Purpose: The paper aims to explore the present cheque clearance system in the USA and its possible misuses in the practical sense. Cheque kiting has been a way of creating fictitious cash balances on the balance sheet, which is a fraud. This practice can be prevented by a different accounting...

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...

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 article explores the effects of gaps between inflation and devaluation on financial statements in economies. A model company, an assumed subsidiary of a US parent, is used for reporting to the parent based on current International Financial Reporting Standards (IFRS). The model company...