The article explores the effects of inflation on financial statements. Inflation, even at lower rates affects financial statements. International Accounting Standard 29 “Financial Reporting in Hyperinflationary Economies-IAS 29” imposes some percentage criteria as to the restatement of...

Purpose – The objective of this paper is to show to the public in general and auditors in particular that in the absence of control there is always a risk of fraud. Fraud can be in various forms. Larceny may be the most obvious case of fraud, but fraud may be done in many other ways too....

This study explores the effects of gaps between inflation and devaluation on financial statements. A model company, which is an assumed subsidiary of a US parent, is used to report to the parent based on the current International Financial Reporting Standards (IFRS). The model company reports to...

This paper, explores devaluation as a reason for the lack of long term foreign capital investments in countries such as Turkey. It touches the application of International Accounting Standards in Turkish Capital Market as Turkey's being a candidate for European Union. The detrimental...

Three conditions of fraud arising from fraudulent financial reporting and misappropriations of assets are described in Section 5135.012 of the Canadian Institute of Chartered Accountants Assurance Handbook titled “The Auditor's Responsibility to Consider Fraud and Error.” These three...

The case presents how the public`s money in deceived hands can be wasted in an uncontrolled banking environment. At the time of the crises in Turkey, banks were being audited by independent audit firms, semi-governmental Union of Banks, controlled by the Central Bank and had their internal audit...

This study explores the effects of Corporate Social Responsibilty (CSR) activities on reveue and profits of the top 100 manufacturing companies of Canada. Each company`s most recent annual report (2010 or 2009) has been studied and CSR activities have been noted. The data then analyzed to...

This paper explores the social and economic factors that affect GDP per capita as a gauge of economic development for a sample of forty countries. The whole sample is subjected to regression analysis as GDP per capita being the dependent variable and the rest of the factors being the independent...

In this paper, the author initially determines the reasons of the lack of long term foreign capital investments in Turkey and then touches the application of International Accounting Standards in Turkish Capital Market as Turkey's being a candidate for European Union. Then he shows the...

Interest has been forbidden in Quran-the holy book of Islam whereas Murabaha is a particular kind of sale in Islamic Finance where the seller expressly mentions the cost he has incurred of a commodity to be sold and sells it to another person by adding some profit or mark-up thereon which is...