Mark to Market Accounting - 3163 Words

Running head: Mark to Market Accounting Mark to Market Accounting and Ethical Issues Ethical Issues ACC-504 April 16, 2012 Abstract Economic principle’s rationale for requiring guidance for financial institutions is to use mark-to-market accounting or fair value accounting on their financial reports. With the current economic crisis, questions have been raised as to whether or not fair value accounting is making this crisis worse. In this paper I review the history of fair value accounting and the ethics behind whether fair value accounting gives an accurate picture or is it causing a need for higher capital requirements and unnecessary concern with investors. There is a need for transparency. It is Accounting Standards and†¦show more content†¦This objections implies that a company may be cash poor with valuable assets, this ignores the fact that a company can use temporary financing to fund current operations with future cash flows. 4. Valuations may be flawed or imperfect. This is an understandable objection, because some assets are more easily valued than others. That does not mean though that fair value method should not be used when the alternative method is just as flawed. When we look at a benefit of the fair value accounting method we see that a firm will behave differently, and will take this method into consideration when they are purchasing this asset. The decisions tend to be less risky if they know that they will have to devalue the asset in the future. Bad decisions would be something that they would have to identify publicly with future marking to market. Companies would no longer have a motivation to sell assets for the benefit of recognizing an accounting gain. Historically a major financial event or crisis prompts reconsideration of accounting rules governing reported asset valuations. The credit crisis in 2008 generated reconsideration. In the 1980’s the savings and loan crisis prompted accounting rules move away from historical cost accounting. Had there been a fair value accounting system in place in the 1980’s the savings and loan crisis would have not taken years to realize. The banks had made long term mortgage l oans and borrowed short term. When the interestShow MoreRelatedAdm4342 Mid-Term1171 Words   |  5 PagesADM 4342M Accounting Theory Mid-Term Exam February 4, 2009 Instructor: B. La Rochelle, Ph.D., C.A. Duration: 2 hours Value: 25% of your final grade Note to students: This is a closed-book exam, containing 3 questions, worth 30 marks in total. Apart from sundry writing materials (pens, pencils and the like), no examination aids are permitted NAME: __________________________________________ STUDENT #: ________________________ Statement of Academic Integrity The SchoolRead MoreThe Financial Accounting Standards Board1900 Words   |  8 PagesAt the beginning of the 21th century, the Financial Accounting Standards Board (FASB) started to realize the importance of fair value accounting as for a new measurement basis for asset and liability. The FASB believed the primary objective of financial reporting is to provide relevant and useful information about the future cash flow to current and prospective investors and creditors (Whittington, 2008). Since the historical cost accounting usually gives information about past transaction, not informationRead MoreFair Presentation---an Ethical Perspective on Fair Value Accounting Pursuant to the Sec Study on Mark-to-Market Accounting6378 Words   |  26 PagesVALUE ACCOUNTING PURSUANT TO THE SEC STUDY ON MARK-TO-MARKET ACCOUNTING Sharon S. Seay, Macon State College Wilhelmina H. Ford, Macon State College ABSTRACT Fair value accounting has received a significant amount of blame as the cause of the current financial crisis. Fair value accounting does not cause illiquidity or volatility in financial markets. Banks, rather than accounting, caused the existing crisis, ultimately through bad lending decisions and inadequate risk management. Accounting rulesRead MoreHistory And Formation Of Enron966 Words   |  4 PagesHistory and Formation of Enron Enron was formed through the merger of Houston Natural Gas (HNG) of Houston, Texas and InterNorth of Omaha, Nebraska. HNG covered the Florida and California market, their pipelines running from east to west. InterNorth catered the Iowa and Minnesota market, their pipelines running from north to south. HNG was formed in 1920, providing gas to retail customers in Houston. The company sold its retail gas business in 1920 and ventured into the gas exploration and productionRead MoreWhat Role Did the Accounting Profession Play in the Sub-Prime Mortgage Crisis721 Words   |  3 PagesWhat role did the Accounting profession play in the recent sub-prime mortgage crisis? What could they have done differently? *Disclaimer* I don’t know much about accounting (or anything in business for that matter) at this point in time. This will be the first time I will be looking into the sub-prime mortgage crisis and my opinions could well be wrong. However this is exactly what it looks like, my opinion on this topic. Hopefully it is sufficient for the purposes of this discussion and this classRead MoreKenneth Lay, The Founder Of Enron1662 Words   |  7 PagesCorp. had the responsibility of gaining access to suppliers and getting clients to sign contracts. They began to dominate the market and with such market power they were able predict future prices and guarantee profits. In 1996 Jeffery Skilling became Enron’s chief operating officer and he believed that the ‘gas bank’ model could be applied to other markets, the energy market to be specific. Within one year Enron had purchased the electric company Portland General Electric Corp. for almost $2 billionRead MoreIntangible Asset1170 Words   |  5 Pagessource Textbook Questions (15 marks): Challenging Question 29 (5 marks) Inglis Ltd has a number of taxi licences that are shown in the financial statements at cost. Can these licences be revalued to fair value and, if so, do they also need to be subject to periodic amortisation? Yes, if these taxi licenses are freely transferable, they can be revalued to fair value. The requirements of AASB 138 state that intangible assets may be revalued only if there is an ‘active market’. Most of intangible assetsRead MoreFinancial Accounting1203 Words   |  5 PagesAND LAW ACFI2002 – FINANCIAL ACCOUNTING SEMESTER 2, 2012 ASSIGNMENT 01 Student Name: Tran Thi Ngoc Hanh Student Number: C3173300 Part I: Accounting Standard AASB138 Intangible Assets provides guidelines for accounting treatment of research and development costs for financial reporting purposes. Answer the following questions based on AASB138 and ‘Framework for the Preparation and Presentation of Financial Statements’. (85 marks) Part I: Accounting Standard AASB138 Intangible AssetsRead MoreIntangible Assets Quiz Questions 1001 Words   |  5 Pagesï » ¿ADVANCED FINANCIAL ACCOUNTING 260 INTANGIBLE ASSETS QUIZ QUESTIONS 1. 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Probation Officer - 766 Words

Probation Officer Requirements If you ve ever wanted to know how to become a probation officer, keep reading find a job description, probation officer job requirements, online education and training, and general salary information for this popular career. Probation Officer Job Description Probation officers and parole officers are often lumped together when people think about them. They do have some common duties, such as working within the corrections system and being employed by county, state or federal corrections departments. Sometimes they even take on dual responsibilities, functioning as both probation and parole officers. Probation officers perform many duties specific to probation and deal with offenders who have been†¦show more content†¦Probation Officer Requirements, Qualifications and Training The majority of corrections departments require probation officers to have a bachelor s degree from a 4-year college or university. A bachelor s degree in corrections, criminal justice, psychology, social work or another related field is preferred. Some positions, such as federal and higher-level positions, require a master s degree in criminal justice, social work, counseling or a related field. Most departments require applicants to be at least 21 years of age, not to have been convicted of a felony, and to have strong writing and interview skills. Computer skills have become necessary as well due to the technological advancements in the field of probation and the court system. Some states require probation officers to have at least two years of corrections, parole, correctional treatment specialist or probation experience. Previous social work or counseling experience where the objective was to guide a subject through difficult situations is also looked upon highly. Probation officer training differs depending on the department but will usually include a six month to a year probationary period during which a new probation officer will work with a supervisor or experienced probation officer. The application and hiring process will also involve physical and psychological examinations, and there will be written tests and oral interviews. Most states require probationShow MoreRelatedInterview : Chief Probation Officer Essay733 Words   |  3 Pagesother relevant experience Joe Berlin, Chief Probation Officer (last 14 years), I ve been a P.O. for 28 years total. I started in Kalamazoo (1987 - 1990) and in Grand Rapids since August of 1990. 2. Describe exactly what you do and how you fit into the organization See last page (court hierarchy). As a Chief P.O. I have administrative responsibilities including personnel evaluations/discipline/work schedules. We have a total of 13 probation officers. 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The officer also educates those released on probation on what they can and can’t do during the probation period â€Å"Probation and parole can be very cost efficient. In 2010, Larry J. SiegelRead MoreCareer Of A Probation Officer1025 Words   |  5 Pagesresearch, I came to the conclusion that becoming a probation officer would be a more suitable career for me and the goals I want to accomplish. Probation officers serve as supervisors and mentors for offenders who are trying to get back on their feet. When a convicted offender is released on probation, the officers have to help set up counseling appointments, educational programs, employment opportunities, and housing. The duty as a probation officer is to make sure an offender attends any counselingRead MoreThe Bureaucratic System Of Public Administration1078 Words   |  5 Pagesburglary and sentenced to 6 months in prison, time in which he never served. 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Deception Point Page 66 Free Essays

The old man turned off the television. â€Å"NASA claimed Dr. Harper was not feeling well that night. We will write a custom essay sample on Deception Point Page 66 or any similar topic only for you Order Now † He paused. â€Å"I happen to think Harper was lying.† Lying? Sexton stared, his fuzzy thoughts unable to piece together any logical rationale for why Harper would have lied about the software. Still, Sexton had told enough lies in his life to recognize a poor liar when he saw one. He had to admit, Dr. Harper sure looked suspicious. â€Å"Perhaps you don’t realize?† the old man said. â€Å"This little announcement you just heard Chris Harper give is the single most important press conference in NASA history.† He paused. â€Å"That convenient software fix he just described is what allowed PODS to find the meteorite.† Sexton puzzled. And you think he was lying about it? â€Å"But, if Harper was lying, and the PODS software isn’t really working, then how the hell did NASA find the meteorite?† The old man smiled. â€Å"Exactly.† 77 The U.S. military’s fleet of â€Å"repo† aircraft repossessed during drug-trade arrests consisted of over a dozen private jets, including three reconditioned G4s used for transporting military VIPs. A half hour ago, one of those G4s had lifted off the Thule runway, fought its way above the storm, and was now pounding southward into the Canadian night en route to Washington. Onboard, Rachel Sexton, Michael Tolland, and Corky Marlinson had the eight-seat cabin to themselves, looking like some kind of disheveled sports team in their matching blue U.S.S. Charlotte jumpsuits and caps. Despite the roar of the Grumman engines, Corky Marlinson was asleep in the rear. Tolland sat near the front, looking exhausted as he gazed out the window at the sea. Rachel was beside him, knowing she could not sleep even if she’d been sedated. Her mind churned through the mystery of the meteorite, and, most recently, the dead room conversation with Pickering. Before signing off, Pickering had given Rachel two additional pieces of disturbing information. First, Marjorie Tench claimed to possess a video recording of Rachel’s private deposition to the White House staff. Tench was now threatening to use the video as evidence if Rachel tried to go back on her confirmation of the meteorite data. The news was particularly unsettling because Rachel had specifically told Zach Herney that her remarks to the staff were for in-house use only. Apparently Zach Herney had ignored that request. The second bit of troubling news dealt with a CNN debate her father had attended earlier in the afternoon. Apparently, Marjorie Tench had made a rare appearance and deftly baited Rachel’s father into crystallizing his position against NASA. More specifically, Tench had cajoled him into crudely proclaiming his skepticism that extraterrestrial life would ever be found. Eat his hat? That’s what Pickering said her father had offered to do if NASA ever found extraterrestrial life. Rachel wondered how Tench had managed to coax out that propitious little sound bite. Clearly, the White House had been setting the stage carefully-ruthlessly lining up all the dominoes, preparing for the big Sexton collapse. The President and Marjorie Tench, like some sort of political tag team wrestling duo, had maneuvered for the kill. While the President remained dignified outside the ring, Tench had moved in, circling, cunningly lining up the senator for the presidential body slam. The President had told Rachel he’d asked NASA to delay announcing the discovery in order to provide time to confirm the accuracy of the data. Rachel now realized there were other advantages to waiting. The extra time had given the White House time to dole out the rope with which the senator would hang himself. Rachel felt no sympathy for her father, and yet she now realized that beneath the warm and fuzzy exterior of President Zach Herney, a shrewd shark lurked. You did not become the most powerful man in the world without a killer instinct. The question now was whether this shark was an innocent bystander-or a player. Rachel stood, stretching her legs. As she paced the aisle of the plane, she felt frustrated that the pieces to this puzzle seemed so contradictory. Pickering, with his trademark chaste logic, had concluded the meteorite must be fake. Corky and Tolland, with scientific assurance, insisted the meteorite was authentic. Rachel only knew what she had seen-a charred, fossilized rock being pulled from the ice. Now, as she passed beside Corky, she gazed down at the astrophysicist, battered from his ordeal on the ice. The swelling on his cheek was going down now, and the stitches looked good. He was asleep, snoring, his pudgy hands clutching the disk-shaped meteorite sample like some kind of security blanket. Rachel reached down and gently slipped the meteorite sample away from him. She held it up, studying the fossils again. Remove all assumptions, she told herself, forcing herself to reorganize her thoughts. Reestablish the chain of substantiation. It was an old NRO trick. Rebuilding a proof from scratch was a process known as a â€Å"null start†-something all data analysts practiced when the pieces didn’t quite fit. Reassemble the proof. She began pacing again. Does this stone represent proof of extraterrestrial life? Proof, she knew, was a conclusion built on a pyramid of facts, a broad base of accepted information on which more specific assertions were made. Remove all the base assumptions. Start again. What do we have? A rock. She pondered that for a moment. A rock. A rock with fossilized creatures. Walking back toward the front of the plane, she took her seat beside Michael Tolland. â€Å"Mike, let’s play a game.† Tolland turned from the window, looking distant, apparently deep in his own thoughts. â€Å"A game?† She handed him the meteorite sample. â€Å"Let’s pretend you’re seeing this fossilized rock for the first time. I’ve told you nothing about where it came from or how it was found. What would you tell me it is?† Tolland heaved a disconsolate sigh. â€Å"Funny you should ask. I just had the strangest thought†¦ â€Å" Hundreds of miles behind Rachel and Tolland, a strange-looking aircraft stayed low as it tore south above a deserted ocean. Onboard, the Delta Force was silent. They had been pulled out of locations in a hurry, but never like this. Their controller was furious. Earlier, Delta-One had informed the controller that unexpected events on the ice shelf had left his team with no option but to exercise force-force that had included killing four civilians, including Rachel Sexton and Michael Tolland. The controller reacted with shock. Killing, although an authorized last resort, obviously never had been part of the controller’s plan. Later, the controller’s displeasure over the killings turned to outright rage when he learned the assassinations had not gone as planned. â€Å"Your team failed!† the controller seethed, the androgynous tone hardly masking the person’s rage. â€Å"Three of your four targets are still alive!† Impossible! Delta-One had thought. â€Å"But we witnessed-â€Å" â€Å"They made contact with a submarine and are now en route to Washington.† â€Å"What!† The controller’s tone turned lethal. â€Å"Listen carefully. I am about to give you new orders. And this time you will not fail.† 78 Senator Sexton was actually feeling a flicker of hope as he walked his unexpected visitor back out to the elevator. The head of the SFF, as it turned out, had not come to chastise Sexton, but rather to give him a pep talk and tell him the battle was not yet over. A possible chink in NASA’s armor. The videotape of the bizarre NASA press conference had convinced Sexton that the old man was right-PODS mission director Chris Harper was lying. But why? And if NASA never fixed the PODS software, how did NASA find the meteorite? How to cite Deception Point Page 66, Essay examples