This website uses cookies to ensure you have the best experience. Learn more

Regulatory Bodies Concerning Transocean Vs. Chevron

1741 words - 7 pages

Accounting regulations are a very fundamental requirement within industries of today. Over the past few decades, many issues arose due to the lack of accountability and trustworthiness among large businesses, and these issues led to large scale effects on the business world as a whole; domestically well as internationally even in some instances.In the following paper, regulatory bodies such as: GAAP, IFRS, SEC, and PCAOB will be discussed in connection with two major companies within the oil industry: Transocean and Chevron. Accounting reporting criteria and how it differs between these two major companies will also be discussed.When looking at domestic and global companies using Chevron and Transocean as examples, the regulatory environments have many similarities. As publicly traded American companies, these two businesses are required to adhere to standards and regulations established by United States regulatory bodies such as Financial Accounting Standards Board (FASB), which establishes Generally Accepted Accounting Principles (GAAP) standards in the US. Due to international operations, standards established by the International Accounting Standards Board (IASB) must be followed. The main purpose of the IASB is to "develop, in the public interest, a single set of high quality, understandable and international financial reporting standards (IFRSs) for general purpose financial statements" (IASB 2009). As a result of the multitude of accounting policies and regulators that these companies must be accountable for, financial recording practices need to be more complex than domestic only companies.GAAPGAAP standards vary from country to country. To begin, US GAAP is very similar to IFRS. In 2008, the U.S. Securities and Exchange Commission (SEC) proposed that IFRS replace U.S. GAAP for U.S. public companies in 2010 to be completed by 2014 (Epstein, 2008). Surprisingly, accounting standards in compliance with IFRS are less detailed than those of the U.S. GAAP. However, convergence is important for those who participate in the global market.IFRSDespite the possibility of accepting the IFRS, U.S. companies are still required to follow the U.S. GAAP. The following are some examples of differences between the two standards. The 2008 website shows that the pooling of interests method is exceptionally used only when strict criteria are met with the IFRS versus the U.S. GAAP purchase method only. Goodwill is strictly amortized with impairment with IFRS and is not amortized with the U.S. Assets are measured by the recoverable amount in IFRS versus the fair value in the U.S. Retirement benefits are handled differently in that gains or losses are strictly amortized in IFRS without corridor while they are corridor amortized in the U.S. The scope of subsidiaries in consolidated financial statements is based on control in IFRS and is based on majority voting interest in the U.S. The U.S. and IFRS also have many similarities in the measurement of securities,...

Find Another Essay On Regulatory Bodies Concerning Transocean vs. Chevron

Environment Texas Organization Essay

1204 words - 5 pages Environment Texas is a citizen based environmental advocacy organization based here in Texas focussed on protecting Texas’ air, water and open spaces from pollution or destruction. The state of Texas ranks among the top for producing toxic air pollutants and also is one of the most anti-regulatory states in the nation. As an advocacy group, Environment Texas seeks to pursue public policy goals on behalf of its members by influencing the

Imperialism Today Seminar- Fact Sheet Essay

1222 words - 5 pages affects are increased due to the age of the kids. Undeveloped bodies/minds can be extremely damaged by the abuse of coffee/caffeine. It is being used as a drug and influenced in schools.http://surf11.com/entry/114/caffeine-coke-vs-coffee2. Do you agree with Robert Sheer that America is building an Empire?EvidenceCommentaryCondoleezza Rice, National Security Adviser, served as a Chevron Director and had an oil tanker named after her.This questions

Employer-Employee Relations in Northrop Grumman

1638 words - 7 pages Employer-Employee Relations PAGE 4 Employer-Employee Relations in Northrop GrummanAisha Holmes, Tisha Merchant, Michael Rhodes,Kimberly Steele, Kim Walton, and Joy WilliamsMGT 434Dr. Larry LovejoyMarch 23, 2008Employer-Employee Relations in Northrop GrummanEmployer and employee relations have many different ways in which organizations understand laws and guidelines set forth by governing bodies in the respective area and within the entire

Working Capital and Financial Environment Paper UPS VS. FedEx

1227 words - 5 pages FedEx and UPS are the two largest shipping companies in the world. From the early inception of each company, they have both had to face many obstacles. In today's world, the biggest challenge each faces is each other. This paper will examine elements of working capital for the most recent fiscal year, functions of intermediaries and financial regulatory bodies with the company, and the importance of control programs and effective internal

Thesis and Outline: How Free-Will and Inborn Neurological Hardwiring Influence Morality

1156 words - 5 pages Thesis: I believe that individual free-will and the neurological hardwiring in which we are born with both significantly influence the development of our mature human morality due to a variety of factors including: the sequence of brain development in the human species particularly concerning emotion, the difference of how each person is raised and educated, which leads to disparities in our interpretations of right and wrong, our ability to

Philosophy: Everything in Nature Has an Explanation

1411 words - 6 pages called the “Prime Mover,” which continuously provided the force necessary for the heavenly bodies (planets), to move. But this method of logic had its flaws as seen in an example concerning a bow and arrow. It didn’t explain why the arrow, when shot, continued to fly through the air with no seen force applied to it. This contradicted Aristotle’s view as a force wasn’t being applied to the arrow, yet it was in motion. (This was later proven

Women as Victims in the Media

566 words - 2 pages fates. At the same time the erotic descriptions of the corpses gave a voyeuristic pleasure to an audience that was taught to regard premarital sex as a taboo.   Comparing a study done by Gloria Cowan and Margaret O'Brien concerning the differences between male/female survivors vs. non-survivors in slasher films during the 1980's to the characterization of women victims in the media in the early 1800's show striking similarities. In the study

Centrally Planned Economies And Free Market Economies Economics Essay

2146 words - 9 pages government. Individuals are f ree to decide to the things concerning their economy, like employment, capital management, expenditures, resources utilization. Principles used in f ree market are based laissez-f aire (non- intervention by government) economics. In this type of economy the government's job is limited to provide "public goods" and in certain situations, perf orm a regulatory role and may also include protecting private property, enf orcing

Mergers and Acquisitions: To What Extent Can Regulatory Bodies Weigh Their Social Benefits

2704 words - 11 pages importantly, regulatory bodies, such as, the U.S. Department of Justice, feel that mergers and acquisitions in highly monopolistic industries often result in social costs being incurred by the consumer, primarily due to increased prices and a lack of choice.Furthermore, the occurrence of a merger often raises concerns in antitrust circles. Devices such as the Herfindahl index can analyze the impact of a merger on a market and what, if any

Sony Corporation

2378 words - 10 pages factories in Asia, cooperation between divisions and efficient management. In the summer of 2013 Sony essentially had a slump in sales concerning electronics. There was profit loss and net income fell. However, in the video game sector, sales have increased exponentially with the release of the PlayStation 4 which is the next generation console that was highly anticipated all year. In accordance with government regulatory issues, there are some to

Untitled

2142 words - 9 pages investors' interests first."2 Franklin Delano Roosevelt defeated Herbert Hoover in a landslide in the 1932 election and began to work on his "New Deal". In the New Deal four key regulatory bodies were established: The National Labor Relations Board, Civil Aeronautics Authority, Federal Communications Commission, and the Securities and Exchange Commission.Wall Street was not enamored with the coming regulation, but Congress was confident that the

Similar Essays

Overview Of Geopolitics Essay

1906 words - 8 pages of many nations. Oil is the world’s most important and politically sensitive commodity and without oil and gas, today’s industrial society in developed countries would not be possible. Geopolitical trend continues to have significant impact on petroleum production, prices and trade. Geopolitics, politics and businesses are intimately entwines. Politicians establish the legislation, fiscal terms, rules, guidelines and statutory bodies that control

Calgene Case Study On How To Change Customer Perceptions

1374 words - 5 pages platform to address the health concerns over the safety of GM foods.Another method of mass acceptance is through obtaining the certification through regulatory bodies such as FDA. In the course of its path toward USDA approval, the Flavr-Savr followed two steps -Grant of a permit for "introduction" of the organismGrant of non-regulatory status for FLAVR SAVR tomatoesCertification by a national level regulatory authority such as FDA will help calm

Accounting Regulatory Bodies Paper

642 words - 3 pages implemented several systems and laws, which guarantee the integrity and honesty of the financial records of an organization. This paper will briefly discuss four accounting regulatory bodies and how an organization complies with the standards of each regulatory body.The Securities Exchange Act of 1934 was passed in reaction to the 1929 stock market crash and the Great Depression (Huddart, 2007). The main focus of this act is to protect shareholders. By

Microbiological And Genotoxicological Characteristics Of Petroleum Polluted Water, Sediments And Soil From Coastal Areas Of Ondo State, Nigeria

1355 words - 6 pages for human, animals, plants and microorganisms in polluted environment. To better control population exposure, it is essential to carry out microbial, physical-chemical, genotoxicological and heavy metal analyses in other to recommend preventive measure to the community and regulatory bodies. The synergy from all the analyses will unequivocally shed light on the extent of toxicity of oil spills to living organisms. Microorganisms degrade oil or