This instructional case provides auditing students an opportunity to
examine an interesting real-life embezzlement and financial statement fraud occurring at a
publicly traded company in the post-Sarbanes-Oxley (SOX) era.
The case focuses on independent a
Directions: Format the Income Statement Items in proper order.
For the Year Ended 6/30/2014
Income from continuing operations before income tax
Cost of Sales
Directions: List each balance sheet account in the proper category
As of June 30, 2015
Liabilities and Equity
Property, Plant and Equipment
& A U D I
C C O U N T I N G
T I N G
Converting Financial Statements from
U.S. GAAP to IFRS
A Comprehensive Illustration
By Peter Harris, Eva K. Jermakowicz, and Barry Jay Epstein
FRS has become the required or permitted accounti
Financial Reporting Overview
MAcc 654 Issues in Financial Reporting
What is Accounting/Financial
Accounting was created in response to the
development of trade and commerce
during medieval times.
Those outside an organization
(stakeholders of s
MAY 2012 / THE CPA JOURNAL
Ten Years Later:
Lessons to Remember
By Anthony H. Catanach, Jr., and J. Edward Ketz
Those who cannot remember the past are condemned to repeat it.
George Santayana, poet and philosopher
en years have passed
Based on our discussions this week,
respond to the following questions.
would you characterize the US
standard setting process from around
1930 to the present time? Did anything
we discussed tonight surprise you? In
Simulation 1. Items 6 15 represent the accounts of the Craven Corporation. Determine how each account would
classified by marking an X in the appropriate column. An answer may be selected more than once or
not at all.