So the best we can do is ask: What is the most meaningful Accounting Truth?
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Unless, that is, there is never any moment at huge banks like UBS when book profit is reconciled with cash profit - so that all profit is only what is shown by the internal accounting system, even if some of the entries in that accounting system are fictional.
What's strange is that the accounting trick doesn't seem to help Merck in the least, because it allowed the company to book sales but not additional earnings.
They're getting a lot back from the sales of DVDs but they're not sure that the money they're spending on advertising is what's accounting for it as opposed to the stars' names on the box or the word of mouth.
Some may argue that the risk premium these banks are charging is too high, even accounting for the risk, but what are the chances they will suddenly see the light after this regulation is passed, and drop rates across the board?
The latter is a phenomenon that refers to what happens when professionals in the legal, healthcare and accounting sectors, among others, are armed with the right information at their fingertips.
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The academy, through its accounting firm, now called PricewaterhouseCoopers, tabulates the ballots using what is called the "preferential voting" system.
But although the OFT has deep concerns about the stranglehold of the Big Four accounting firms over the business of auditing big companies, it is not quite sure what the remedies might be.
What the fed creates are entries in an accounting system which give the banks permission to act as if there is extra money on their balance sheets.
What turns this shift from demographic accounting to a social question is the pursuit-of-happiness factor: as a rule, do people live alone because they want to or because they have to?
As entrepreneurial as they are, Mr Zhao observes, many small and mid-sized firms in China lack much of what is common in the West, in particular good management, proper accounting and savvy marketing.
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What these figures don't show, unfortunately, is the amount they pay other accounting firms for non-audit business.
The purpose of accounting standards is simple: to help investors keep track of what managers are doing with their money.
Step three requires more than simply understanding what the business does, it requires understanding what the business is and how to manage all aspects of it, including sales, marketing, accounting, logistics, management, HR, etc.
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The SEC, it seems, is taking its accounting-related enforcement cue from what companies and their auditors decide is a problem.
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What an activist-minded Treasury chief and the SEC should do is make sure that bank regulators and the accounting profession don't overreact.
However, in the end, what matters is not a question of can you measure eminence, but if you are accounting it into your business strategies.
Ambient awareness may sound esoteric, but it directly helps accounting and finance teams to be more strategic by understanding what each department is doing as well as the financial and business ramifications for the overall business.
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