Legal Aspect of the Business Accounting
Accounting Legal Aspects
- Accountancy - Definition
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is reliable.
- Accounting and Auditing Enforcement Releases
The list below provides links to financial reporting related enforcement actions concerning civil lawsuits brought by the Commission in federal court and notices and orders concerning the institution and/or settlement of administrative proceedings. This list only highlights certain actions and is not meant to be a complete and exhaustive compilation of all of the actions that fall into this category.
- Accounting Terminology Guide
The NYSSCPA has prepared a terminology glossary as an educational tool for journalists who report on and interpret financial information.
- Ethical and Legal Obligations for Accounting
The SEC was established in 1934 by Congress to help ensure stability in the market and protect investors. The Securities Exchange Act was also established in 1934, both of which were used to protect investors and help keep the securities market ethical.
- Financial Accounting Standards Board (FASB)
The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.
- Governmental Accounting Standards Board (GASB)
The mission of the Governmental Accounting Standards Board is to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports.
- IFRS Foundation
The IFRS Foundation is an independent, not-for-profit private sector organization working in the public interest to develop a single set of international financial reporting standards through its standard-setting body, the International Accounting Standards Board (IASB).
- Malpractice: Tax/Accounting Style - PCAOB
The Public Company Accounting Oversight Board (PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes-Oxley Act of 2002 to oversee the auditors of companies in order to protect investors and the public interest by promoting informative, fair, and independent audit reports.
- Occupational Outlook Handbook - U.S. Department of Labor
The Bureau of Labor Statistics of the U.S. Department of Labor is the principal Federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy. Its mission is to collect, analyze, and disseminate essential economic information to support public and private decision-making. This handbook was published by the Bureau.
- Office of the Chief Accountant
The Office of the Chief Accountant is responsible for establishing and enforcing accounting and auditing policy to enhance the transparency and relevancy of financial reporting, and for improving the professional performance of public company auditors in order to ensure that financial statements used for investment decisions are presented fairly and have credibility.
- U.S. GAAP Codification of Accounting Standards
In the U.S., generally accepted accounting principles, commonly abbreviated as US GAAP or simply GAAP, are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. Generally GAAP includes local applicable Accounting Framework, related accounting law, rules and Accounting Standard.
- Balance Sheets
A balance sheet is a snapshot of a business' financial condition at a specific moment in time, usually at the close of an accounting period. This site provides a definition and description of balance sheets in basic accounting.
- Cash Flow Forecasting
Cash Flow forecasts help you to build a model of the way in which cash moves within a project or organization. They help you to predict whether the sales or income you forecast will cover the costs of operation. They also allow you to analyze whether a project will be sufficiently profitable to justify the effort put into it.
- Income Statement
An explanation of the income statement, which is one of the major financial statements used by accountants and business owners.
- SEC - Beginners' Guide to Financial Statements
This brochure is designed to help gain a basic understanding of how to read financial statements and its basic parts.
- Statement of Cash Flows
Information about Cash Flow Statements and the various regulatory requirements.
- Understanding Cash Flow Analysis
Article from Iowas State University about cash flow analysis.
Articles on HG.org Related to Finance and Taxation
- MFSA Publishes a Self-Assessment Questionnaires for Fund Managers & Self-Managed Collective Investment Schemes - MaltaIn view of the AIFMD coming into force on 22nd July 2013, Category 2 Licence Holders authorised to provide investment management services to collective investment schemes; Self-Managed Retail Non-UCITS Schemes; and Professional Investor Schemes licensed in terms of the Investment Services Act, 1994 (the “Act”), will be issued with a revised licence to operate as AlFMs, unless they opt for the ‘de minimis’ classification in accordance with the provisions of the AIFMD.
- Stocks in Panamanian CorporationsIn few months the Rules of the game for Panamanian Corporations could be changed.
- Malta and India Renegotiate Double Taxation Avoidance AgreementIndia and Malta renegotiated the Double Taxation Avoidance Agreement (DTAA) between the two countries with the intention of aligning to changes in domestic laws.
- Outsourcing of AML Compliance: How Far Can a Financial Institution Go?Several banking giants, such as HSBC and Standard Chartered, are currently being investigated by US regulators for alleged failings in anti-money laundering (AML) compliance. All fingers point to lapses involving outsourcing units operating without adequate oversight.
- Tightening of Jurisprudence on Criminal Code for Tax Offenses - GermanyThe Federal Court of Justice (BGH) has seemingly tightened the jurisprudence on tax evasion. This shall particularly concern tax evaders who have failed to pay tax on multi-million euro amounts.
- Change in Place of Supply Rules Affects the Maltese Leasing StructureThe 2013 amendments to the VAT legislation brought about changes to the place of supply rules in relation to long-term leases of yachts (leases for more than 90 days) to a non-taxable person.
- Doble Taxation Treaty - PanamaTerritoriality Tax Rule or Territorially tax system means “Do not pay taxes in Panama incomes for offshore source”, is a major fiscal benefits for foreign investors, however the country was victimize for Criminal Organization, choosing our jurisdiction for laundry money activities.
- Open a Bank Account in PanamaThe authors offer an overview of the process to obtain a bank account in Panama.
- Malta Does Not Face Same Bank System Risks as CyprusOn the 16th April 2013, Fitch Ratings issued a statement regarding a special report published by Fitch, highlighting the main differences between the Maltese and Cypriot banking systems and concluded that these differences far outweigh the similarities and that, as such, ‘Malta Does Not Face Same Bank System Risks as Cyprus’ meaning the Maltese banking sector does not present the same level of risk to the sovereign that was seen in Cyprus.
- Why Bankig in Panama?Stability is important to consider when you decide to open an offshore bank account…Why Panama?