three years, the number of almost all enterprises that must apply international standards has been growing. The advantages of using IFRS for different users of financial statements were determined. It was determined that the priority users of IFRS financial statements are investors. At the same time, it was noted that the main advantage for other users of financial statements prepared in accordance with international standards is the improvement of the investment climate. The dynamics of the Investment Attractiveness Index of Ukraine based on the Likert scale in the period from 2016 to 2020 was analyzed. The direct investment receipts to Ukraine from the European Union countries were studied. The dynamics of direct investment in the Ukrainian economy was analyzed for two types of economic activities that should form financial statements in accordance with IFRS, namely, the extractive industry and quarrying, as well as financial and insurance activities.

Composition and characteristics of the financial statements elements in accordance with IFRS

2020 ◽  
pp. 36-42
Author(s):  
Mohammad Tariq Jassim
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Current Trends ◽  
Similarities And Differences ◽  
Qualitative Characteristics

In a market economy, the role of International Financial Reporting Standards is increasing. In order to understand their significance in modern conditions it seems necessary to consider the peculiarities of evolution of IFRS formation. The article reflects actual issues concerning the role and significance of International Accounting and Reporting Standards in modern conditions. The author has defined the necessity of applying International Accounting and Reporting Standards by Russian companies. The article highlights the main elements and users of financial statements prepared on the basis of IFRS, and analyzes the similarities and differences that exist in the formation of financial statements, based on the requirements of IFRS and RAS. The main qualitative characteristics of financial statements are considered in detail. Based on the results of the research, the author has identified current trends in the transition to international financial reporting standards.

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